5535 N 2ND Street Philadelphia, PA 19120 Municipality: Philadelphia

Multi-Family Residence

Beds

Baths

... Bed/Bath

9,600 Sq. Ft.

Property Activity

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Last updated on 9/28/2024 8:12 AM

Listing Details

Redevelopment Opportunity: Complete Renovations on a Boutique Corner Mixed-Use Property High Occupancy Submarket: Historically 90% Occupancy or Better Accessibility: Convenient to Route 1 (Roosevelt Boulevard), Route 611 (N. Broad Street) and Interstate 95 Transit Friendly: Walk/Bike to Fern Roc...k and Olney Transportation Centers for Bus, Subway and Regional Rail Routes Strong Medical Employment Hub: Einstein Medical Center, Temple University Hospital, St. Christopherâs Hospital for Children, Shrinerâs Hospital for Children and Germantown Medical Center within 10 Minutes Abundant Neighborhood Amenities: Proximity to Fisher Park and Tacony Creek Park; Access to Local and National Businesses Lining North 5th Street Business Corridor; 5-Minute Drive or 8-Minute Walk to One & Olney Shopping Center Anchored by ShopRite This mixed-use building consists of (8) one-bedroom apartment units and 4,000 square feet of commercial space. The property is on the southeast corner of North 2nd Street and Olney Avenue with frontage on three streets - North 2nd Street, Olney Avenue, and N. Palethorp Street. The apartment units are fully framed and feature generously sized living rooms and bedrooms. The commercial space (4,000 gross square foot) could be leased by one tenant or divisible into (4) 1,000Â± square foot spaces. The commercial space also has a basement level (4,000Â± square feet) that can be utilized as additional storage space for the tenants. The property is completely vacant. The apartment units have new electrical, plumbing, windows, and doors, with minimal work remaining. A new owner can finish those units with new flooring, cabinets, and appliances, whereas the commercial space would need a full renovation. Located in the heart of Olney in Philadelphia, the property is less than a mile (25-minute walk/7-minute bike ride) from SEPTAâs Fern Rock Transportation Center and the Olney Transportation Center for regional rail and numerous bus and subway routes. The Olney Regional Rail Station on the Fox Chase Line is a 7-minute walk from the property. Further, the property is conveniently located near Route 1 (Roosevelt Boulevard), Route 611 (North Broad Street), and Interstate 95. The Propertyâs location provides tenants access to the areaâs top employers including Einstein Medical Center (Jefferson Health), Temple University Hospital, Shrinerâs Hospital for Children, St. Christopherâs Hospital for Children, and Germantown Medical Center. The various transportation options provide easy access to employment hubs in Center City Philadelphia and the surrounding suburbs. 5535-5541 North 2nd Street in Philadelphia presents an outstanding redevelopment opportunity to acquire a property with strong bones in an up-and-coming location. By completing the renovations, the property will be able to compete with other apartment buildings nearby and attract a strong tenant base at a reasonable price point. Continue reading

MLS#

PAPH2380658

Property Type

Multi-Family

Year Built

1900

Square Feet

9,600 sq. ft

Price per Sq. Ft.

$52.96

Lot Size

0.24