RRA Sells Mixed-Use Property in Old City, Philadelphia
PHILADELPHIA, PA, November 12, 2014 – Rittenhouse Realty Advisors is pleased to announce the sale of 133 N 3rd Street, a five unit mixed-use property in historic Old City, Philadelphia, PA. Located at the corner of Cherry Street and N. Third Street, this 6,100 square foot property consists of a storefront, an office, and three large loft style apartments, all of which have historically enjoyed 100% occupancy.
“The property sold for $260,000 a unit, which is one of the strongest prices per unit we’ve seen for this type of mixed-use building. It also traded at a very aggressive cap rate of 6.02 percent,” stated Ken Wellar, Managing Partner of Rittenhouse Realty Advisors.
The retail space is home to longtime tenant Lost & Found boutique, one of multiple independent retailers in this thriving shopping district. The residential units boast abundant natural light, original hardwood floors and high ceilings. Two of the apartments are large enough to add another bedroom, which, along with cosmetic updates, would enable new owners to obtain higher rents. Additionally, the property is conveniently within short walking distance to the Market-Frankford Line and several bus routes.
RRA Associate Chris Egan summarized the deal: “RRA was able to market and sell this value-add opportunity. We were able to show New York investors the value of the Old City neighborhood so that they were confident about having strong tenancy moving forward. While the building is older and needs to be renovated, we were able to achieve a strong sales price for the sellers with an unprecedented price per unit in Old City.”
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