Current Use by Public Records
- Land
Property Details for 1500 Front St
- Property type
- Land
- Property subtype
- Industrial properties
Description
This fee-simple property in Philadelphia, PA, offers a rare opportunity to acquire a 1,845 sq ft NNN ground lease with Verizon Wireless, an investment-grade tenant (S&P BBB+). The lease, located at 1500 S Front St, Philadelphia, PA 19147, has a remaining term of approximately 1.9 years, expiring September 30, 2026, with lease options extending through September 30, 2036. The current annual net operating income (NOI) is $20,125, yielding a pro-forma cap rate of 4.03% based on the asking price of $499,900. Rent increases by 15% every five years, providing significant long-term growth potential. The property is zoned I-2 and sits in a high-demand area with substantial traffic counts (over 123,000 vehicles daily on I-95 nearby) and high population density. Verizon has occupied the site since 1996, recently completing facility improvements and expanding the lease. As a NNN lease, the tenant is responsible for all property expenses, including maintenance, utilities, insurance, and property taxes, minimizing landlord responsibilities. Monthly rent is directly deposited. This presents a low-maintenance, high-return investment with a blue-chip tenant in a prime location. The property's strategic location near I-95 and within a thriving riverfront community adds to its value. The adjacent area features new luxury residential developments, indicating strong property appreciation potential. This is a truly exceptional opportunity for passive income generation and long-term capital appreciation.
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
- -75.1476
- Latitude
- 39.929
