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1501 Unity St

297,987 SF Industrial Building Philadelphia, PA 19124 For Sale

Executive Summary

1501 Unity Street is a 297,987 square foot industrial building located one mile from the North/South entrance to Interstate 95 (I-95) at Exit 26. The property is equipped with 14 drive-in doors and nine interior loading docks able to accommodate 53’ trailers. Situated on 1.48 acres, the building is four stories with an accessible basement, with each floor measuring roughly 60,000 square feet, with 18’ pillar spacing throughout. The property has seven heavy load elevators with current infrastructure providing up to 16 MW of electricity. Additionally, each floor has outside ventilation and a 100% dry fire suppression system, lowering operating expenses during the winter and making the building ideal for a climate controlled / refrigerated building conversion. The dry fire suppression system is newly updated with equipment replaced in the last two years.
1501 Unity Street is currently owner/used as a distribution and storage warehouse for Shipmate, a 40-year-old, family run fulfillment company. The building has been continuously maintained and inspected annually, including inspections of all seven freight elevators. The property is for sale or lease as Shipmate plans to relocate their business. 1501 Unity Street is zoned I-2 Medium Industrial, which allows for a wide variety of uses such as manufacturing, distribution, research & development, wholesale, and storage. At an offering price of $10,750,000, the industrial portion of the portfolio is priced at $36 per square foot, allowing a range of strategic possibilities to realize a large-scale value proposition. The property could be used as-is as a warehouse and distribution facility, converted to a climate control/refrigerated building, or redeveloped into a self-storage facility or apartment building.
The main land parcel at 1501 Unity is roughly 1.48 acres, making up an entire city block. The property offering also includes multiple contiguous parcels across Griscom Street that allow for a full truck court, giving the turning radius needed for trucks to utilize the nine interior loading docks. Two of the three additional land parcels have retail structures fronting Frankford Avenue, with retail leases in-place generating $10,650 per month ($127,800 annually). The additional parcels across Griscom Street are zoned CMX-2, allowing for business and services offices, retail (in-place), and surface parking. Parcel details below:
– 4410 Frankford Avenue – 22,860 sf parcel / 12,793 sf structure
– 4422 Frankford Avenue – 3,465 sf parcel / 1,759 sf structure
– 4429-33 Griscom Street – 4,065 sf land parcel
The additional CMX-2 zoned parcels are offered at a sale price of $60 per square foot on the retail structure footprint, equating to roughly $875,000. The total sale price for the portfolio is $11,625,000.

Property Facts

Sale Type Investment or Owner User
Sale Conditions Development Sale
Property Type Industrial
Property Subtype Warehouse
Building Class C
Lot Size 2.81 AC
Rentable Building Area 297,987 SF
Number of Floors 4
Year Built 1910
Tenancy Single
Clear Ceiling Height 16 ft
No. Dock-High Doors/Loading 9
Level Access Doors 1

Utilities

  • Lighting - Fluorescent
  • Gas

Space Availability

  • Space
  • Size
  • Space Use
  • Condition
  • Available
  • 1st Floor
  • 74,496 SF
  • Industrial
  • -
  • Now
  • 2nd Floor
  • 74,497 SF
  • Industrial
  • -
  • Now
  • 3rd Floor
  • 74,497 SF
  • Industrial
  • -
  • Now
  • 4th Floor
  • 74,497 SF
  • Industrial
  • -
  • Now
Space Size Space Use Condition Available
1st Floor 74,496 SF Industrial - Now
2nd Floor 74,497 SF Industrial - Now
3rd Floor 74,497 SF Industrial - Now
4th Floor 74,497 SF Industrial - Now

1st Floor

Size
74,496 SF
Space Use
Industrial
Condition
-
Available
Now

2nd Floor

Size
74,497 SF
Space Use
Industrial
Condition
-
Available
Now

3rd Floor

Size
74,497 SF
Space Use
Industrial
Condition
-
Available
Now

4th Floor

Size
74,497 SF
Space Use
Industrial
Condition
-
Available
Now
Walk Score ®
Very Walkable (85)
Transit Score ®
Excellent Transit (72)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
884090000
Land Assessment
£1,154,604
Improvements Assessment
£2,090,813
Total Assessment
£3,245,418

zoning

Zoning Code G-2
G-2
  • Listing ID: 31416422

  • Date on Market: 04/04/2024

  • Last Updated:

  • Address: 1501 Unity St, Philadelphia, PA 19124

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