248 Market Street, Philadelphia, PA
PHILADELPHIA, PA—Rittenhouse Realty Advisors brokered the $3.7 million sale of 248 Market Street in the Old City neighborhood of Philadelphia, PA, to a buyer it described as an overseas investment group with local ties. Rittenhouse did not further identify the buyer.
“We are seeing more and more international buyers get aggressive in buying core assets in Center City,” says Ken Wellar, managing partner at RRA.
The property, which consists of six residential apartments and two ground floor commercial units, traded for more than $450,000 per unit.
The residential units were recently updated and feature granite countertops and stainless-steel appliances in the kitchens, vaulted ceilings, oversized windows, walk-in closets, in-unit washers and dryers and controlled building access.
The property is located on the bustling corner of 3rd Street and Market Street, convenient to Old City's historic and tourist destinations, as well as a great variety of popular restaurants, shops, and entertainment options. The property is also located one block from SEPTA's Market Frankford train line.
“Recently we have seen a surge in interest in the Old City sub-market, which makes sense given its accessibility and proximity to the CBD,” says Chris Egan, a senior associate at RRA. “Old City also has great mixed-use building stock.”
The commercial units were leased to Color Inc., a retail/souvenir shop, and Car-Tel Communications, Philadelphia's largest AT&T retailer.
“The stable retail leases on the ground floor helped to add value in this transaction,” says Larry Steinberg, who previously arranged the lease with Car-Tel.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
