700 Block of 4th Street 8 Retail Properties Offered at $7,100,000 in Philadelphia, PA

ABOUT THE PROPERTIES
MPN Realty, Inc., is proud to present a rare opportunity to purchase a portfolio of 10 mixed-use retail/apartment buildings on 9 parcels, along a two-block stretch of the 700 block of S. 4th Street. The properties are located in the heart of the Queen Village neighborhood of Center City, Philadelphia. The buildings included in the sale are 704, 706, 708, 707-709, 710, 711, 712, 760, & 762 S 4th Street, Philadelphia, PA 19147. Queen Village stretches from South Street to the north, to Washington Avenue to the south, to the east side of S. 6th St. to the west, and to S. Front St. to the east.
THE BUILDINGS
The properties consist of 10 retail storefronts at the street level, with a total of 17 residential apartments on the 2nd & 3rd floors. There are 2 parking spaces in the rear of 704 S 4th Street. 706 S 4th Street includes a rear garage. Both the parking spaces and the garage are accessible from S Leithgow Street. The retail tenants are a mixture of businesses such as a Café, a Fitness Training center, a Jeweler, a Women’s Clothing store, a Bookstore, a Record Store, and an Ice Cream Shoppe. In 2023, 10 of the apartments had been totally renovated. 7 of the units have been upgraded with newer kitchen cabinets, flooring, and central heat & air conditioning. These units have been gently renovated while still honoring the character of their interiors by incorporating such items as exposed brick walls, parquet floors, and original bathroom tile work. Building 711 S. 4th St. contains two apartments, which are both in need of new kitchens; however, apartment #2 has been very well maintained by the tenant. Apartment #3 requires a total renovation, but again, there are exposed brick walls and wooden floors, which could be renovated, resulting in a very attractive unit. Each property contains a basement which houses electrical meters, gas meters, hot water meters, and gas furnaces for the various tenants. Tenants are responsible for their own Electric and/or Gas, and the commercial tenants are additionally responsible for their Philadelphia Use & Occupancy taxes. Each tenant has separately metered accounts with both PGW and PECO. The landlord pays for Taxes, Insurance, and Water usage for the buildings, as there is one water meter per building.
THE LOCATION
Queen Village is a Philadelphia neighborhood nestled east of City Hall in the heart of Center City. Historically, it is a part of old Southwark, Philadelphia’s first suburb, which was incorporated into the city in 1854 and remains the city’s oldest residential neighborhood. Its walkability, historic charm, restaurants, and retail shop-lined streets attract a diverse blend of families and mingling city dwellers. It is an interesting and energetic blend of younger professionals and families that co-exist. This helps to keep occupancy rates at high levels for both retail and apartments in the neighborhood.