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    127-29 Spruce Street

    PHILADELPHIA, PA 19106
    • $900,000
    • STATUS: Closed
    • ON SITE: 42 days
    • ID#: PAPH1000450
    Sold - 05/06/2021
    $900,000
    SOLD - 05/06/2021
    • 0
      BEDS
    • 0.03
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    Built:
    1895
    County:

    School Ratings & Info

    Description

    A multi-family redevelopment opportunity located in the northern end of the desirable Society Hill neighborhood. Just blocks from Independence Hall and the Liberty Bell, this location is well within Philadelphia+GGs tourist district which attracts nearly 200,000 visitors every year, and is accompanied by some of the City+GGs best restaurants and bars, and most popular retail destinations. 127 Spruce Street, otherwise known as the Man Full of Troubles Tavern, was built in 1759 and is Philadelphia+GGs oldest surviving tavern and the only remaining tavern from pre-revolutionary Philadelphia. The building first served Society Hill+GGs residents as a pub from 1759+GG1826 when it was later converted into a hotel, famous among sailors for its oysters. While being used as a pub, the space was rumored to host meetings for revolutionaries in the early days of the revolutionary war. More recently, the building was restored in 1960 to its current state where it stands as a single-family rent-al property. Sitting on a 1,178 square foot parcel zoned RMX-3, the building is on the historic registry. The total size of the structure is 2,832 square feet providing an opportunity for new ownership to create the most unique rental property in the Old City District for either short term or long-term rental purposes. The RMX+GG3 zoning allows an investor to create six residential units on the parcel as well as take ad-vantage of commercial space on the ground floor with frontage on Spruce Street. Society Hill is known for having some of the most expensive residential real estate in all of the City, so it is likely that condominiums or apartments would receive a premium for the location and proximity to Head House Square. This neighborhood has historically been one of Philadelphia+GGs most popular neighborhoods with overall occupancy rates above 95%. With extreme barriers to entry, there is a strong demand for new inventory. This neighborhood has seen recent successful condominium and apartment building projects attract young professionals and empty nesters who prefer living in the city, or even tourists looking for easy access to all of Philadelphia+GGs many historic sites. 127 Spruce Street stands as one of the final opportunities for an investor to acquire an extremely significant historical landmark in the city of Philadelphia. Furthermore, the building represents a significant opportunity to capitalize on the large volume of tourists coming through the Old City area on a yearly basis, or to simply join the lucrative rental market that Society Hill has to offer by converting to market rate apartments.

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    ©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or LoCoMusings | Century 21 Redwood Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-05-08T07:51:57.29.
    www.locomusings.com/homes/115522067
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    127-29 Spruce Street PHILADELPHIA, PA 19106

    • Price: $900,000
    • Status: Closed
    • Updated: 70 min ago
    • ID#: PAPH1000450
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.03
    Acres
    1895
    Built
    Neighborhood:
    Old City
    County:
    Philadelphia
    Area:
    19106 (19106)
    School District:
    The School District Of Philadelphia
    Property Description
    A multi-family redevelopment opportunity located in the northern end of the desirable Society Hill neighborhood. Just blocks from Independence Hall and the Liberty Bell, this location is well within Philadelphia+GGs tourist district which attracts nearly 200,000 visitors every year, and is accompanied by some of the City+GGs best restaurants and bars, and most popular retail destinations. 127 Spruce Street, otherwise known as the Man Full of Troubles Tavern, was built in 1759 and is Philadelphia+GGs oldest surviving tavern and the only remaining tavern from pre-revolutionary Philadelphia. The building first served Society Hill+GGs residents as a pub from 1759+GG1826 when it was later converted into a hotel, famous among sailors for its oysters. While being used as a pub, the space was rumored to host meetings for revolutionaries in the early days of the revolutionary war. More recently, the building was restored in 1960 to its current state where it stands as a single-family rent-al property. Sitting on a 1,178 square foot parcel zoned RMX-3, the building is on the historic registry. The total size of the structure is 2,832 square feet providing an opportunity for new ownership to create the most unique rental property in the Old City District for either short term or long-term rental purposes. The RMX+GG3 zoning allows an investor to create six residential units on the parcel as well as take ad-vantage of commercial space on the ground floor with frontage on Spruce Street. Society Hill is known for having some of the most expensive residential real estate in all of the City, so it is likely that condominiums or apartments would receive a premium for the location and proximity to Head House Square. This neighborhood has historically been one of Philadelphia+GGs most popular neighborhoods with overall occupancy rates above 95%. With extreme barriers to entry, there is a strong demand for new inventory. This neighborhood has seen recent successful condominium and apartment building projects attract young professionals and empty nesters who prefer living in the city, or even tourists looking for easy access to all of Philadelphia+GGs many historic sites. 127 Spruce Street stands as one of the final opportunities for an investor to acquire an extremely significant historical landmark in the city of Philadelphia. Furthermore, the building represents a significant opportunity to capitalize on the large volume of tourists coming through the Old City area on a yearly basis, or to simply join the lucrative rental market that Society Hill has to offer by converting to market rate apartments.
    Exterior Features

    Construction Materials Stone Garage YN No Location Type Corner Lot/Unit Parking Types On Street Riparian Rights YN No Roof Wood Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

    Interior Features

    Building Area Total 2832.00 Cooling Other Heating None Net Square Feet 2832.00

    Property Features

    Accessibility Features 2+ Access Exits Assessment Year 2020 Association YN No Business Type Apartment BuildingBed And BreakfastOther/General RetailOther Buyer Financing Negotiable Central Air YN No Cooling Fuel None Cross Street South 2nd Street; Spruce Street Heating Fuel None Hot Water Other Incorporated City Name Philadelphia Lease Considered YN No Navigable Water YN N New Construction YN No Number Of Units Total 0 Original MLSNumber 304532398336 Ownership Interest Fee Simple Possession Settlement Property Sub Type Five Or More Units Sale Type Standard Sewer Public SewerPublic Septic Tax Annual Amount 0.00 Tax Assessment Amount 0.00 Tax Lot 118 Transportation Bus Stop Less Than 1 MileMetro/Subway Station Less Than 1 MileCommuter Rail Station Less Than 1 Mile Vacation Rental YN No Water Source Public Zoning Rmx-3 Zoning Description Residential Mixed-Use; Center City

    Listing courtesy of Tcs Management, Llc.


    ©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or LoCoMusings | Century 21 Redwood Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-05-08T07:51:57.29.
     
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