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Listed by Veronica Gintel Blum • Mallin Panchelli Nadel Realty Inc
$6,600,000
Est. payment /mo
5,040 Sqft Lot
New
1606-08 LOCUST ST Philadelphia, PA 19103
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Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Rittenhouse Square
MLS Listing ID PAPH2674198
Year Built 1860
Annual Tax Amount $65,281
Tax Year 2027
Lot Size 5,040 Sqft
Acres 0.12
Lot Dimensions 40' x 126'
Property Sub-Type Mixed Use
Source BRIGHT
Property Description
Rare opportunity to acquire a substantial mixed-use investment property in the heart of Rittenhouse Square. 1606-1608 Locust Street consists of two adjacent buildings totaling approximately 13,884 SF on a 5,040 SF lot, positioned just a block and a half from Rittenhouse Square and directly across from historic St. Mark's Church.
Privately held by the same family for three generations, the property offers significant scale in one of Philadelphia's most desirable and supply-constrained neighborhoods. The existing mixed-use configuration includes 28 residential apartments, three ground-floor commercial spaces and two parking spaces, providing diversified income from residential, commercial and parking uses.
The residential unit mix consists of 4 one-bedroom apartments, 17 studios and 7 efficiency units. Commercial space includes two retail storefronts and one office/store space. Elevator service is available in 1606 Locust. The property also offers frontage on both Locust and Latimer Streets.
Zoned CMX-3, the property provides investors with flexibility for a range of potential long-term strategies. Opportunities may include renovating residential units, repositioning commercial space as leases roll, improving common areas and building amenities, increasing operational efficiencies, or evaluating alternative uses permitted by zoning, subject to all applicable governmental approvals.
The property is located within the Rittenhouse Fitler Historic District, with 1608 Locust Street individually listed on the Philadelphia Register of Historic Places.
Located in one of Center City Philadelphia's premier residential and commercial districts, 1606-1608 Locust offers immediate access to Rittenhouse Square, restaurants, retail, cultural institutions, employment centers and public transportation.
An exceptional opportunity to acquire an income-producing, mixed-use asset with meaningful scale, flexible CMX-3 zoning and an irreplaceable Rittenhouse Square location.
Privately held by the same family for three generations, the property offers significant scale in one of Philadelphia's most desirable and supply-constrained neighborhoods. The existing mixed-use configuration includes 28 residential apartments, three ground-floor commercial spaces and two parking spaces, providing diversified income from residential, commercial and parking uses.
The residential unit mix consists of 4 one-bedroom apartments, 17 studios and 7 efficiency units. Commercial space includes two retail storefronts and one office/store space. Elevator service is available in 1606 Locust. The property also offers frontage on both Locust and Latimer Streets.
Zoned CMX-3, the property provides investors with flexibility for a range of potential long-term strategies. Opportunities may include renovating residential units, repositioning commercial space as leases roll, improving common areas and building amenities, increasing operational efficiencies, or evaluating alternative uses permitted by zoning, subject to all applicable governmental approvals.
The property is located within the Rittenhouse Fitler Historic District, with 1608 Locust Street individually listed on the Philadelphia Register of Historic Places.
Located in one of Center City Philadelphia's premier residential and commercial districts, 1606-1608 Locust offers immediate access to Rittenhouse Square, restaurants, retail, cultural institutions, employment centers and public transportation.
An exceptional opportunity to acquire an income-producing, mixed-use asset with meaningful scale, flexible CMX-3 zoning and an irreplaceable Rittenhouse Square location.
Location
State PA
County Philadelphia
Area 19103 (19103)
Zoning CMX3
Interior
Hot Water Natural Gas
Heating Hot Water, Steam
Cooling Wall Unit, Window Unit(s)
Heat Source Natural Gas
Exterior
Garage Spaces 2.0
Water Access N
Roof Type Flat
Accessibility None
Total Parking Spaces 2
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 881030510
Ownership Fee Simple
Special Listing Condition Standard
Nearby Locations
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