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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
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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