1605 Ridge Avenue

Description

Welcome to 1605 Ridge " a 6.69% CAP, boutique multifamily property sited at the prominent Ridge & Parrish corner intersection (at 16th Street) in the booming Francisville submarket of Philadelphia, Pennsylvania. Spanning 3 property widths (1601-03-05) with soft corner exposure, The Property commands a strong presence on the Francisville streetscape with a brick-clad base and bay windows above. Throughout its operating history, there has been little-to-no vacancy in the building " a testament to the quality of construction, location and spatial quality of the asset. On the ground floor, a neighborhood daycare operates the commercial space, having just exercised their 5-year NNN lease renewal option. Upstairs, there are five (5) oversized apartments, each with unique layouts: one (1) studio, three (3) 2bd x 2ba units and one (1) 3bd x 2ba unit. New Ownership can add a 5th floor as of right based on the current zoning in place and increase the density/unit count. Private roofdecks feature prominently in 1601-5 Ridge with Center City skyline views from atop the 4th floor. Located in the Francisville submarket just outside of Downtown Philly, residents of this 9,000 SF apartment building benefit from proximity to shops, breweries, cafes, grocers, restaurants and multimodal transport options " placing the entire city within reach of 1601-5 Ridge. Invest in a Top-10 USA MSA with the acquisition of 1605 Ridge. Real estate investment demand is largely driven by Phillys relative affordability as compared to its pricier neighbors to the north (New York, Boston) and south (Washington, D.C., Maryland, Virginia), with comparable lifestyle standards " connectivity, culture, cuisine and convenience in Greater Philadelphia rival the nations leading metros. Investment sales in the Francisville submarket have been surging, largely due to its desirability for young professionals seeking contemporary accommodations in new construction apartments just outside of the downtown urban core.