1155-57 Front StPhiladelphia, PA 19123

Property Details for 1155-57 Front St

Year built

1920

Property size (Sq ft)

8,500 SF

Property type

Hospitality properties

Property subtype

Other retail properties

Description

This exceptional mixed-use property in Philadelphia's vibrant Fishtown neighborhood presents a compelling investment opportunity. Located at 1155-57 N Front St, this fee-simple offering encompasses two addresses joined by party walls, totaling 8,500 square feet on a 2,882 square foot lot, zoned CMX3. The property boasts a 15-key hotel (requiring renovation, including bathroom additions to maintain the H Liquor License and minimum 15 rooms), a fully operational second-generation bar/restaurant, and a carry-out taco shop. Two existing residential units are ready for redevelopment. The property also includes a cabaret license and all licenses are up-to-date and included in the sale. Currently operating at 80% occupancy, the property generates a Net Operating Income (NOI) of $135,892, with a pro-forma NOI projected at $200,000, representing a 6.47% cap rate and a pro-forma cap rate of 9.52%. The asking price is $2,100,000 ($247.06/sq ft and $140,000/key). The property features a three-story building constructed in 1920, renovated in 2022, and includes an outdoor seating area/private courtyard. This is a value-add redevelopment opportunity with significant upside potential in a highly desirable location. The property is a NNN lease type with multiple tenants (2). There is no tenant credit rating available.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9687

Longitude

-75.1361

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