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Property Detail

South Street
Opportunity to own a significant retail building near Philadelphia's Center City .
$7,950,000

Description

  • Opportunity to own a significant retail building near Philadelphia's Center City and historical landmarks in the affluent Society Hill neighborhood.
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  • Large wall-to-wall professional window display on all three floors and updated street level signage providing excellent visibility along South Street.
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  • NOI based on 2nd floor-$20/SF (Modern Offices), 3rd fl-$15/SF (Open Space), 6000 SF Basement-$10/SF
  • Features a 9,000-square-foot rooftop with 360-degree clear city views, a perfect option for adding a bar, restaurant, or 3rd and 4th floor apartments.
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  • Philadelphia is among the most affordable retail markets, presenting retailers with an opportunity to enter a heavily populated, Mid-Atlantic market.

Executive Summary

The Snipes Building at 417-421 South Street offers the opportunity to own the largest retail center on South Street in Philadelphia. This newly renovated three-story, 33,000-square-foot office/retail building boasts a completely redone façade with a wall-to-wall professional window display on all three floors and updated street-level signage, providing excellent visibility along South Street. With a striking modern interior, find dark wood flooring, art-deco wall designs, an updated stainless steel kitchenette with marble tile flooring, elevator access through all floors, and luxury finishes. There is 9,000 square feet of modern offices on the 2nd floor and 9,000 square feet of open space on the 3rd floor. The Snipes Building includes a 9,000-square-foot rooftop with 360-degree clear city views, a perfect option for adding a bar, restaurant, or third and fourth-floor apartments. Current tenants include a national NNN investment retailer, generating approximately $561,000 gross income, and now offers 24,000 square feet to lease.

Nestled in Society Hill, The Snipes Building is one of Philadelphia's oldest and most sought-after neighborhoods. Society Hill is a mix of history and picturesque parks near some of Philadelphia's major landmarks, including Independence Hall and the Liberty Bell. As the seventh-densest population in the United States, the Philadelphia MSA has attracted national and international retailers to its market of over six million diverse customers. The area is also the home base of notable national retailers, including Five Below, La Colombe Coffee, Urban Outfitters, GoPuff, and United by Blue, all with a strong presence in the City of Philadelphia. The Snipes Building is within walking distance of some of Philly's best restaurants, shopping options, and theaters while within a mile of the SEPTA, PATCO Speedline, Atlantic City Line, and Interstate 95.

The Snipes Bd-33,000 SF-

Listing ID : 00708

SKU: 708

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Price History

DateEventPrice
December 6 2024Listed$7,950,000.00