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RRA Sells Prime Center City Redevelopment Site for $3,000,000 at $542 per Square Foot

by RRA on May 24, 2016
RRA Sells Prime Center City Redevelopment Site for $3,000,000 at $542 per Square Foot

Rittenhouse Realty Advisors is pleased to announce the sale of a redevelopment site located at 2330 Sansom Street in Center City West, near Rittenhouse Square in Philadelphia. There is an approximately 27,500 square foot building on-site that consists of two 2-bedroom apartments and one ground floor retail space that is currently under a corporate lease with Verizon. The property closed very quickly and sold for $3,000,000. Ken Wellar, Managing Partner of RRA, stated: “RRA’s unique marketing process enabled us to procure the right buyer and close, all cash, within seven days of going under contract.”

The existing structure sits on a 5,529 square foot lot and the property is zoned CMX-4, making it suitable for a future redevelopment. The property is well-located, just blocks from the Schuylkill River Trail and within walking distance to the University of Pennsylvania and the rapidly developing commercial district in the University City neighborhood of the city. It is also within close proximity to public transportation and major area roadways. This is the second redevelopment site RRA has sold in this neighborhood this year. “115 South 24thStreet, which we sold earlier this year, also went under contract very quickly and closed less than a month after the agreement was signed,” noted Corey Lonberger, Managing Partner of RRA.

New construction condominiums within a two-block radius are selling from $950,000 to $6,000,000. Mark Duszak, Director of Rittenhouse Realty Advisors, stated: “This property is in a prime location for redevelopment into a condominium building.”