1423 Spruce Street

Description

Rare opportunity to acquire an approved CMX-5 mixed-use development site in a premier Center City location near Rittenhouse Square.The approved project consists of a 7-story mixed-use building containing approximately 17,010.5 gross square feet, including:26 residential units21 studio apartments and 5 one-bedroom apartmentsApproximately 1,450 square feet of ground-floor commercial spaceElevator serviceBicycle storageTwo exit stairsFront and rear accessBasement utility and storage areasRoof deck and roof-deck access structureRear parking or loading area, subject to the approved plansMajor zoning and historic-review approvals have been completed, substantially reducing entitlement risk and potentially saving the next owner significant time and expense. Architectural and MEP plans are currently being finalized.The property is presently improved with an existing modern two-story brick building and four parking spaces. Estimated market rent is approximately $5,800 per month for the ground-floor commercial space and $4,300 per month for the second floor, providing combined estimated rental income of approximately$10,100 per month, or $121,200 annually, before expenses and subject to buyer verification.A buyer may continue operating the existing income-producing property while finalizing plans, permits, and financing, or proceed with construction of the approved development.Ideally situated in one of Philadelphia’s strongest rental and lifestyle corridors, the property is steps from Rittenhouse Square, Avenue of the Arts, Broad Street, Jefferson University and Jefferson Hospital, Pennsylvania Hospital, Washington Square West, Midtown Village, restaurants, shopping, offices, public transportation, and major Center City employers.This offering is well-suited for developers, investors, builders, boutique multifamily operators, and buyers seeking a highly visible, approved project in a premier Philadelphia location.The sale includes available zoning drawings, architectural plans, floor plans, elevations, massing materials, approvals, and due-diligence information upon request.An exceptional opportunity to acquire an approved Center City development site with substantial existing income potential and the flexibility to hold, lease, or begin construction.