490 Broad St Philadelphia, PA 19130-4321

Property Details for 490 Broad St

Year built

2019

Lot size

0.47 lot acres

Property size

27,166 SF

Zone code

CMX5

Property type

Strip malls

Property subtype

Neighborhood centers

APN

88-2-9382-62

APU

882938262

Description

This exceptional 25,463 square foot shopping center in Philadelphia, PA, boasts a premier location at the high-traffic intersection of Spring Garden and North Broad Streets. Developed in 2019, the property is 100% leased to a diverse mix of national tenants including CVS Pharmacy, Starbucks, Verizon Wireless, and Citizens Bank. The weighted average lease term remaining is over 8.8 years, with 70% of gross income derived from national credit tenants, ensuring a stable and secure investment. This service-oriented strip center benefits from excellent roadway visibility and proximity to public transportation, including the SEPTA Broad Street Line. The surrounding area is experiencing significant residential growth, with over 2,200 multi-family units delivered in the last five years and an additional 1,500 units planned or under construction within a half-mile radius. This strong demographic profile, combined with the property's prime location and established tenant base, creates a compelling opportunity for long-term income generation in a rapidly densifying submarket of Center City Philadelphia. The property's strategic positioning ensures it effectively serves the growing consumer base of this vibrant neighborhood. This is a rare opportunity to acquire a well-positioned, high-performing retail asset in a dynamic urban environment.