1507 Locust StPhiladelphia, PA 19102

Property Details for 1507 Locust St

Year built

1950

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.08 AC

Property size (Sq ft)

2,916 SF

Zone code

CMX5

Property type

Retail properties

Property subtype

Turn key restaurants

APN

88-2-8965-07

APU

882896507

Description

This exceptional investment opportunity presents a fully occupied, 17,143 square foot, Class A multi-tenant retail property located in Philadelphia's prestigious Rittenhouse Square neighborhood. The property, encompassing two addresses consolidated into a single contiguous 8,283 square foot lot, currently houses two well-established bars: Misconduct Bar and Vesper Nightclubs. Built in 1984, the property boasts 100% occupancy and benefits from a highly desirable C5 zoning designation, allowing for high-density residential and commercial development. Its prime location offers unparalleled access to Rittenhouse Park, Broad Street, and Suburban Station, a major regional rail hub. Major thoroughfares, including I-76, I-676, and I-95, provide convenient access to the broader region. The surrounding area is characterized by a vibrant mix of residential, commercial, and retail establishments, ensuring high foot traffic and a strong customer base. This property is ideal for both passive investors seeking rental income and owner-users looking to establish a business in a prime location. The significant development potential, coupled with the property's current strong performance, makes this a rare opportunity to acquire a Grade A asset in one of Philadelphia's most sought-after areas. The asking price is $10,000,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,380,897

  6.5%

  $1,274,674

  7%

  $1,183,626

• Comparable approach

  Method

  Valuation

  Relative Method

  $960,132

  Geo Method

  $960,132

• Alternative Use

  Use

  Valuation

  Residential

  $1,075,236

  Hospitality

  $984,910

  Educational

  $819,434

  Medical

  $847,615

  Retail

  $1,274,674

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9487

Longitude

-75.1666

CBSA code

37980

CBSA name

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

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].