1201 North 3rd Street was completely gutted in 2017. This highly-visible corner mixed-use triplex features 78? frontage along Girard Avenue. One of the main commercial corridors in Northern Liberties, this intersection posts 15,000? vehicles per day. UPS leases 1,000 SF on the ground floor plus 900 SF of basement space. UPS, a national credit tenant, is in Year 6 of their 10-year base term with (2) five-year renewal options. Pursuant to the lease terms, the commercial tenant is responsible for a large percentage of the building?s expenses (roughly 52% of the property taxes, insurance, water, gas, common area electric, snow removal, fire monitoring, repairs and maintenance not related to the residential units and accounting). The storefront features floor-to-ceiling glass windows with high-energy efficiency glass, with a very low solar heat gain co-efficiency rating. On the upper floors are (2) two-bedroom/one-bath units with an open kitchen and living space. Each unit has its own washer and dryer, stainless steel appliances, granite countertops, white subway tile backsplash, and double vanities in the bathroom.
The Property presents a significant upside potential by increasing rents upon turnover. Average in-place rents are in the $2 PSF range while the surrounding Class A buildings are reaching well into the $4 PSF range. New ownership has the opportunity to boost rents while staying far below the new Class A product that has either been delivered or is under construction in this sub-market.
Formally Philadelphia?s manufacturing district, Northern Liberties is a historic neighborhood that has transformed into one of Philadelphia?s trendiest neighborhoods known for its cool, artsy vibe. Nestled along the Delaware River bordering Center City, Northern Liberties offers residents an abundance of amenities. The neighborhood is walkable and pedestrian-friendly providing easy access to the many popular brunch spots, thrilling bars, authentic international restaurants, art galleries, and more. Northern Liberties has convenient access to Interstates 95, 76, and 676, is convenient to public transportation (Market-Frankford Line), and is just minutes from Center City ? the region?s largest employment hub with over 305,500 persons employed. A wide variety of rental options, a vibrant culture, top-notch amenities and proximity to Center City shape Northern Liberties as an excellent option for renters looking for the ultimate urban living experience.
