Current Use by Public Records
- Retail properties & Spaces
Property Details for 1155-57 Front St
- Year built
- 1920
- Property type
- Retail properties & Spaces
- Property subtype
- Restaurants
Description
This exceptional mixed-use property in Philadelphia's vibrant Fishtown neighborhood presents a compelling investment opportunity. Located at 1155-57 N Front St, this fee-simple offering encompasses two addresses joined by party walls, totaling 8,500 square feet on a 2,882 square foot lot, zoned CMX3. The property boasts a 15-key hotel (requiring renovation, including bathroom additions to maintain the H Liquor License and minimum 15 rooms), a fully operational second-generation bar/restaurant, and a carry-out taco shop. Two existing residential units are ready for redevelopment. The property also includes a cabaret license and all licenses are up-to-date and included in the sale. Currently operating at 80% occupancy, the property generates a Net Operating Income (NOI) of $135,892, with a pro-forma NOI projected at $200,000, representing a 6.47% cap rate and a pro-forma cap rate of 9.52%. The asking price is $2,100,000 ($247.06/sq ft and $140,000/key). The property features a three-story building constructed in 1920, renovated in 2022, and includes an outdoor seating area/private courtyard. This is a value-add redevelopment opportunity with significant upside potential in a highly desirable location. The property is a NNN lease type with multiple tenants (2). There is no tenant credit rating available.
Value Estimations
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AI approach
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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
- -75.1361
- Latitude
- 39.9687
