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1201 N 3RD Street

PHILADELPHIA, PA 19122
  • $1,450,000
  • STATUS: Active
  • ON SITE: 40 Days
  • ID#: PAPH2229514
$1,450,000
  • 0
    BEDS
  • 0.03
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 3,978
    SQFT
  • $365
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1915
County:

School Ratings & Info

Description

1201 North 3rd Street was completely gutted in 2017. This highly-visible corner mixed-use triplex features 78+GG frontage along Girard Avenue. One of the main commercial corridors in Northern Liberties, this intersection posts 15,000+- vehicles per day. UPS leases 1,000 SF on the ground floor plus 900 SF of basement space. UPS, a national credit tenant, is in Year 6 of their 10-year base term with (2) five-year renewal options. Pursuant to the lease terms, the commercial tenant is responsible for a large percentage of the building+GGs expenses (roughly 52% of the property taxes, insurance, water, gas, common area electric, snow removal, fire monitoring, repairs and maintenance not related to the residential units and accounting). The storefront features floor-to-ceiling glass windows with high-energy efficiency glass, with a very low solar heat gain co-efficiency rating. On the upper floors are (2) two-bedroom/one-bath units with an open kitchen and living space. Each unit has its own washer and dryer, stainless steel appliances, granite countertops, white subway tile backsplash, and double vanities in the bathroom.The Property presents a significant upside potential by increasing rents upon turnover. Average in-place rents are in the $2 PSF range while the surrounding Class A buildings are reaching well into the $4 PSF range. New ownership has the opportunity to boost rents while staying far below the new Class A product that has either been delivered or is under construction in this sub-market. Formally Philadelphia+GGs manufacturing district, Northern Liberties is a historic neighborhood that has transformed into one of Philadelphia+GGs trendiest neighborhoods known for its cool, artsy vibe. Nestled along the Delaware River bordering Center City, Northern Liberties offers residents an abundance of amenities. The neighborhood is walkable and pedestrian-friendly providing easy access to the many popular brunch spots, thrilling bars, authentic international restaurants, art galleries, and more. Northern Liberties has convenient access to Interstates 95, 76, and 676, is convenient to public transportation (Market-Frankford Line), and is just minutes from Center City +GG the region+GGs largest employment hub with over 305,500 persons employed. A wide variety of rental options, a vibrant culture, top-notch amenities and proximity to Center City shape Northern Liberties as an excellent option for renters looking for the ultimate urban living experience.

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©2023 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 The Lisa Mathena Group. 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: 2023-06-07T23:52:27.767.
www.lisasellsdelaware.com/homes/138991726
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1201 N 3RD Street PHILADELPHIA, PA 19122

  • Price: $1,450,000
  • Status: Active
  • On Site: 40 Days
  • ID#: PAPH2229514
0
Beds
0
Baths
0
½ Baths
0.03
Acres
3,978
SQFT
$365
$/SQFT
1915
Built
Neighborhood:
19122 (19122)
County:
Philadelphia
Area:
19122 (19122)
School District:
The School District Of Philadelphia
Property Description
1201 North 3rd Street was completely gutted in 2017. This highly-visible corner mixed-use triplex features 78+GG frontage along Girard Avenue. One of the main commercial corridors in Northern Liberties, this intersection posts 15,000+- vehicles per day. UPS leases 1,000 SF on the ground floor plus 900 SF of basement space. UPS, a national credit tenant, is in Year 6 of their 10-year base term with (2) five-year renewal options. Pursuant to the lease terms, the commercial tenant is responsible for a large percentage of the building+GGs expenses (roughly 52% of the property taxes, insurance, water, gas, common area electric, snow removal, fire monitoring, repairs and maintenance not related to the residential units and accounting). The storefront features floor-to-ceiling glass windows with high-energy efficiency glass, with a very low solar heat gain co-efficiency rating. On the upper floors are (2) two-bedroom/one-bath units with an open kitchen and living space. Each unit has its own washer and dryer, stainless steel appliances, granite countertops, white subway tile backsplash, and double vanities in the bathroom.The Property presents a significant upside potential by increasing rents upon turnover. Average in-place rents are in the $2 PSF range while the surrounding Class A buildings are reaching well into the $4 PSF range. New ownership has the opportunity to boost rents while staying far below the new Class A product that has either been delivered or is under construction in this sub-market. Formally Philadelphia+GGs manufacturing district, Northern Liberties is a historic neighborhood that has transformed into one of Philadelphia+GGs trendiest neighborhoods known for its cool, artsy vibe. Nestled along the Delaware River bordering Center City, Northern Liberties offers residents an abundance of amenities. The neighborhood is walkable and pedestrian-friendly providing easy access to the many popular brunch spots, thrilling bars, authentic international restaurants, art galleries, and more. Northern Liberties has convenient access to Interstates 95, 76, and 676, is convenient to public transportation (Market-Frankford Line), and is just minutes from Center City +GG the region+GGs largest employment hub with over 305,500 persons employed. A wide variety of rental options, a vibrant culture, top-notch amenities and proximity to Center City shape Northern Liberties as an excellent option for renters looking for the ultimate urban living experience.
Exterior Features

Architectural Style Other Construction Materials MasonryBrick Garage YN No Parking Types On Street Pool No Pool Riparian Rights YN No Roof PitchedRubber Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

Interior Features

Above Grade Fin SQFT 3978 Below Grade Finished Area 0 Below Grade Unfinished Area 0 Cooling Central A/C Fireplace YN No Fireplaces Total 0 Heating Central Heating YN Yes Security Features Fire Detection SystemSmoke Detector Single Room Units 0 Three Bedroom Units 0 Two Bedroom Units 2

Property Features

Accessibility Features 2+ Access Exits Assessment Year 2023 Central Air YN Yes Cooling Fuel Electric Heating Fuel Electric Hot Water Electric Municipality Philadelphia Navigable Water YN N New Construction YN No Number Of Units Total 3 Original MLSNumber 802305825076 Ownership Interest Fee Simple Possession Settlement Property Sub Type Triplex Sale Type Standard Sewer Public Sewer Structure Design Type Other Tax Annual Amount 2345.00 Tax Assessment Amount 167550.00 Tax Lot 11 Vacation Rental YN No Water Source Public Year Built Effective 2017 Zoning Cmx2 Zoning Description Office/Store/Apartments Community Mixed Use

Listing courtesy of Tcs Management, Llc: .


©2023 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 The Lisa Mathena Group. 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: 2023-06-07T23:52:27.767.
 
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