Property Description

Prime investment opportunity located in the heart of Philadelphia’s highly desirable Washington Square West neighborhood. This versatile five-unit property features strong infrastructure and excellent expansion and redevelopment potential. Positioned directly across from Louis Kahn Park, the property benefits from consistent year-round foot traffic driven by popular neighborhood events like seasonal music, outdoor yoga, children’s social events, and fairs. It is also a main artery for commuter traffic and folks headed to the Indego Bike Share station, Seger Park and the two main grocery stores. The property also commands exceptional visibility directly facing oncoming vehicles and bicycle traffic from the intersecting high-traffic streets. The asset consists of five rental units including two ground floor retail store fronts and three apartments. There is also construction expansion potential to both the main building and the back property separately identified as 1039 Pine. The corner retail storefront has had a single tenant, a retail dry cleaner, for almost 30 years. There is no chemical process dry-cleaning equipment on the premises. The secondary store front at 1039 Pine Street has a history of steady occupancy but has been intentionally left vacant to accommodate the sale. The residential units include a spacious, full-floor one-bedroom apartment on the second floor, most recently occupied by the, and currently vacant, and two large third floor studio apartments. Of the studios, one is newly vacant and the other is occupied under a lease until February 2027. Investors can benefit from the significant value-added potential to construction expansion opportunities into the attic space of the main building or the re-development of the rear building. All five units are separately metered and have their own electric, heat, and air conditioning. Tenants pay for their own utilities except water. The dry cleaner has a cedar-lined wooden shed behind their store that they use for temperature controlled client storage. The full basement is accessible through the dry-cleaning shop or the metal BILKO doors on the sidewalk. There is a very large crawl space between the first and second floors that is currently used only for HVAC equipment. The property is in the heart of the popular Washington Square West neighborhood. This is a vibrant neighborhood with lots of restaurants, cafes, coffee houses, and shopping. It is also just a few blocks from the shopping and nightlife of Walnut Street, Mid-town Village, South Street, and the Avenue of the Arts. Thomas Jefferson University Hospital and Pennsylvania Hospital are two of the biggest employers in the area. They are located 2-3 blocks away, which helps make the residential units easy to rent. The Acme and Whole Foods markets are 3 blocks away and there are lots of gym options in the neighborhood. The property is located at the intersection of both bike and bus routes. Seger Park is a block away with tennis, pickleball & basketball courts, a children’s playground, and a landscaped dog park.

Property Features

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