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1507-11 Locust St 1507 Locust St

17,143 SF 100% Leased Retail Building Philadelphia, PA 19102 £7,844,100 (£458/SF) 6% Net Initial Yield

Executive Summary

On behalf of the ownership, Hunters Commercial is pleased to present an exclusive opportunity to acquire the properties at 1507 Locust St. and 223 S. Sydenham St. These two addresses have been consolidated into a single, contiguous lot. Situated in the heart of Rittenhouse Square, one of Philadelphia's most prestigious neighborhoods, this prime location offers proximity to Rittenhouse Park, Broad Street, and Suburban Station, which services 13 regional rail lines facilitating daily commuter traffic. Additionally, the property provides convenient access to major thoroughfares such as I-76, I-676, and I-95, making it well connected to the broader region. The surrounding area is characterized by a dense mix of residential, commercial, and retail establishments, creating a vibrant environment with ample foot traffic and a built-in customer base. The property currently houses the well-known Misconduct Bar and Vesper Nightclubs, and the combined lot, totaling 8,283 square feet, is zoned CMX-5. This zoning designation allows for high-density residential and commercial development, making the location suitable for future projects with excellent growth potential. This offering is ideal for a passive investor looking to collect rental income or an owner-user looking to establish their own business in a prime location. Given the density of the surrounding area and the favorable zoning, the site also presents an attractive opportunity for future development. This is a rare chance to acquire a Grade A asset in one of Philadelphia’s most sought-after locations. For more details or to schedule a viewing, please contact Hunters Commercial.

Property Facts

Sale Type
Investment
Property Type
Retail
Property Subtype
Bar
Building Size
17,143 SF
Building Class
B
Year Built
1984
Price
£7,844,100
Price Per SF
£458
Net Initial Yield
6%
NOI
£470,646
Percent Leased
100%
Tenancy
Multiple
Number of Floors
2
Building FAR
5.64
Land Acres
0.07 AC
Zoning
CMX-5 - Commercial Mixed Use
Walk Score ®
Walker's Paradise (100)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (88)
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.®

Nearby Major Retailers

Fado Irish Pub
PNC Bank
Bank of America
Philly Pretzel Factory
Cyclebar
Cheesecake Factory
Devon Seafood Grill
IHOP
NY Pizza Department
Bareburger

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
882896507
Land Assessment
£212,026
Improvements Assessment
£848,104
Total Assessment
£1,060,130
  • Listing ID: 33512007

  • Date on Market: 14/10/2024

  • Last Updated:

  • Address: 1507 Locust St, Philadelphia, PA 19102

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