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1601-5 Ridge Avenue

PHILADELPHIA, PA 19130
  • $2,100,000
  • STATUS: Active
  • ON SITE: 121 Days
  • ID#: PAPH2385146
UPDATED: 120 min ago
$2,100,000
  • 0
    BEDS
  • 0.05
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
2019
County:

School Ratings & Info

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 Phillys 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 nations 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.

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©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or ExecuHome Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-12-08T23:50:37.2.
www.execuhome.com/homes/153516934
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1601-5 Ridge Avenue PHILADELPHIA, PA 19130

  • Price: $2,100,000
  • Status: Active
  • On Site: 121 Days
  • Updated: 120 min ago
  • ID#: PAPH2385146
0
Beds
0
Baths
0
½ Baths
0.05
Acres
2019
Built
Neighborhood:
Francisville
County:
Philadelphia
Area:
19130 (19130)
School District:
The School District Of Philadelphia
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 Phillys 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 nations 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.
Exterior Features

Construction Materials BrickAluminum Siding Garage YN No Location Type Urban Lot Features Additional Lot(s) Parking Types None Property Condition Excellent Roof Fiberglass View City Water Access YN No Water View YN No Waterfront YN No

Interior Features

Building Area Total 8380.00 Cooling Central A/C Flooring Hardwood Heating Central Heating YN Yes Net Square Feet 8380.00

Property Features

Accessibility Features None Central Air YN Yes Construction Completed YN Yes Cooling Fuel Natural Gas Cross Street 16TH ST Entry Level 1 Heating Fuel Natural Gas Historic YN No Hot Water Natural Gas Municipality PHILADELPHIA Navigable Water YN N New Construction YN Yes Number Of Units Total 6 Original MLSNumber 803281028732 Ownership Interest Fee Simple Property Sub Type Five Or More Units Sale Type Standard Sewer Public Sewer Tax Annual Amount 3603.00 Vacation Rental YN No Water Source Public Zoning CMX25

Listing courtesy of Keller Williams Liberty Place: .


©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or ExecuHome Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-12-08T23:50:37.2.
 
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