1636 Rdg Avecomm Philadelphia, PA 19130-2139

Property Details for 1636 Rdg Avecomm

Year built

2016

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Property size

749 SF

Zone code

CMX2.5

Property type

Office Properties & Spaces

APN

88-8-1547-12

APU

888154712

Description

This 1,234 square foot, Class B storefront at 1636 Ridge Ave, Philadelphia, PA 19130, is a compelling net lease investment opportunity. The property, a condominium unit in a four-story building constructed in 2016 and renovated four years ago, is currently 100% occupied by a franchisee tax accounting firm under a single-tenant, NNN lease. The lease commenced September 30, 2022, with a five-year term expiring September 29, 2027, leaving approximately 2.9 years remaining. The current annual net operating income (NOI) is $20,700, representing a 7.53% cap rate based on the asking price of $275,000 ($367.16 per square foot). The lease includes rent bumps of 5% in years four and five, with future rent increases to be determined by market rate in years six through ten. The property is zoned CMX2.5 and features both front and rear egress, along with a concrete basement area. This investment benefits from a strong tenant, a long-term lease, and is situated in a rapidly developing area of Francisville, suggesting potential for future appreciation. The property offers a solid return with significant upside potential.