Foreign Investor Buys Old City Mixed-Use Property
“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.
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.