For Sale
$1,195,000

134 Chestnut StPhiladelphia, PA 19106

Prime Old City location, high cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional Old City investment opportunity presents a fee-simple, mixed-use quadplex totaling 3,300 square feet on a 945 square foot lot. The property, built in 1900 and extensively renovated in 2023, boasts a Class A designation and features four units: a thriving restaurant occupying a significant portion of the building, and three residential units. Currently operating at 50% occupancy, the property offers immediate cash flow with a strong NOI of $88,711 and a compelling 7.42% cap rate. The asking price is $1,195,000, translating to $362.12 per square foot and $298,750 per unit. The restaurant benefits from a long-term lease under a NNN structure. Two of the residential units are currently vacant, presenting an immediate opportunity to increase rental income. The third residential unit is occupied by a long-term tenant. The property is zoned CMX3, offering significant potential for future development, including the possibility of utilizing the 60 square feet of available air rights. This four-story building represents a rare chance to acquire a stabilized investment in one of Philadelphia's most desirable neighborhoods. Financial proforma is available online.

Highlights

  • $1,195,000 asking price for this stabilized, Class A mixed-use investment building.
  • Legal quadplex with CMX3 zoning allowing for potential upzoning.
  • Features a strong, long-term commercial tenant operating a successful restaurant.
  • Offers a 7.42% cap rate, a rare opportunity in Old City's prime location.
  • Includes four units (one commercial, three residential), totaling 3,300 square feet on a 945 sq ft lot, with 60 sq ft of air rights.

Property Details for 134 Chestnut St

Property type
Retail properties, Restaurants
Square Feet
3,300 SF
Class
A
Year Built/Renovated
1900/2023
Buildings
1
Stories
4
Units
4

Location Insight

City
Philadelphia
County
Philadelphia
State
Pennsylvania
Latitude
39.9483169
Longitude
-75.14353894
134 Chestnut St, Philadelphia, Pennsylvania

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134 Chestnut St
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