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The Snipes Bd-33,000 SF-SALES COMMISSION-10% 417-421 South St

33,000 SF 27% Leased Retail Building Philadelphia, PA 19147 £6,236,059 (£189/SF) 6.83% Net Initial Yield

Virtual Tour

Investment Highlights

  • Opportunity to own a significant retail building near Philadelphia's Center City and historical landmarks in the affluent Society Hill neighborhood.
  • Large wall-to-wall professional window display on all three floors and updated street level signage providing excellent visibility along South Street.
  • NOI based on 2nd floor-$20/SF (Modern Offices), 3rd fl-$15/SF (Open Space), 6000 SF Basement-$10/SF
  • Features a 9,000-square-foot rooftop with 360-degree clear city views, a perfect option for adding a bar, restaurant, or 3rd and 4th floor apartments.
  • Philadelphia is among the most affordable retail markets, presenting retailers with an opportunity to enter a heavily populated, Mid-Atlantic market.

Executive Summary

The Snipes Building at 417-421 South Street offers the opportunity to own the largest retail center on South Street in Philadelphia. This newly renovated three-story, 33,000-square-foot office/retail building boasts a completely redone façade with a wall-to-wall professional window display on all three floors and updated street-level signage, providing excellent visibility along South Street. With a striking modern interior, find dark wood flooring, art-deco wall designs, an updated stainless steel kitchenette with marble tile flooring, elevator access through all floors, and luxury finishes. There is 9,000 square feet of modern offices on the 2nd floor and 9,000 square feet of open space on the 3rd floor. The Snipes Building includes a 9,000-square-foot rooftop with 360-degree clear city views, a perfect option for adding a bar, restaurant, or third and fourth-floor apartments. Current tenants include a national NNN investment retailer, generating approximately $561,000 gross income, and now offers 24,000 square feet to lease.

Nestled in Society Hill, The Snipes Building is one of Philadelphia's oldest and most sought-after neighborhoods. Society Hill is a mix of history and picturesque parks near some of Philadelphia's major landmarks, including Independence Hall and the Liberty Bell. As the seventh-densest population in the United States, the Philadelphia MSA has attracted national and international retailers to its market of over six million diverse customers. The area is also the home base of notable national retailers, including Five Below, La Colombe Coffee, Urban Outfitters, GoPuff, and United by Blue, all with a strong presence in the City of Philadelphia. The Snipes Building is within walking distance of some of Philly's best restaurants, shopping options, and theaters while within a mile of the SEPTA, PATCO Speedline, Atlantic City Line, and Interstate 95.

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
33,000 SF
Building Class
B
Year Built/Renovated
1900/2018
Price
£6,236,059
Price Per SF
£189
Net Initial Yield
6.83%
NOI
£425,923
Percent Leased
27%
Tenancy
Multiple
Number of Floors
3
Building FAR
3.61
Land Acres
0.21 AC
Zoning
CMX3 - Building generates $240K Gross Income now with 24,000 SF available to lease. NOI based on 2nd flr-$20/SF (Modern Offices), 3rd fl-$15/SF, Base-$10/SF
Frontage
60 ft on South St

Amenities

  • Signage
  • Air Conditioning

Space Availability

  • Space
  • Size
  • Space Use
  • Position
  • Available
  • Basement
  • 6,000 SF
  • Light Industrial
  • -
  • Now

Finished Basement, freight elevator

  • 2nd Floor
  • 9,000 SF
  • Office/Medical
  • -
  • Now
  • 3rd Floor
  • 9,000 SF
  • Light Industrial
  • -
  • Now

Newly renovated 3rd floor office space is available for lease and features an open office layout with updated hardwood flooring, private restrooms, stairwell access, and wall to wall street facing windows for natural lighting. This space can be leased contiguously with the second floor. Current asking rent is $14/SF with an additional cam of $6/SF.

Space Size Space Use Position Available
Basement 6,000 SF Light Industrial - Now
2nd Floor 9,000 SF Office/Medical - Now
3rd Floor 9,000 SF Light Industrial - Now

Basement

Size
6,000 SF
Space Use
Light Industrial
Position
-
Available
Now

2nd Floor

Size
9,000 SF
Space Use
Office/Medical
Position
-
Available
Now

3rd Floor

Size
9,000 SF
Space Use
Light Industrial
Position
-
Available
Now

Basement

Size 6,000 SF
Space Use Light Industrial
Position -
Available Now

Finished Basement, freight elevator

3rd Floor

Size 9,000 SF
Space Use Light Industrial
Position -
Available Now

Newly renovated 3rd floor office space is available for lease and features an open office layout with updated hardwood flooring, private restrooms, stairwell access, and wall to wall street facing windows for natural lighting. This space can be leased contiguously with the second floor. Current asking rent is $14/SF with an additional cam of $6/SF.

