2328-44 N 2nd St,PHILADELPHIA, PA 19133
PHILADELPHIA, PA 19133
Description
A rare opportunity to acquire a newly constructed, institutionally finished mixed-use asset in one of Philadelphia's fastest-moving corridors positioned directly in the path of Fishtown's northward expansion. Delivered in 2023, 2328 North 2nd Street is a 33-unit, elevator-served apartment building with 3,750 square feet of ground-floor commercial space, a rooftop deck and resident lounge, in-unit laundry in every apartment, and a 10-year, 100% improvement tax abatement. The residential component is 88% occupied and performing. Seventeen units operate under a corporate master lease with Live Work Stay LLC through July 2027 at modestly below-market rents providing consistent, institutionally structured income today with a built-in mark-to-market event in the near term. Market rents for 2-bedroom units in the building are $2,150-$2,400 per month; the path to stabilized NOI of $603,000 annually is straightforward. The commercial component is 3,750 square feet across two ground-floor retail suites. At stabilization, the income capitalization approach supports a value of $11,075,000. The offering includes four adjacent residentially zoned parcels (RSA-5) along North Philip Street, each measuring approximately 1,441 square feet and conditionally approved for townhome development - four homes at approximately 2,700 square feet each. Taxes and square footage is the responsibility of the buyer to verify independently.
Details
| MLS # | PAPH2632920 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active-bright |
| Year | 2023 |
| Days On Site | 137 |
| Listing Provided By | KW Empower | Jim Onesti |
Features
| Story(s) | 4 |
|---|---|
| Units | 33 |
| Zoning | CMX2.5 |
| Acreage | 0.84 |
Interior
| Cooling | Central A/C |
|---|---|
| Heating Yes / No | Yes |
| Heating | Forced Air |
Exterior
| Construction Materials | Mixed |
|---|
Parking
| Garage Yes / No | No |
|---|
Taxes
| Tax Annual Amount | 1 |
|---|
Area Information
| State | PA |
|---|---|
| County | PHILADELPHIA PA |
| City | PHILADELPHIA |
| Zip Code | 19133 |
| Area | 19133 (19133) |
| Community Name | WEST KENSINGTON |
| School District | THE SCHOOL DISTRICT OF PHILADELP |
| Listing VS Median (in WEST KENSINGTON) | |
Price: $11,999,999 low | high Med: $150,000 On site: 137 low | high Med: 37 | |
Market Activity 19133
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Learn More About This Property
| State | PA |
|---|---|
| County | PHILADELPHIA PA |
| City | PHILADELPHIA |
| Zip Code | 19133 |
| Area | 19133 (19133) |
| Community Name | WEST KENSINGTON |
| School District | THE SCHOOL DISTRICT OF PHILADELP |
| Listing VS Median (in WEST KENSINGTON) | |
Price: $11,999,999 low | high Med: $150,000 On site: 137 low | high Med: 37 | |
