The Tannery

—Rare Scale in Old City: 51 Large loft-style apartment units and ±4,000 square feet of ground-floor commercial space in a single elevator-served building, offering meaningful scale in a supply-constrained historic neighborhood
—Loft-Style Unit Mix: Large, loft-style units featuring (34) one-bedroom And (17) two-bedroom units averaging 913 square feet across 68 total bedrooms
—Value-Add Opportunity: Complete renovations to kitchens and baths in remaining units to achieve higher rents
—Prime Old City Location: Steps to 2nd Street Station on SEPTA’s Market-Frankford Line, Regional Rail at 8th & Market Street, the Delaware River Waterfront and Independence National Historical Park
—Irreplaceable Vintage Character: 1901 warehouse conversion with 16-foot vaulted ceilings, massive exposed timber beams, new expansive windows, a new roof, exposed brick walls, and in-unit washers and dryers
—Repositioned with Continued Upside: Ability to add modern amenities to include a roof deck, fitness center, shared workspace, and outdoor cobblestone garden

Property Description

The Tannery is a 51-unit loft-style apartment community with ±4,000 square feet of ground-floor commercial space located at 303 Vine Street in the Old City neighborhood of Philadelphia, Pennsylvania. Old City is the nation's most historic square mile and among the most walkable and amenity-rich residential districts in Center City, anchored by a dense concentration of restaurants, galleries, boutiques, and historic attractions that draw residents and visitors year-round. The neighborhood's constrained supply of authentic loft product, its proximity to Center City employment, and its established renter base position The Tannery as an exceptional long-term multifamily investment. The Tannery was developed through the adaptive reuse of a 1901 warehouse, comprising a single five-story building of brick and masonry construction with timber and steel framing and a new pitched rubber roof. The community offers a loft-oriented unit mix of (34) one-bedroom units averaging 817 square feet and (17) two-bedroom units averaging 1,106 square feet, across ±46,573 square feet of net rentable residential area. Interior finishes include massive exposed wooden beams, exposed brick walls, new expansive windows, vaulted ceilings reaching 16 feet, stainless steel appliances, granite countertops, shaker-style cabinetry, and breakfast nooks, with in-unit washers and dryers throughout. The building is served by elevator service, controlled building access, central heat and air conditioning, and a sprinklered, hardwired fire monitoring system. Old City is among the most desirable and highly amenitized neighborhoods in Philadelphia. The area is home to Independence Hall, the Liberty Bell, the National Constitution Center, Elfreth's Alley, and the Betsy Ross House, with Independence National Historical Park alone drawing more than 1.9 million recreation visitors in 2025, while Penn's Landing, Cherry Street Pier, Race Street Pier, and the Delaware River Trail provide extensive waterfront recreation. The surrounding 19106 ZIP code is considerably wealthier and more highly educated than the city as a whole, with a median household income of $121,047 against $60,521 citywide and 79.3% of residents over the age of 25 holding a bachelor's degree or higher, compared with 36.4% across Philadelphia. The Tannery sits within Greater Center City, home to 210,710 residents — the third-largest downtown residential population in the country — and 309,000 jobs representing 42% of all employment in Philadelphia. Tenants are within steps of the bus stop at 2nd & Vine Streets and a short walk from the 2nd Street Station on SEPTA's Market-Frankford Line, which reaches Center City in approximately 15 minutes, as well as Regional Rail at 8th & Market Streets. Thomas Jefferson University Hospital and Pennsylvania Hospital (Penn Medicine) are a 20-minute walk or bike ride, and the Property offers direct access to I-95, I-676, I-76, North Delaware Avenue, and the Benjamin Franklin Bridge. The Tannery presents a rare opportunity to acquire meaningful scale in an authentic loft conversion within one of Philadelphia's most historic and supply-constrained submarkets. Investors will benefit from irreplaceable architectural character that cannot be replicated in new construction, a walkable location steps from employment hubs in Center City, access to regional transit, and an established professional tenant Base. Ownership has substantially renovated the asset to include new windows and a new roof, and upgrades to kitchens and baths in select units. There is a clear path to further value creation through remaining interior upgrades to kitchens and baths, and the addition of modern amenities - a roof deck, a fitness center, shared workspace, and an outdoor cobblestone garden - that would allow the asset to compete directly with newer Class A product in the submarket.