1312 Spruce Street

Description

Major Price reduction! Unique opportunity to own a single use restaurant building originally zoned as a mixed use (4 apartments and 1st floor restaurant) currently occupied solely by the high end restaurant Vetri Cucina. Vetri has recently extended its lease until 2028 with option with yearly increases for an additional 5 years through 2033! Don+GGt miss your chance to own a piece of Philadelphia culinary history! This beautifully renovated 1860+GGs townhome has housed several of Philadelphia+GGs most acclaimed restaurants since 1967, including Le Pantierre, Le Bec Fin, Two Quails, and now by the award winning Vetri.Since 1998 Verti +-has become one of the most lauded dining establishments in the country, receiving the James Beard Award for Outstanding Restaurant in 2011. The first floor includes a gracious well-appointed dining room as well as a high end commercial kitchen. +-In 2014 the restaurant remodeled and expanded their space into the upper two floors adding a show kitchen, a private dining room and an event space... The third floor houses the Vetri+GGs +-offices and additional storage space. +-The basement area has a walk in freezer, storage for the restaurant and all building mechanicals. +-Special note: The West side exterior wall of 1312 Spruce features one of Philadelphia+GGs beloved murals, Taste of Summer, inspired by the restaurant.Vetri currently has a long term lease until 9-2028 with a 5 year renewal option; however the second and third floors can be converted back into apartment use if desired at a later time to provide additional rental income. Currently restaurant pays all building expenses as a triple net tenant.Act now before this rarely offered trophy property gem goes off the market an into a long term real estate investor portfolio.