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Brian Foraker

brian@forakersales.com +1(302) 420-4616

Listed by Ryan McManus • Keller Williams Liberty Place

$ 2,100,000

Est. payment | -/mo

9,000 SqFt

Save

$ 2,100,000

Est. payment | -/mo

Save

9,000 SqFt

Key Details

Property Type Multi-Family

Sub Type Other

Listing Status Active

Purchase Type For Sale

Square Footage 9,000 sqft

Price per Sqft $233

Subdivision Francisville

MLS Listing ID PAPH2515408

Style Unit/Flat

Abv Grd Liv Area 9,000

Year Built 2018

Annual Tax Amount $1,514

Tax Year 2024

Lot Size 760 Sqft

Acres 0.02

Lot Dimensions 16.00 x 48.00

Property Sub-Type Other

Source BRIGHT

Property Description

Welcome to 1605 Ridge — a 6.69% CAP, 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 (1601-03-05) with soft corner exposure, The Property 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 ±9,000 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. Invest in a Top-10 USA MSA with the acquisition of 1605 Ridge. 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, largely due to its desirability for young professionals seeking contemporary accommodations in new construction apartments just outside of the downtown urban core.

Location

State PA

County Philadelphia

Area 19130 (19130)

Zoning CMX25

Interior

Hot Water Electric

Heating Central

Cooling Central A/C

Flooring Luxury Vinyl Plank

Heat Source Electric

Exterior

Water Access N

View City

Roof Type Fiberglass

Accessibility None

Garage N

Private Pool No

Building

Lot Description Additional Lot(s), Corner

Above Ground Finished SqFt 9000

Sewer Public Sewer

Water Public

Architectural Style Unit/Flat

Additional Building Above Grade

New Construction N

Schools

School District Philadelphia City

Others

Tax ID 871403540

Ownership Fee Simple

SqFt Source 9000

Special Listing Condition Standard

NEARBY SCHOOL & BUSINESS

+1(302) 420-4616

brian@forakersales.com

135 E State St, United States

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1605 RIDGE AVE Philadelphia, PA 19130