5535-41 N 2ND ST Active Save Request In-Person Tour Request Virtual Tour
Philadelphia,PA 19120
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 15,010 sqft
Price per Sqft $52
MLS Listing ID PAPH2380658
Originating Board BRIGHT
Year Built 1900
Annual Tax Amount $6,278
Tax Year 2024
Lot Size 10,500 Sqft
Acres 0.24
Lot Dimensions 100.00 x 105.00
Property Description
Redevelopment Opportunity: Complete Renovations on a Boutique Corner Mixed-Use Property
High Occupancy Submarket: Historically 90% Occupancy or Better
Accessibility: Convenient to Route 1 (Roosevelt Boulevard), Route 611 (N. Broad Street) and Interstate 95
Transit Friendly: Walk/Bike to Fern Rock and Olney Transportation Centers for Bus, Subway and Regional Rail Routes
Strong Medical Employment Hub: Einstein Medical Center, Temple University Hospital, St. Christopher’s Hospital for Children, Shriner’s Hospital for Children and Germantown Medical Center within 10 Minutes
Abundant Neighborhood Amenities: Proximity to Fisher Park and Tacony Creek Park; Access to Local and National Businesses Lining North 5th Street Business Corridor; 5-Minute Drive or 8-Minute Walk to One & Olney Shopping Center Anchored by ShopRite
This mixed-use building consists of (8) one-bedroom apartment units and 4,000 square feet of commercial space. The property is on the southeast corner of North 2nd Street and Olney Avenue with frontage on three streets - North 2nd Street, Olney Avenue, and N. Palethorp Street.
The apartment units are fully framed and feature generously sized living rooms and bedrooms. The commercial space (4,000 gross square foot) could be leased by one tenant or divisible into (4) 1,000± square foot spaces. The commercial space also has a basement level (4,000± square feet) that can be utilized as additional storage space for the tenants. The property is completely vacant. The apartment units have new electrical, plumbing, windows, and doors, with minimal work remaining. A new owner can finish those units with new flooring, cabinets, and appliances, whereas the commercial space would need a full renovation.
Located in the heart of Olney in Philadelphia, the property is less than a mile (25-minute walk/7-minute bike ride) from SEPTA’s Fern Rock Transportation Center and the Olney Transportation Center for regional rail and numerous bus and subway routes. The Olney Regional Rail Station on the Fox Chase Line is a 7-minute walk from the property. Further, the property is conveniently located near Route 1 (Roosevelt Boulevard), Route 611 (North Broad Street), and Interstate 95. The Property’s location provides tenants access to the area’s top employers including Einstein Medical Center (Jefferson Health), Temple University Hospital, Shriner’s Hospital for Children, St. Christopher’s Hospital for Children, and Germantown Medical Center. The various transportation options provide easy access to employment hubs in Center City Philadelphia and the surrounding suburbs.
5535-5541 North 2nd Street in Philadelphia presents an outstanding redevelopment opportunity to acquire a property with strong bones in an up-and-coming location. By completing the renovations, the property will be able to compete with other apartment buildings nearby and attract a strong tenant base at a reasonable price point.
Location
State PA
County Philadelphia
Area 19120 (19120)
Zoning CMX2
Interior
Hot Water Other
Heating Other
Cooling Other
Heat Source Other
Exterior
Waterfront N
Water Access N
Roof Type Flat,Rubber
Accessibility None
Parking Type None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 882923681
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard