1601-5 Ridge Avenue, Philadelphia, PA 19130-2365 $2,100,000
Interior Sq. Ft: 8,380
Acreage: 0.05
Age:5 years
Taxes: $3,603
Subdivision: Francisville
Design/Type:
Other
Description
INTRODUCING: Welcome to 1601-5 Ridge — a boutique multifamily property sited at the prominent Ridge & Parrish corner intersection (at 16th Street) in the booming Francisville submarket of Philadelphia, Pennsylvania. Spanning 3 property widths with soft corner exposure, 1601-5 Ridge commands a strong presence on the Francisville streetscape with a brick-clad base and bay windows above. Throughout its operating history, there has been little-to-no vacancy in the building — a testament to the quality of construction, location and spatial quality of the asset. On the ground floor, a neighborhood daycare operates the commercial space, having just exercised their 5-year NNN lease renewal option. Upstairs, there are five (5) oversized apartments, each with unique layouts: one (1) studio, three (3) 2bd x 2ba units and one (1) 3bd x 2ba unit. New Ownership can add a 5th floor “as of right†based on the current zoning in place and increase the density/unit count. Private roofdecks feature prominently in 1601-5 Ridge with Center City skyline views from atop the 4th floor. Located in the Francisville submarket just outside of Downtown Philly, residents of this ±8,380 SF apartment building benefit from proximity to shops, breweries, cafes, grocers, restaurants and multimodal transport options — placing the entire city within reach of 1601-5 Ridge. Philadelphia now ranks as the eight (8th) largest MSA in the USA. Real estate investment demand is largely driven by Philly’s relative affordability as compared to its pricier neighbors to the north (New York, Boston) and south (Washington, D.C., Maryland, Virginia), with comparable lifestyle standards — connectivity, culture, cuisine and convenience in Greater Philadelphia rival the nation’s leading metros. Investment sales in the Francisville submarket have been surging in 2024 (whilst some others lag), largely due to its desirability for young professionals seeking contemporary accommodations in new construction apartments just outside of the downtown urban core. BUYER TO VERIFY TAXES, SF, AND FINANCIALS IN DD. TENANT OCCUPIED. 48HR NOTICE REQUIRED TO TOUR. OFFERING INCLUDES 1601-3 RIDGE AND 1605 RIDGE.
Home Assoc: No
Condo Assoc: No
Basement:
Pool: No Pool
Features
Utilities
Central Heating, Natural Gas, Central A/C, Natural Gas, Hot Water - Natural Gas, Public Water, Public Sewer
Garage/Parking
None
Interior
Hardwood Flooring
Exterior
Fiberglass Roof, Aluminum Siding, Brick Exterior
Lot
Additional Lot(s), Urban, City View
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Public Elementary (144 schools)
Public Middle (27 schools)
Public High (68 schools)
Private (117 schools)
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This report is a detailed community overview for Philadelphia (19130), Pennsylvania.
Community Quick Facts
- Average travel time to work for people in this community: 31
- Average salary of people in this community: $78,532
Community Summary
- Population Density (ppl / mile): 19,629
- Household Size (ppl): 1.92
- Households w/ Children: 20%
Housing Inventory
- Owned: 5,727 (36.9%)
- Rented: 7,949 (51.2%)
- Vacant: 1,858 (12.0%)
- Total: 15,534
Population Demographics
The population of the community broken down by age group. The numbers at the top of each bar indicate the number of people in the age bracket below.
Climate and Weather
The Temperature chart displays average high and low values for January and July, and is designed to provide an indication of both seasonal and daily temperature variability. The Weather Risk Index indicates the calculated risk of each type of weather event occurring in the future. This risk is based on historical localized storm events and weather patterns. The national average for each type of weather event equals a score of 100, so a score of 200 would represent twice the risk as the national average, and a score of 50 would represent half the risk of the national average.
Temperature
Education
Highest Level of Education Attained
- Less than 9th Grade: 1.7%
- Some High School: 2.2%
- High School Graduate: 12.2%
- Some College: 8.1%
- Associate Degree: 2.3%
- Bachelor's Degree: 36.9%
- Graduate Degree: 36.6%
Income by dollar range
Median Income: $84,308
Fair Market Rents
The Fair Market Rents show average gross rent estimates based on figures provided by the U.S. Department of Housing and Urban Development (HUD).
- Studio: $1,279
- One Bedroom: $1,363
- Two Bedroom: $1,872
- Three Bedroom: $1,927
- Four Bedroom: $1,235
© 2024 LiveBy. All Rights Reserved.
Contact Information
Schedule an Appointment to See this Home
Request more information
or call me now at 936-662-7374
Listing Courtesy of: Keller Williams Liberty Place , (609) 399-5454, paul@teamoceanside.com
The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Patterson-Schwartz Real Estate participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information Deemed Reliable But Not Guaranteed.
Copyright BRIGHT, All Rights Reserved
Listing data as of 11/08/2024.
Broker Compensation
An offer of broker compensation or seller concession is not a guarantee. All compensation offers and concessions are negotiable and subject to written agreement between the parties. Please consult with your real estate agent for more information.