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Snipes Building 417-421 South St 33,000 SF 55% Leased Retail Building Philadelphia, PA 19147 $6,950,000 ($210.61/SF) 9.30% Cap Rate
Investment Highlights
- Best and largest building on South St.
- Best and most active (traffic) block on South St.
- 150 Unit apartment building being built 50 yards away at 5th and Bainbridge
Executive Summary
Newly Renovated-New HVAC (except), New Sprinkler System, New Facade
Gross Rents:
Rent Roll: $798,000 Gross-by 2028
Snipes: $270,000
Regus Projection:
2026-$88,000 Net
2027-$222,000
2028-2036-$333,000/year
Basement: 6000 SF @ $10= $60,000 (Listed-NON-Exclusive)
3rd Floor: 9000 SF @$15= $135,000 (Listed)-NON-Exclusive
Total Gross: $798,000
Taxes: $93,000
Ins.: $39,027
South Street Tax: $9,558
Peco/Water/Sewer/Security: All paid by tenants
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Amenities
- 24 Hour Access
- Conferencing Facility
- Signage
- Air Conditioning
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Regus
- Administrative and Support Services
-
99,999 SF
- -
-
Lorem Ipsum
-
Jan 0000
-
- Retailer
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
SNIPES is a sneaker and streetwear retailer operating in the United States as part of a global retail platform. The brand originated in Essen, Germany, where it was founded in 1998 as a specialty retailer focused on footwear and urban apparel. SNIPES entered the U.S. market through acquisitions and organic expansion, including the acquisition of KicksUSA in 2019, which established a significant operational footprint in the Mid-Atlantic region. In the United States, SNIPES operates brick-and-mortar retail stores alongside an e-commerce platform, offering footwear, apparel, and accessories from global athletic and lifestyle brands. The company is privately held and operates as a subsidiary of the Deichmann Group, a family-owned European footwear retailer. SNIPES USA is managed by a dedicated U.S. executive team responsible for retail operations, merchandising, finance, and real estate functions. Leadership changes in 2024 included the appointment of a new U.S. president, reflecting ongoing organizational development. The company continues to operate within the broader SNIPES global structure while maintaining localized U.S. operations and decision-making.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Regus | Administrative and Support Services | 99,999 SF | - | Lorem Ipsum | Jan 0000 | |
|
|
Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Finished Basement, freight elevator
Newly renovated 3rd floor office space is available for lease and features an open office layout with updated hardwood flooring, private restrooms, stairwell access, and wall to wall street facing windows for natural lighting. This space can be leased contiguously with the second floor. Current asking rent is $14/SF with an additional cam of $6/SF.
| Space | Size | Space Use | Position | Available |
| Basement | 6,000 SF | Flex | - | Now |
| 3rd Floor | 9,000 SF | Flex | - | Now |
Basement
| Size |
| 6,000 SF |
| Space Use |
| Flex |
| Position |
| - |
| Available |
| Now |
3rd Floor
| Size |
| 9,000 SF |
| Space Use |
| Flex |
| Position |
| - |
| Available |
| Now |
Basement
| Size | 6,000 SF |
| Space Use | Flex |
| Position | - |
| Available | Now |
Finished Basement, freight elevator
3rd Floor
| Size | 9,000 SF |
| Space Use | Flex |
| Position | - |
| Available | Now |
Newly renovated 3rd floor office space is available for lease and features an open office layout with updated hardwood flooring, private restrooms, stairwell access, and wall to wall street facing windows for natural lighting. This space can be leased contiguously with the second floor. Current asking rent is $14/SF with an additional cam of $6/SF.
About Independence Hall
Taking its name from the building where both the Declaration of Independence and the U.S. Constitution were signed, Independence Hall anchors the historic center of downtown Philadelphia. Independence Hall Historical Park alone draws up to 5 million visitors annually, and the Liberty Bell, the Constitution Center, and a wealth of stunning historic architecture also make this area a destination for tourist traffic in the Greater Philadelphia area.
Neighborhoods within the area, including Old City and Society Hill, create a thriving residential market where average household incomes surpass $150,000, according to the U.S. Census Bureau. Many of Center City Philadelphia’s highest-end dining and hotel options are located here, including Talula’s Garden; Morimoto; and Zahav, which was awarded best restaurant in the U.S. by the James Beard Foundation in 2019.
However, Independence Hall’s vibrancy extends beyond its historical charm and affluent residents. Stations serviced by SEPTA’s regional rail, New Jersey’s PATCO high speed rail line, and Philadelphia’s Market Frankford subway line all support more than 5 million square feet of office properties, anchored by major employers including Wells Fargo, the American College of Physicians, and the Federal Reserve Bank of Philadelphia.
This high density of tourists, residents, and office workers, coupled with its rich historical significance, makes Independence Hall an attractive destination for almost any type of retailer.
Demographics
Demographics
Nearby Major Retailers
Property Taxes
| Parcel Number | 882650400 | Total Assessment | $6,708,200 |
| Land Assessment | $1,341,640 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $5,366,560 | Tax Year | 2026 |
Property Taxes
Sale Advisor
Sale Advisor
Barry Bernsten, Manager
Contact the Sale Advisor
Snipes Building | 417-421 South St