Christini AWD - Old Engine 21 | 611-619 N 2nd St
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Christini AWD - Old Engine 21 611-619 N 2nd St
8,200 SF Retail Building Philadelphia, PA 19123 $4,000,000 ($488/SF) 3.50% Cap Rate
Investment Highlights
- Northern Liberties Prime location - 75ft of retail frontage
- Open Plan and cool original subway tile
- Multiple open garage doors and glass frontage
Executive Summary
Private Owner/Occupied seller.
Property has been operating as a retail bicycle shop, engineering and R&D, and barbershop for 10 years.
75' hose tower has site access and current internet repeaters.
Current Automotive/Dealer license is in place. Could also be used as a service center/automotive retail for specialty vehicles/exotic cars, etc.
Current 2nd Street rental rate is $32 SF/YR
Option 1:
This property could be easily developed into a large restaurant or brewpub. There is ample parking in the rear, wide open space inside, double garage doors, multiple bathrooms, storage in the basement, large outdoor patio area and potential for a significant side roof deck. Preliminary design for an open space brewpub has been considered. The original use fire engine company would render the location perfect for a small Brewer as the infrastructure and drainage system is already in place.
2nd Option:
Current owner would be willing to execute a lease back on the purchase. Property has 7 parking spots in the rear that leaves for $200 per month. a new owner could purchase the property with a 3 to 5 lease in place. This would allow for the new owner to consider and development plan.
3rd Option:
As a development project, the location on Northern Liberties 2nd Street is one of the most desirable locations in Philadelphia.
The footprint can support up to 26 parking spots and 32 one bedroom units. Zoning variance for additional height above 55' is probable due to the existing structure and proximity buildings being taller.
Property has been operating as a retail bicycle shop, engineering and R&D, and barbershop for 10 years.
75' hose tower has site access and current internet repeaters.
Current Automotive/Dealer license is in place. Could also be used as a service center/automotive retail for specialty vehicles/exotic cars, etc.
Current 2nd Street rental rate is $32 SF/YR
Option 1:
This property could be easily developed into a large restaurant or brewpub. There is ample parking in the rear, wide open space inside, double garage doors, multiple bathrooms, storage in the basement, large outdoor patio area and potential for a significant side roof deck. Preliminary design for an open space brewpub has been considered. The original use fire engine company would render the location perfect for a small Brewer as the infrastructure and drainage system is already in place.
2nd Option:
Current owner would be willing to execute a lease back on the purchase. Property has 7 parking spots in the rear that leaves for $200 per month. a new owner could purchase the property with a 3 to 5 lease in place. This would allow for the new owner to consider and development plan.
3rd Option:
As a development project, the location on Northern Liberties 2nd Street is one of the most desirable locations in Philadelphia.
The footprint can support up to 26 parking spots and 32 one bedroom units. Zoning variance for additional height above 55' is probable due to the existing structure and proximity buildings being taller.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $150,000 | $18.29 |
Other Income | - | - |
Vacancy Loss | - | - |
Effective Gross Income | $150,000 | $18.29 |
Taxes | $3,100 | $0.38 |
Operating Expenses | $5,000 | $0.61 |
Total Expenses | $8,100 | $0.99 |
Net Operating Income | $141,900 | $17.30 |
Financial Summary (Actual - 2023)
Gross Rental Income | |
---|---|
Annual | $150,000 |
Annual Per SF | $18.29 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | - |
Annual Per SF | - |
Effective Gross Income | |
---|---|
Annual | $150,000 |
Annual Per SF | $18.29 |
Taxes | |
---|---|
Annual | $3,100 |
Annual Per SF | $0.38 |
Operating Expenses | |
---|---|
Annual | $5,000 |
Annual Per SF | $0.61 |
Total Expenses | |
---|---|
Annual | $8,100 |
Annual Per SF | $0.99 |
Net Operating Income | |
---|---|
Annual | $141,900 |
Annual Per SF | $17.30 |
Property Facts
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
8,200 SF
Building Class
B
Year Built/Renovated
1965/2014
Price
$4,000,000
Price Per SF
$488
Cap Rate
3.50%
NOI
$140,000
Tenancy
Single
Building Height
2 Stories
Building FAR
0.94
Lot Size
0.20 AC
Zoning
CMX-2 Neighborhood - Proximity to Market Street subway
Parking
7 Spaces (0.85 Spaces per 1,000 SF Leased)
Amenities
- Metro/Subway
- Signage
- Wheelchair Accessible
- Air Conditioning
Walk Score ®
Walker's Paradise (93)
Transit Score ®
Excellent Transit (81)
Bike Score ®
Biker's Paradise (92)
Nearby Major Retailers
PROPERTY TAXES
Parcel Number | 781441400 | Total Assessment | $219,300 (2024) |
Land Assessment | $140,352 (2024) | Annual Taxes | $3,100 ($0.38/SF) |
Improvements Assessment | $78,948 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
781441400
Land Assessment
$140,352 (2024)
Improvements Assessment
$78,948 (2024)
Total Assessment
$219,300 (2024)
Annual Taxes
$3,100 ($0.38/SF)
Tax Year
2023
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Christini AWD - Old Engine 21 | 611-619 N 2nd St
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