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7720-7734 Bustleton Ave 12,707 SF Retail Building Philadelphia, PA 19152 $6,664,000 ($524.44/SF) 6.15% Cap Rate
Investment Highlights
- The property is very well located at a signalized intersection with 3 street frontages in the heart of Northeast Philadelphia.
- Zoned CMX-1, the site has tremendous visibility and vehicular traffic, making it ideal for retail.
Executive Summary
MPN Realty Inc. is pleased to present the sale of 7720 Bustleton Ave. in the Rhawnhurst section of Northeast Philadelphia. The site consists of a 10,790 SF single-story retail building with a drive-thru on a little over an acre. The property is currently leased to CVS; however, the tenant has closed the store and is still paying rent. CVS is obligated per the lease for approximately 6½ years. There are also 2 billboards on the site on a year-to-year lease with Clear Channel. This income stream provides the new owner with the opportunity to continue to collect rent while working on their plans for the site. Zoned CMX-1, the site has tremendous visibility and vehicular traffic, making it ideal for retail, and is also located alongside a residential neighborhood, providing potential for residential development. The property is very well located at a signalized intersection with 3 street frontages in the heart of Northeast Philadelphia.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Drug Store
Building Size
12,707 SF
Building Class
B
Year Built
2006
Price
$6,664,000
Price Per SF
$524.44
Cap Rate
6.15%
NOI
$409,836
Tenancy
Single
Building Height
1 Story
Building FAR
0.20
Lot Size
1.48 AC
Opportunity Zone
Yes
Zoning
CMX-1 - Commercial District
Parking
65 Spaces (5.12 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Air Conditioning
Walk Score®
Very Walkable (82)
Nearby Major Retailers
Property Taxes
| Parcel Number | 882131500 | Improvements Assessment | $1,018,380 |
| Land Assessment | $2,583,720 | Total Assessment | $3,602,100 |
Property Taxes
Parcel Number
882131500
Land Assessment
$2,583,720
Improvements Assessment
$1,018,380
Total Assessment
$3,602,100
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