1606-08 Locust Street

• Two adjacent mixed-use buildings
• 13,884 SF on a 5,040 SF lot
• 31 total units
• 28 residential apartments
• Three ground-floor commercial spaces
• CMX-3 zoning
• Six-story asset
• Two parking spaces
• Elevator service in 1606 Locust
• Brick and granite exterior
• Flat roof construction
• Privately held by one family for three generations
• Value-add potential through renovation or repositioning
• Diversified income from residential, commercial, and parking components

Property Description

MPN Realty is pleased to serve as exclusive agent representing ownership in the sale of 1606-1608 Locust Street in Philadelphia, PA. Located directly across the street from the historic St. Mark’s Church, this offering consists of two adjacent mixed-use buildings zoned CMX-3, totaling 13,884 SF (per City of Philadelphia) on a 5,040 SF lot in the heart of Philadelphia’s Rittenhouse Square neighborhood. Privately held by one family for three generations, this is a rare opportunity to acquire a high-profile, income-producing asset on one of the city’s most prestigious streets, surrounded by upscale dining, shopping, cultural institutions, and transit access. The property offers significant value-add potential through renovation, repositioning, or redevelopment, with a mixed-use configuration of retail, office, and residential space that includes 2 ground-floor retail stores, 1 ground-floor office/store space, 4 one-bedroom apartments, 17 studio units, 7 efficiency units, and 2 parking spaces. The combination of a premier Center City location, existing density, mixed-use zoning, and an established apartment building would be extraordinarily difficult to recreate under today’s construction costs, entitlement environment, and financing conditions. The properties are located within the Rittenhouse Fitler historic district. 1608 Locust Street is also registered as a historic property on the Philadelphia Register of Historic Places. Irreplaceable Rittenhouse Square Location Positioned just a block and a half from Rittenhouse Square, the Property sits in Philadelphia’s most sought-after residential, retail, and hospitality districts. Residents enjoy immediate access to award-winning restaurants, neighborhood retail, employment centers, public transportation, and the city’s premier public square—an amenity that consistently drives strong rental demand and long-term asset appreciation. Scale That Is Nearly Impossible to Replicate With 28 residential apartments, three commercial storefronts, elevator service (1606 Locust side only), and on-site parking, the Property offers meaningful scale in a neighborhood where most assets are significantly smaller. Larger mixed-use apartment buildings in Rittenhouse rarely become available, creating a compelling opportunity for investors seeking operational efficiencies and long-term portfolio value. Highly Efficient Unit Mix The predominately studio and efficiency apartment layout provides an unusually high concentration of units under one roof. This configuration allows owners to maximize rental income per square foot while benefiting from diversified revenue across a larger number of leases, reducing dependence on any single tenant. Multiple Value-Add Strategies The Property offers several paths to creating additional value, including: Renovating units to capture market rent growth. Repositioning the commercial spaces as leases roll. Enhancing common areas and building amenities. Increasing operational efficiencies through professional management. Exploring alternative residential or hospitality uses permitted under the property’s zoning, subject to all applicable governmental approvals. Flexible Mixed-Use CMX-3 Zoning The existing commercial zoning (CMX-3) provides flexibility beyond traditional multifamily ownership. Investors may have opportunities to pursue alternative operating strategies—including furnished accommodations or hospitality-oriented concepts—while maintaining valuable ground-floor commercial income. Purchasers should independently verify all permitted uses with the City of Philadelphia. Diversified Income Stream Income is generated from three commercial tenants, 28 residential apartments, and ancillary parking revenue. This diversified rent roll provides multiple income sources and reduces reliance on any one tenant or use. Proven Rental Location Rittenhouse Square remains one of Philadelphia’s strongest apartment submarkets, attracting young professionals, graduate students, medical professionals, executives, and residents seeking an urban lifestyle within walking distance of Center City’s largest employment hubs. Limited new development opportunities and consistently strong demand support long-term occupancy. Elevator Building Elevator service distinguishes the Property from many walk-up buildings of similar vintage. This amenity expands the prospective tenant pool, enhances resident convenience, and supports long-term competitiveness within the marketplace. Significant Barriers to Entry The combination of a premier Center City location, existing density, mixed-use zoning, and an established apartment building would be extraordinarily difficult to recreate under today’s construction costs, entitlement environment, and financing conditions. Long-Term Investment Opportunity Whether an investor seeks stable cash flow, a renovation program, a higher-density residential strategy, or an alternative hospitality-oriented business plan, 1606–1608 Locust Street offers the flexibility, location, and scale to execute multiple investment strategies from a single institutional-quality asset.