735 Walnut St
Philadelphia, PA 19106
Retail Property For Sale

Marcus & Millichap is pleased to exclusively offer to qualified buyers the opportunity to acquire the fee-simple interest of 735 Walnut Street, Philadelphia, PA. The property is a 3,950 square foot structure situated on Walnut Street off the Northwest corner of Washington Square Park. The building currently is fully occupied with Weintraut Jewelers in the ground floor retail space, storage space in the rear ground floor, a one-bedroom/one-bathroom unit on the second floor as well as a bi-level twobedroom/ one bathroom unit on the third and fourth floors. The property is zoned CMX-5 which allows an incoming investor to explore the opportunity of adding an additional story to the building. Comparable retail rents in the direct vicinity range from $30-45 per square foot. The current owner would occupy the retail space, if necessary, for a short amount of time which allows an incoming investor ample time to re-tenant the ground floor space at market rent. Current ownership has kept the apartment rents lower than market in order to reduce vacancy exposure. A new owner would be able to come in and raise rents without having to do any capital improvements. Washington Square West has seen an increase in popularity with regard to Philadelphia residents moving from Center City to the area. National and local retailers have flocked to the neighborhood to accompany medical drivers including Penn Medicine, Jefferson University, and Wills Eye Hospital. Running roughly from 7th to Broad Street and Chestnut to South Street, the buzzed about neighborhood is increasingly a go-to spot for trendy restaurants and owner-operated boutiques which further increases demand for assets such as 735 Walnut St.