521 South StPhiladelphia, PA 19147

Property Details for 521 South St

Year built

1900

Property size (Sq ft)

2,475 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This fee-simple, mixed-use property at 521 South St, Philadelphia, PA 19147, presents a compelling investment opportunity. The 2,475 square foot building, constructed in 1900, features a three-story structure on an 825 square foot lot, zoned CMX3. Currently operating at 100% occupancy with four tenants, the property boasts a stabilized NOI of $5,750, with a pro-forma NOI projected at $69,000. The current lease structure includes a 10-year NNN lease (commencing April 1, 2020, expiring April 1, 2030) with a corporate guarantee for the commercial tenant, currently in its 9th year. The commercial space generates $3,500 per month in rent, with the tenant covering 50% of building expenses. The upper floors comprise three residential units: a second-floor unit renting for $1,250 per month (licensed for a palm reading business, requiring renovation) and a third-floor unit renting for $1,000 per month (a three-bedroom unit needing renovation). The property offers significant value-add potential through renovations to the residential units. The asking price is $1,100,000, representing a current cap rate of 0.52% and a pro-forma cap rate of 6.27%. The property includes 50 square feet of air rights. This triplex offers a blend of stable income and substantial upside potential in a prime Philadelphia location.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9421

Longitude

-75.1516

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