116-20 23Rd StPhiladelphia, PA 19103

Property Details for 116-20 23Rd St

Year built

1900

Property size (Sq ft)

6,185 SF

Property type

Hospitality properties

Property subtype

Other retail properties

Description

This exceptional Philadelphia property, located at 116-20 S 23rd St in the desirable Fitler Square neighborhood, presents a unique investment opportunity. Currently operating as a successful bar and restaurant with a transferable liquor license, this 6,185 square foot building sits on a 2,870 square foot lot and is zoned CMX-4, allowing for a wide range of commercial uses, including mixed-use development. The building features a 2,948 square foot first floor currently used as a bar and restaurant, along with two apartments: a 2,004 square foot, 2-bedroom, 2-bathroom unit (currently owner-occupied with a $3,000/month rental potential) and a 1,233 square foot, 2-bedroom, 2-bathroom unit (currently vacant, offering $2,500/month rental potential). The property benefits from high foot traffic and proximity to various amenities. The CMX-4 zoning allows for the construction of a five-story building, with potential for greater height depending on the intended use and city bonuses. The current owner is open to remaining as a tenant, continuing the established bar and restaurant operation. This property offers significant upside potential for investors and entrepreneurs seeking a prime location with a versatile zoning designation and a valuable transferable liquor license. Additional neighboring parcels are also available. The asking price is $6,000,000.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.952

Longitude

-75.1785

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