219 Lehigh AvePhiladelphia, PA 19134

Property Details for 219 Lehigh Ave

Year built

1990

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.06 AC

Property size (Sq ft)

29,000 SF

Zone code

ICMX

Property type

Office buildings

APN

88-3-3791-18

APU

883379118

Description

This exceptional investment opportunity presents a 29,100 square foot flex space located at 219 East Lehigh Avenue in Philadelphia, Pennsylvania, 19134. The property, built in 1990 and renovated in 2005, sits on a 46,149 square foot lot and features 26,117 square feet of net rentable space. Currently occupied at 100% occupancy by the Pennsylvania Department of Welfare since March 22, 2005, under a NNN lease, this single-tenant building offers a stable income stream. The property boasts a 7.63% cap rate and a net operating income (NOI) of $419,901. The asking price is $5,500,000, translating to a price per square foot of $189 and a price per unit of $5,500,000. The property includes 46 parking spaces and is zoned ICMX. This stabilized investment offers significant potential for appreciation and growth, given its location and the long-term lease with a government agency. The building is a one-story structure. The property's location offers advantages, including proximity to Temple University.

• CAP approach

  CAP return

  Valuation

  6%

  $5,508,042

  6.5%

  $5,084,347

  7%

  $4,721,180

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,789,140

  Geo Method

  $3,789,140

• Alternative Use

  Use

  Valuation

  Residential

  $6,304,590

  Hospitality

  $5,774,970

  Educational

  $4,804,708

  Medical

  $4,969,949

  Retail

  $7,473,990

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9911

Longitude

-75.1279

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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