For Sale
$15,171,000

1043 Front StPhiladelphia, PA 19123

High-yield Carvana dealership, prime location.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents the fee simple ownership of a freestanding Carvana dealership in Philadelphia, PA. The property, built in 2018, boasts 8,104 square feet on a 1.06-acre lot and includes 35 parking spaces. Currently operating at 100% occupancy, the property features an absolute NNN lease with a corporate guarantee from Carvana, extending to December 31, 2041, with four 5-year renewal options. Rent increases are tied to CPI, ensuring consistent NOI growth. The property enjoys a 6.75% cap rate and a strong NOI of $1,024,059. Its strategic location off Interstate 95, near I-676 and West Grand Avenue, provides excellent visibility and accessibility. The surrounding area features a dense population, including proximity to Temple University and the Fashion District Philadelphia, a top-performing regional mall, along with numerous national retailers and apartment complexes. The 5-mile trade area boasts over 968,000 residents and 648,000 daytime employees, with affluent average household incomes exceeding $145,000 within a 1-mile radius. The property is zoned for general commercial use and has a Philadelphia County APN of 88-2-9702-72. This is a truly exceptional, low-management investment opportunity with significant long-term potential. Asking price: $15,171,000.

Highlights

  • 17 years remaining lease term with extension options.
  • Absolute NNN lease; fee simple ownership; no landlord responsibilities.
  • Carvana (NYSE: CVNA) tenant; significant recent stock growth.
  • High-traffic location near I-95 (174,000 VPD), apartments, and Temple University (21,942 students).
  • Located in Philadelphia's Fashion District (top 90th percentile retail performance); strong national credit tenants; dense retail area.
  • Strong demographics within a 5-mile radius, including high six-figure household incomes.

Property Details for 1043 Front St

Property type
Retail properties
Square Feet
8,104 SF
Year Built
2018
Lot Size (sq. ft)
46,174 SF

Location Insight

City
Philadelphia
County
Philadelphia
State
Pennsylvania
Latitude
39.9668046
Longitude
-75.1364325
1043 Front St, Philadelphia, Pennsylvania

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1043 Front St
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