2301-11 Oregon Ave Philadelphia, PA 19145
- Lifestyle centers
- 221,511 SF
- 12.50 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 2301-11 Oregon Ave
- Year built
- 1960
- Lot size
- 12.50 lot acres
- Property size
- 221,511 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 221,511 square foot shopping center in South Philadelphia presents a compelling investment opportunity. The property boasts a strong tenant mix, anchored by a ShopRite supermarket, Ross Dress for Less, and Five Below, among 14 total tenants. Currently operating at 85% occupancy across its 19 units within two buildings, the center generates a substantial net operating income (NOI) of $1,910,500. Built in 1960, the property sits on a 12.5-acre lot and benefits from below-market rents, offering significant upside potential through lease-up of the remaining 32,000 square feet of vacant space and future rent growth. The center's location at a heavily trafficked intersection (over 40,000 vehicles per day on Oregon Avenue) ensures high visibility and accessibility. Further enhancing its value, the property is strategically positioned within a rapidly developing area, benefiting from the proximity to the new 1,300-acre Bellwether District, a project expected to bring over 30,000 new jobs to the area. The center's tenant mix is internet-resistant, further solidifying its long-term viability. The ShopRite anchor recently signed a 5-year lease renewal, and a new lease with Fusion Gym extends through 2034. This asset is ideally situated in the heart of South Philadelphia, a densely populated area with over 600,000 residents within a 5-mile radius, and part of the 7th largest MSA in the US, encompassing over 6.2 million residents. The property's location also benefits from the high daily traffic volume of I-76 (84,601 cars). This combination of strong existing performance, significant upside potential, and prime location makes this a truly exceptional investment opportunity.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Longitude
- -75.1863
- Latitude
- 39.9198
