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    1624-28 Locust St Philadelphia, PA 19103

    For Lease
    $15 SF/Yr ($14,250 /Mo)

    Prime Rittenhouse retail, 5,400-11,400 SF

    Lot size:
    11,400 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    360
    This exceptional retail opportunity presents two available spaces totaling 11,400 square feet in a six-story building at 1624-28 Locust Street, Philadelphia, PA. Located just one block from Rittenhouse Square, this property boasts a highly desirable location within a vibrant retail corridor, surrounded by affluent residential and office buildings. The space offers flexible configurations, with options ranging from 5,400 to 11,400 contiguous square feet, including a 5,400+/- square foot first floor and a 6,000+/- square foot lower level. The building features impressive 12-foot ceiling heights, with the potential for double-height ceilings in certain configurations. Multiple elevators are available, and the building's design allows for the possibility of a roof deck. Rear loading and trash facilities are also provided. The property enjoys excellent street frontage of 58 feet on Locust Street. The upper five floors are available under separate ownership. The CMX-3 zoning allows for a variety of retail uses. This location benefits from exceptional public transportation access, with proximity to the SEPTA Broad Street Line, PATCO, and Suburban Station. The property's strong tenant mix includes nationally recognized brands such as Barclay Prime, Parc, Free People, Paper Source, Urban Outfitters, Almyra, Apple, Brooklinen, Vince, P.S. & Co., Bluestone Lane, Doggie Style, and Devon, ensuring a high-traffic location and excellent co-tenancy. This is a rare opportunity to establish a presence in one of Philadelphia's most prestigious retail districts.

    Property Features for 1624-28 Locust St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    11,400 SF
    Total Rate
    14250

    Building Details

    Buildings
    1
    Stories
    6

    Unit(s) available at that property

    Space
    First floor space
    Size
    5,400 SF
    Rate per SF
    $40
    Space
    Lower level
    Size
    6,000 SF
    Rate per SF
    $15

    HighLights

    • High‑end retail neighbors include Barclay Prime, Parc, Free People, and other nationally recognized brands.
    • Strong tenant mix offers diverse retail options.
    • High‑traffic location in Rittenhouse Square, surrounded by established businesses.
    • Excellent co‑tenancy with nationally recognized brands.
    • Prime Rittenhouse Square location in a vibrant retail corridor.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Spa & Massage Hair Salon Dental Office Law Firm Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.169085922028
    Latitude
    39.948790284517

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    FAQs

    What type of property is this?
    Restaurant - Prime Rittenhouse retail, 5,400-11,400 SF
    Where is this restaurant located?
    The property is located at 1624-28 Locust St Philadelphia, PA.
    What is the lease rate?
    The lease rate is $15-$40 SF/Yr.
    What are key features of this property?
    This property features: High-end retail neighbors include Barclay Prime, Parc, Free People, and other nationally recognized brands.; Strong tenant mix offers diverse retail options.; High-traffic location in Rittenhouse Square, surrounded by established businesses.
    Request Owner's contact information
    1624-28 Locust St Philadelphia, PA 19103
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    Philadelphia, PA 19103
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1624-28 Locust St Philadelphia, PA 19103
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