801 48Th St Philadelphia, PA 19139
- Retail space
- 26,988 SF
- 1.72 lot acres
Current Use by Public Records
- Crossroads Music / Music School / Non-Profit Organization
- Camp Sojourner, Girls’ Leadership Camp / Volunteer Organization
- Dollar General / Discount Store / Drug Store
- Brightside Academy / Nursery School / Preschool
- Calvary United Methodist Church / United Methodist Church
Property Details for 801 48Th St
- Year built
- 1950
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 1.72 lot acres
- Property size
- 26,988 SF
- Zone code
- CA2
- Property type
- Retail space
- APN
- 88-2-1123-00
- APU
- 882112300
Description
This 34,205 square foot shopping center in Philadelphia, PA, presents a compelling investment opportunity. Located at 801-807 & 809-843 North 48th Street, this single-story, 1980-built property boasts a 100% occupancy rate with three tenants, including Dollar General (lease extending to 2047 with options), Brightside Academy, and Resources for Human Development. The property features 70 parking spaces and sits on a 74,740 square foot lot, zoned CA-2. Currently generating a NOI of $346,056, with a pro-forma NOI of $371,355, this stabilized investment offers a 7.5% cap rate and a pro-forma cap rate of 8.05%. The asking price is $4,615,000, translating to $134.92 per square foot. The triple-net (NN+) leases provide a strong, corporate-guaranteed tenant base. The property benefits from its location in a Federal Opportunity Zone near major universities, promising significant long-term growth potential. Lease terms include options for rent bumps, with potential increases of $14,500, $15,500, or $17,000. This is a rare chance to acquire a well-positioned, high-performing retail asset in a rapidly developing area. The property's strategic location near Drexel University, the University of Pennsylvania, and the University of the Sciences ensures consistent demand and future appreciation. The current lease terms, coupled with the potential for rent increases, provide a secure and lucrative investment with substantial upside. The property's size and location offer potential for future development, further enhancing its long-term value.
Value Estimations
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,589,000
- AI Estimate
- $2,238,000
Market price range: $1.72M - $4.17MMarket price range: $1.32M - $3.91M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $2,985,000 Current use
- WAREHOUSE, STORAGE
- $3,475,000 Change: +17% Conversion: Difficult
- APARTMENT HOUSE (5+ UNITS)
- $3,065,000 Change: +3% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Longitude
- -75.2161
- Latitude
- 39.967
- CBSA code
- 37980
- CBSA name
- PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
