719-799 Girard Ave, Philadelphia, PA 19123
35,058 SF | 100% Leased | Office Building | Philadelphia, PA 19123 | $5,256,000 ($150/SF) | 7.80% Cap Rate
For Sale
Active
Asking Price $5,256,000
- Property Type
-
Office
- Square Feet
- 35,058 SF
- Price / Square Foot
- $150
Listing Contacts
Wesley Deming
Property Overview
Investment Opportunity:
The tenant has recently expanded into the 2nd floor of the premise indicating it’s dedication to the location. Existing lease structure is Triple Net with rare 2% annual increases to rent!!!
Site is located in a well-established and rapidly growing neighborhood surrounded by the latest mixed-use, retail, and residential developments. 7th & Girard is a main artery connecting the Fishtown and Northern Liberties neighborhoods of Philadelphia. Fishtown is where Philly's culinary, art and music trends take off. A magnet for hipsters and creative types, the former working-class neighborhood marks the first Friday of the month by opening the galleries and studios along Frankford and Girard Avenue to the public. The vibrant nightlife includes hip bistros, beer gardens, retro arcades and chef driven restaurants. Indie bands perform at the landmark Johnny Brenda's, a renowned city gastropub just blocks from this site.
Development Opportunity:
This site is surrounded on each side by pivotal residential redevelopments giving the investor real estate with current and future upside in this remarkable location. This site is a long-term developers dream, with 59 residential units allowed by-right, first floor Retail, with current parking and outdoor private garden courtyard space. Potential for larger scale residential, retail, parking and outdoor amenities are almost limitless to the savvy developer on this oversized parcel extending the full blocks width on Girard Avenue.
Federal Opportunity Zone Benefits:
Investors can take advantage of deferral of capital gains taxes until 2027, as well as a reduction of capital gains taxes after a certain period of investment. Furthermore, any gains earned from the appreciation of an Opportunity Fund after 10 years are completely tax-free.
The tenant has recently expanded into the 2nd floor of the premise indicating it’s dedication to the location. Existing lease structure is Triple Net with rare 2% annual increases to rent!!!
Site is located in a well-established and rapidly growing neighborhood surrounded by the latest mixed-use, retail, and residential developments. 7th & Girard is a main artery connecting the Fishtown and Northern Liberties neighborhoods of Philadelphia. Fishtown is where Philly's culinary, art and music trends take off. A magnet for hipsters and creative types, the former working-class neighborhood marks the first Friday of the month by opening the galleries and studios along Frankford and Girard Avenue to the public. The vibrant nightlife includes hip bistros, beer gardens, retro arcades and chef driven restaurants. Indie bands perform at the landmark Johnny Brenda's, a renowned city gastropub just blocks from this site.
Development Opportunity:
This site is surrounded on each side by pivotal residential redevelopments giving the investor real estate with current and future upside in this remarkable location. This site is a long-term developers dream, with 59 residential units allowed by-right, first floor Retail, with current parking and outdoor private garden courtyard space. Potential for larger scale residential, retail, parking and outdoor amenities are almost limitless to the savvy developer on this oversized parcel extending the full blocks width on Girard Avenue.
Federal Opportunity Zone Benefits:
Investors can take advantage of deferral of capital gains taxes until 2027, as well as a reduction of capital gains taxes after a certain period of investment. Furthermore, any gains earned from the appreciation of an Opportunity Fund after 10 years are completely tax-free.
Property Details
- Class
- C
- Year Built/Renovated
- 1977/2016
- Stories
- 2
- Property Subtype
- Day Care Facility/Nursery
- Lot Size (sq. ft)
- 27,443 SF
Highlights
- Tenant lease contains 2% annual rent bumps and (2) 5 year options through 2036.
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