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Ritz-Carlton Commercial Condominiums 1414 S Penn Sq 269 Unit Apartment Building For Sale Philadelphia, PA 19102
Investment Highlights
- Flagship retail opportunity opposite City Hall at the epicenter of Center City
- 100% leased with NNN income in place
- Strong in-place income with projected NOI of ~$340K and 7.5-year weighted average lease term
- Located within the luxury Ritz-Carlton Residences and connected to a 299-room Ritz-Carlton Hotel, enhancing prestige and foot traffic
- Diverse tenant mix including La Colombe, Palm Vintage Café, and additional retail plus 100+ storage units
Executive Summary
Fully leased commercial condominiums; GLA: ±6,850 SF (Ground Floor: 2,487 SF, Third Floor: 4,363 SF)
Property Facts
| Sale Type | Investment | Building Class | A |
| Sale Condition | Ground Lease (Leased Fee) | Lot Size | 0.34 AC |
| No. Units | 269 | Building Size | 612,402 SF |
| Property Type | Multifamily | No. Stories | 49 |
| Property Subtype | Apartment | Year Built/Renovated | 1972/2008 |
| Apartment Style | Hi-Rise | ||
| Zoning | CMX-5 - primarily intended to accommodate mixed-use development in the central core area of Center City | ||
| Sale Type | Investment |
| Sale Condition | Ground Lease (Leased Fee) |
| No. Units | 269 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Hi-Rise |
| Building Class | A |
| Lot Size | 0.34 AC |
| Building Size | 612,402 SF |
| No. Stories | 49 |
| Year Built/Renovated | 1972/2008 |
| Zoning | CMX-5 - primarily intended to accommodate mixed-use development in the central core area of Center City |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Freezer
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Controlled Access
- Clubhouse
- Concierge
- Fitness Center
- Picnic Area
- Pool
- Doorman
- Grill
- Media Center/Movie Theatre
- Package Service
- Pet Play Area
- Elevator
- Lounge
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 269 | - | - |
1 1
Exceptionally walkable
100/100
Moderately drivable
70/100
Exceptional public transit
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $279,041,700 | |
| Land Assessment | $24,246,700 | Total Assessment | $303,288,400 |
Property Taxes
Parcel Numbers
Land Assessment
$24,246,700
Improvements Assessment
$279,041,700
Total Assessment
$303,288,400
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