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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
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
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
Amenities
- Signage
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Finished Basement, freight elevator
- 2nd Floor
- 9,000 SF
- Office/Medical
- -
- 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.
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
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
|
Presented by
KRB Management Assoc.
The Snipes Bd-33,000 SF-SALES COMMISSION-10% | 417-421 South St
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