1601-5 RIDGE AVE, Philadelphia, PA 19130 - MLS#PAPH2385146

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Adam Ferst

[email protected] +1(202) 421-5500

$2,100,000

Est. payment - /mo

8,380 SqFt

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UPDATED:

09/24/2024 12:29 PM

Key Details

Property Type Commercial

Sub Type Five Or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 8,380 sqft

Price per Sqft $250

Subdivision Francisville

MLS Listing ID PAPH2385146

Originating Board BRIGHT

Year Built 2019

Annual Tax Amount $3,603

Tax Year 2024

Lot Size 2,268 Sqft

Acres 0.05

Lot Dimensions 49.00 X 48.00

Property Description

INTRODUCING: Welcome to 1601-5 Ridge — a boutique multifamily property sited at the prominent Ridge & Parrish corner intersection (at 16th Street) in the booming Francisville submarket of Philadelphia, Pennsylvania. Spanning 3 property widths with soft corner exposure, 1601-5 Ridge commands a strong presence on the Francisville streetscape with a brick-clad base and bay windows above. Throughout its operating history, there has been little-to-no vacancy in the building — a testament to the quality of construction, location and spatial quality of the asset. On the ground floor, a neighborhood daycare operates the commercial space, having just exercised their 5-year NNN lease renewal option. Upstairs, there are five (5) oversized apartments, each with unique layouts: one (1) studio, three (3) 2bd x 2ba units and one (1) 3bd x 2ba unit. New Ownership can add a 5th floor “as of right” based on the current zoning in place and increase the density/unit count. Private roofdecks feature prominently in 1601-5 Ridge with Center City skyline views from atop the 4th floor. Located in the Francisville submarket just outside of Downtown Philly, residents of this ±8,380 SF apartment building benefit from proximity to shops, breweries, cafes, grocers, restaurants and multimodal transport options — placing the entire city within reach of 1601-5 Ridge. Philadelphia now ranks as the eight (8th) largest MSA in the USA. Real estate investment demand is largely driven by Philly’s relative affordability as compared to its pricier neighbors to the north (New York, Boston) and south (Washington, D.C., Maryland, Virginia), with comparable lifestyle standards — connectivity, culture, cuisine and convenience in Greater Philadelphia rival the nation’s leading metros. Investment sales in the Francisville submarket have been surging in 2024 (whilst some others lag), largely due to its desirability for young professionals seeking contemporary accommodations in new construction apartments just outside of the downtown urban core. BUYER TO VERIFY TAXES, SF, AND FINANCIALS IN DD. TENANT OCCUPIED. 48HR NOTICE REQUIRED TO TOUR. OFFERING INCLUDES 1601-3 RIDGE AND 1605 RIDGE.

Location

State PA

County Philadelphia

Area 19130 (19130)

Zoning CMX25

Interior

Hot Water Natural Gas

Heating Central

Cooling Central A/C

Flooring Hardwood

Heat Source Natural Gas

Exterior

Waterfront N

Water Access N

View City

Roof Type Fiberglass

Accessibility None

Garage N

Building

Lot Description Additional Lot(s)

Sewer Public Sewer

Water Public

New Construction Y

Schools

School District The School District Of Philadelphia

Others

Tax ID 871403535

Ownership Fee Simple

SqFt Source Estimated

Special Listing Condition Standard

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Listed by Ryan J McManus • Keller Williams Liberty Place

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Adam Ferst

+1(202) 421-5500

Agent | RSRS325119

Agent RSRS325119

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