Description
On behalf of the ownership, Rarity Commercial is pleased to present an exclusive opportunity to acquire two premier bar and restaurant assets at 1507-11 Locust Street and 223 S. Sydenham Street consolidated into a single, contiguous lot in the heart of Rittenhouse Square.Together, the properties comprise approximately 17,143 square feet of gross building area across three distinct structures and two separately configured venues, situated on a combined land area of 8,283 square feet. 1507-11 Locust Street is home to Misconduct Tavern, a one-story plus partially finished lower level bar and restaurant totaling 4,901 square feet of gross building area on a 3,271 square foot interior lot. 223 S. Sydenham Street houses The Vesper Lounge, a two-story plus fully finished lower level bar and restaurant totaling 12,242 square feet of gross building area on a 5,012 square foot interior lot.The assemblage carries a CMX-5 zoning designation, Philadelphia's highest-density commercial classification, permitting high-density residential and commercial development by-right and providing a development optionality that is exceedingly rare in this submarket. The combined footprint presents a compelling value proposition for a range of investor profiles — from the passive investor seeking stabilized hospitality income in a market with virtually no vacancy, to the owner-operator looking to plant a flag at one of the most prominent corners in Center City, to the developer positioned to capitalize on the site's significant upside through redevelopment.This is an exceptional opportunity to acquire a consolidated, income-producing asset with long-term optionality in one of Philadelphia's most irreplaceable locations.
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0BEDS
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0.19ACRES
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0BATHS
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01/2 BATHS
Description
On behalf of the ownership, Rarity Commercial is pleased to present an exclusive opportunity to acquire two premier bar and restaurant assets at 1507-11 Locust Street and 223 S. Sydenham Street consolidated into a single, contiguous lot in the heart of Rittenhouse Square.Together, the properties comprise approximately 17,143 square feet of gross building area across three distinct structures and two separately configured venues, situated on a combined land area of 8,283 square feet. 1507-11 Locust Street is home to Misconduct Tavern, a one-story plus partially finished lower level bar and restaurant totaling 4,901 square feet of gross building area on a 3,271 square foot interior lot. 223 S. Sydenham Street houses The Vesper Lounge, a two-story plus fully finished lower level bar and restaurant totaling 12,242 square feet of gross building area on a 5,012 square foot interior lot.The assemblage carries a CMX-5 zoning designation, Philadelphia's highest-density commercial classification, permitting high-density residential and commercial development by-right and providing a development optionality that is exceedingly rare in this submarket. The combined footprint presents a compelling value proposition for a range of investor profiles — from the passive investor seeking stabilized hospitality income in a market with virtually no vacancy, to the owner-operator looking to plant a flag at one of the most prominent corners in Center City, to the developer positioned to capitalize on the site's significant upside through redevelopment.This is an exceptional opportunity to acquire a consolidated, income-producing asset with long-term optionality in one of Philadelphia's most irreplaceable locations.
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