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Listed by Jim Onesti • KW Empower
$11,999,999
Est. payment /mo
0.84 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision West Kensington
MLS Listing ID PAPH2632920
Year Built 2023
Annual Tax Amount $1
Tax Year 2026
Lot Size 0.840 Acres
Acres 0.84
Property Sub-Type Mixed Use
Source BRIGHT
Property Description
A rare opportunity to acquire a newly constructed, institutionally finished mixed-use asset in one of Philadelphia's fastest-moving corridors positioned directly in the path of Fishtown's northward expansion. Delivered in 2023, 2328 North 2nd Street is a 33-unit, elevator-served apartment building with 3,750 square feet of ground-floor commercial space, a rooftop deck and resident lounge, in-unit laundry in every apartment, and a 10-year, 100% improvement tax abatement. The residential component is 88% occupied and performing. Seventeen units operate under a corporate master lease with Live Work Stay LLC through July 2027 at modestly below-market rents providing consistent, institutionally structured income today with a built-in mark-to-market event in the near term. Market rents for 2-bedroom units in the building are $2,150–$2,400 per month; the path to stabilized NOI of $603,000 annually is straightforward. The commercial component is 3,750 square feet across two ground-floor retail suites. At stabilization, the income capitalization approach supports a value of $11,075,000. The offering includes four adjacent residentially zoned parcels (RSA-5) along North Philip Street, each measuring approximately 1,441 square feet and conditionally approved for townhome development — four homes at approximately 2,700 square feet each. Taxes and square footage is the responsibility of the buyer to verify independently.
Location
State PA
County Philadelphia
Area 19133 (19133)
Zoning CMX2.5
Interior
Hot Water Natural Gas
Heating Forced Air
Cooling Central A/C
Heat Source Natural Gas
Exterior
Garage Spaces 30.0
Water Access N
Accessibility Elevator
Total Parking Spaces 30
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 882966135
Ownership Fee Simple
Special Listing Condition Standard
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Nearby School & Business
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