Walk Score ®
Walker's Paradise (99)
Transit Score ®
Rider's Paradise (91)
Bike Score ®
Very Bikeable (84)
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.®

About Independence Hall

Taking its name from the building where both the Declaration of Independence and the U.S. Constitution were signed, Independence Hall anchors the historic center of downtown Philadelphia. Independence Hall Historical Park alone draws up to 5 million visitors annually, and the Liberty Bell, the Constitution Center, and a wealth of stunning historic architecture also make this area a destination for tourist traffic in the Greater Philadelphia area.

Neighborhoods within the area, including Old City and Society Hill, create a thriving residential market where average household incomes surpass $150,000, according to the U.S. Census Bureau. Many of Center City Philadelphia’s highest-end dining and hotel options are located here, including Talula’s Garden; Morimoto; and Zahav, which was awarded best restaurant in the U.S. by the James Beard Foundation in 2019.

However, Independence Hall’s vibrancy extends beyond its historical charm and affluent residents. Stations serviced by SEPTA’s regional rail, New Jersey’s PATCO high speed rail line, and Philadelphia’s Market Frankford subway line all support more than 5 million square feet of office properties, anchored by major employers including Wells Fargo, the American College of Physicians, and the Federal Reserve Bank of Philadelphia.

This high density of tourists, residents, and office workers, coupled with its rich historical significance, makes Independence Hall an attractive destination for almost any type of retailer.

DEMOGRAPHICS

Demographics

1 Mile 1 Mi. 3 Miles 3 Mi. 5 Miles 5 Mi.
1 Mile
3 Mile
5 Mile
15 min drive
2024 Population
72,380
440,577
890,381
1,432,522
2029 Population
70,006
432,206
874,878
1,448,511
2024-2029 Projected Population Growth
-3.3%
-1.9%
-1.7%
1.1%
Median Age
36.7
33.8
34.4
34.2
College Degree + Higher
68%
49%
35%
17%
Daytime Employees
99,073
406,515
542,840
683,074
Total Businesses
12,221
42,887
58,619
66,476
Average Household Income
$129,379
$100,759
$80,090
$72,650
Median Household Income
$98,481
$71,957
$53,290
$47,432
Total Consumer Spending
$1.2B
$5.5B
$9.3B
$14B
2024 Households
37,968
196,101
371,176
560,073
Average Home Value
$581,719
$429,758
$312,114
$239,286
$ values in USD

Nearby Amenities

Restaurants

Silver Fork Japanese ££ 1 min walk
Five Flavors Cafe - - 1 min walk
Smoke's Poutinerie - - 1 min walk
Shalom Eye - - 1 min walk
Milkboy South Street Sandwiches £££ 1 min walk
Yogurtland Frozen Yogurt - 1 min walk
Lickety Split Pizza ££ 1 min walk
Philadelphia Java Company Coffee £ 2 min walk
Marrakesh Moroccan ££ 1 min walk

Retail

CeX Consumer Electronics 1 min walk
Snipes Shoes In Building
Foot Locker Shoes 2 min walk
Goodwill Dollar/Variety/Thrift 2 min walk
Kids Foot Locker Shoes 2 min walk
Farmers Insurance Insurance 2 min walk
The UPS Store Business/Copy/Postal Services 2 min walk
Goodwill Dollar/Variety/Thrift 3 min walk
Verizon Wireless Communications 2 min walk

Hotels

Marriott
364 rooms
3 min drive
BW Premier Collection
41 rooms
3 min drive
Kimpton
268 rooms
3 min drive
Mint House
52 rooms
4 min drive
Renaissance
152 rooms
3 min drive
Wyndham
364 rooms
3 min drive
Cambria Hotels
223 rooms
4 min drive
  • Listing ID: 25294125

  • Date on Market: 26/08/2019

  • Last Updated:

  • Address: 417-421 South St, Philadelphia, PA 19147

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