2821 Island Ave Philadelphia, PA 19153

Property Details for 2821 Island Ave

Year built

1995

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

3.44 lot acres

Property size

43,800 SF

Zone code

RSA3

Property type

Office buildings

APN

88-3-6000-00

APU

883600000

Description

This exceptional 43,800 square-foot executive office building, located at 2821 Island Ave in Philadelphia, Pennsylvania, presents a compelling value-add investment opportunity. The two-story Class C building sits on a 3.44-acre lot and boasts a modified lease structure with multiple tenants, currently operating at 75% occupancy. The Grace Center occupies the space, providing a stable income stream. The asking price is $6,950,000, translating to $158.68 per square foot, with a projected cap rate of 7.20%. The property is zoned RSA3, offering flexibility for future development. Its prime location along a major thoroughfare in the East Wick section of Philadelphia offers convenient access to Philadelphia International Airport (within five minutes) and numerous retail amenities within walking distance. Ample parking is available on-site. This fee-simple ownership opportunity allows for significant upside potential through lease optimization and potential building improvements, making it an attractive investment for discerning buyers seeking a strong return in a vibrant Philadelphia market. The building's existing tenant base provides a solid foundation for future growth and income generation. This is a rare chance to acquire a well-located, multi-tenant office building with substantial value-add potential in a thriving urban area.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Longitude

-75.2395

Latitude

39.9068

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments