1430 South Street

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Address: 1430 South St, Philadelphia, PA 19146, USA
Created date: July 2, 2024
Date last updated: July 2, 2024

-Boutique Luxury Apartment Living: High-End Finishes at a Substantial Discount to Class A High-Rise Property
-New Construction Property: Turnkey Opportunity; Little to No Deferred Maintenance; 9.5 Years Remain on Real Estate Tax Abatement
-Affluent Graduate Hospital Location: Mature and Affluent Neighborhood Adjacent to Core Center City Philadelphia
-Abundant Neighborhood Amenities: Walk to Cafes, Shops, Galleries, Theaters, and Award-Winning Restaurants
-Immediate Access to Public Transportation: Short Walk for Broad Street Subway (Lombard-South Station) for Connections to Market-Frankford Line and Regional Rail

Property Description

On behalf of Ownership, GREA extends to qualified investors the opportunity to acquire the fee simple interest in 1430 South Street situated in the Graduate Hospital neighborhood of Center City Philadelphia. The Property has been approved for a 10-year tax abatement, of which approximately 9.5 years remain. Completed in 2016, 1430 South Street is a Class A, mid-rise apartment complex comprised of (34) one-bedroom units (averaging 539 square feet). The luxury apartment units boast high-end finishes including stainless steel appliances, stone countertops, LVT flooring, subway tile backsplashes, chocolate shaker-style cabinetry, and in-unit washers/dryers. Tenants have access to off-street parking (five spaces on site), a secure bicycle room, and a roof deck with unobstructed 360-degree views of Philadelphia. On the ground floor, there is one commercial unit that is leased by F45 Training Studio (2,200 square feet). F45 Training is on a below-market lease with 3% annual rent increases that run through 2033 before its initial expiration and then it has (2) five-year renewal terms. Graduate Hospital is an affluent neighborhood adjacent to Rittenhouse Square and Center City - two of the most desirable neighborhoods in Philadelphia. Significant residential development has given way to award-winning restaurants, cafes, restaurants, galleries, and shopping destinations all within walking distance of the Property. Rents in the Graduate Hospital area are priced at a discount to Rittenhouse Square, Society Hill, and other parts of Center City, providing value to renters seeking a lower-priced alternative without having to compromise on quality or location. 1430 South is located minutes from major arteries such as I-76, I-676, and I-95 providing unparalleled access to the Philadelphia MSA. In addition, the Broad Street Subway (Orange Line) has a station stop at Broad and Lombard-South Streets, carrying daily commuters into Center City and the Philadelphia suburbs via its connection with the Market-Frankford Line and Regional Rail.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Property Types: Apartment Buildings
Price: $11,000,000
No. of Units: 35
Building Size: 20,522 Sq ft
Opportunity Zone: No
Price per unit: $314,286
Address: 1430 South St, Philadelphia, PA 19146, USA

Additional contacts

Full name Phone number Email address
Alan Krawitz 267-323-4083 [email protected]
Corey Lonberger 215-454-2878 [email protected]
Douglas Emrich 215-454-2889 [email protected]

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