Property
Beds
None
Full Baths
None
1/2 Baths
None
Year Built
2019
Sq.Footage
N/A
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.
Features & Amenities
Interior
Area & Lot
-
Lot Size(acres)
0.05
-
Property Type
Commercial Sale
Exterior
-
Garage
No
-
Construction Materials
Brick, Aluminum Siding
-
Parking
None
Financial
-
Sales Price
$2,095,000
-
Tax Amount
2531.0
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Location
County
PHILADELPHIA
Elementary School
Middle School
High School
Listing Courtesy of Ryan J McManus , Keller Williams Liberty Place
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Owner, President, Investment Property Advisor
TheresaKehler
Call Theresa today to schedule a private showing.
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