2301-11 Oregon Ave, Philadelphia, PA 19145

Property Details for 2301-11 Oregon Ave

Year built

1960

Lot size

12.50 lot acres

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.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Longitude

-75.1863

Latitude

39.9198