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231-235 N 2nd St - Old City Parkominium
12,835 SF Specialty Building Offered at $4,300,000 in Philadelphia, PA 19106
Investment Highlights
- Old City is the touristic heart of Philadelphia
- Easy access to 95 and Ben Franklin Bridge
- 7 covered parking floors with one open air roof level
Executive Summary
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$925,000
|
$72.07
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$925,000
|
$72.07
|
| Taxes |
$36,660
|
$2.86
|
| Operating Expenses |
$460,875
|
$35.91
|
| Total Expenses |
$497,535
|
$38.76
|
| Net Operating Income |
$427,465
|
$33.30
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $925,000 |
| Annual Per SF | $72.07 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $925,000 |
| Annual Per SF | $72.07 |
| Taxes | |
|---|---|
| Annual | $36,660 |
| Annual Per SF | $2.86 |
| Operating Expenses | |
|---|---|
| Annual | $460,875 |
| Annual Per SF | $35.91 |
| Total Expenses | |
|---|---|
| Annual | $497,535 |
| Annual Per SF | $38.76 |
| Net Operating Income | |
|---|---|
| Annual | $427,465 |
| Annual Per SF | $33.30 |
Property Facts
Amenities
- Property Manager on Site
- On-Site Security Staff
About 231-235 N 2nd St , Philadelphia, PA 19106
Opportunity to acquire a significant share with majority control of deeded parking spaces within a condo parking garage in Old City, Philadelphia. With ownership of approximately 195 out of the total 281 spaces, a majority owner could have the authority to manage the garage's operations, establishing an income stream of both monthly and transient/daily customers and, if preferred, hiring a third-party management company. This kind of ownership could be highly valuable, especially in a historic neighborhood with limited parking availability. Bulk Price for 195 spaces = approx $4,3M
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $3,518,000 | |
| Land Assessment | $1,052,300 | Annual Taxes | $36,660 ($2.86/SF) |
| Improvements Assessment | $2,465,700 | Tax Year | 2024 |
PROPERTY TAXES
zoning
| Zoning Code | CMX-3 (intended for community commercial mixed-use. This zoning allows for a mix of commercial, residential, and institutional uses.) |
| CMX-3 (intended for community commercial mixed-use. This zoning allows for a mix of commercial, residential, and institutional uses.) |
Presented by
231-235 N 2nd St - Old City Parkominium
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