106 S 16th St - Apartments FOR SALE


Philadelphia, PA 19102- Center City West
$25,000,000 USD
215-454-2879
106 S 16th St, Philadelphia, PA for Sale
$25,000,000 USD
Apartments - FOR SALE
1/12
null | 5.9% Cap Rate

106 S 16th St
Philadelphia, PA 19102
Center City West


HIGHLIGHTS

  • Trophy Quality Property: Mid-Rise Asset in an Irreplaceable Location
  • Boutique Luxury Apartment Living: High-End Finishes at a Substantial Discount to Class A High-Rises
  • Turnkey Asset: Institutional Quality In-Place Management; Turnkey Operation
  • Affluent Center City Location: In the Middle of It All in Philadelphia
  • Award-Winning Neighborhood Amenities: Walk to James Beard Award-Winning Restaurants, Coffee Shops, and Luxury Shopping
  • Immediate Access to Public Transportation: Short Walk to Suburban Station, Regional Rail, and the Broad Street Subway

OVERVIEW

The Property is comprised of 53 luxury apartment units and 5,328 square feet of fully leased premium retail space in Center City Philadelphia. 1600 Chestnut represents one of the most prestigious corners in Philadelphia, situated directly west of Broad Street with immediate access to public transportation. Furthermore, Class A rents in this area represent the top of the market, pushing $5/SF across multiple assets. The Property is comprised of studio and one-bedroom apartments boasting high-end finishes including stainless steel appliances, stone countertops, wood flooring, vaulted ceilings, and abundant natural light. These luxury units feature Central HVAC and impressive city views. The Asset offers new ownership the opportunity to increase rents by 11% through natural turnover, while staying well below the surrounding Class A product. If a more robust renovation plan were to be executed, rent premiums of $300+ could be achieved while still sitting comfortably below the top of the competitive set. The retail tenants at 1600 Chestnut are some of the best fast-casual F&B tenants in the market. Wonder, Spread Bagelry, and Insomnia Cookies all have a long track record of success and multiple locations. These businesses are well-positioned given the quality of this corner (20,000± daily pedestrian count), proximity to office workers, and the density of the surrounding Center City neighborhoods. The Property is located minutes from major thoroughfares such as I-76, I-676, and I-95, providing unparalleled access to the Philadelphia MSA. A major train station at 17th and JFK Boulevard is a short walk away, carrying commuters throughout Philadelphia and into the Philadelphia Suburbs via the SEPTA Regional Rail. Current and future tenants are a short walk from both the CBD Class A office buildings and Rittenhouse Square Park, an iconic green space that defines Center City living. *Price per Unit of $290,698 based on 86 Total Units [53 Apartment Units + Commercial Space (Equivalent to 33 Units)]

FOR SALE DETAILS

PRICE

$25,000,000 USD

PRICE/SF

$655 USD /SF

# OF UNITS

56

PRICE/UNIT

$446,429

CAP RATE

5.9%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

1600 Chestnut

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

6

YEAR BUILT

1925

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,235 SF

ZONING

CMX-5

APN/PARCEL ID

881031011

ASK ABOUT THIS PROPERTY

215-454-2879

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215-454-2879

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