$ 2,100,000
1601-5 RIDGE AVE Philadelphia, PA 19130
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REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
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$ 2,100,000
Est. payment /mo
Active
1601-5 RIDGE AVE Philadelphia, PA 19130
8,380 SqFt
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
Parking Type 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
Listed by Ryan J McManus • Keller Williams Liberty Place
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