135 N 3rd St
Philadelphia, PA 19106
Multifamily Property For Sale · 18 Units

Marcus & Millichap is pleased to present the opportunity to acquire 135-137 North 3rd Street, a 16-unit apartment building with two ground-floor retail units located in the Old City neighborhood of Philadelphia, one of the strongest and most stable rental markets within Center City. The property is located in the heart of North 3rd Street, one of the most historic blocks in Philadelphia, known for ground-floor boutique retailers and galleries, with immediate access to Philadelphia’s top restaurants and employment centers. Also within walking distance is Independence Hall National Historic Park, Race Street Pier, and Penn’s Landing. The Market-Frankford subway line is less than a 5-minute walk away on Market Street. The subject property has been completely renovated and transformed into a luxury apartment building with high-end ground-floor retail, representing a rare opportunity for an investor to acquire a fully-occupied turnkey building in a highly desirable location. Units feature full, high-end luxury kitchens with granite countertops, designer backsplashes, and custom cabinetry with soft-close drawers. Many of the units feature large, custom windows with some exposed brick and a loft-style feel. Each unit is two-bedrooms/one bathroom, and averages 1015 square feet with a washer/dryer included. Many of the units at 135-137 North 3rd Street are being rented for less than the current street rents of $2200. Considering the low vacancy rate (1 vacant unit), a new owner has the immediate opportunity to increase rents to $2200 upon lease renewals and turns. The retail tenants include Allure, a high-end window and curtain showroom, and Rennes, a women’s clothing store which was voted Best of Philly New Boutique in 2017. This opportunity offers investors the rare chance to own a highly walkable, transit oriented, turn-key asset in one of the most historic and best rental submarkets in Center City Philadelphia. Given the property’s modern appeal along with its historic charm, the property is well suited to provide strong returns and long-term appreciation.