8,283 Sqft Lot
8,283 Sqft Lot
Key Details
Property Type Commercial
Sub Type Services
Listing Status Active
Purchase Type For Sale
MLS Listing ID PAPH2648176
Year Built 1984
Annual Tax Amount $18,918
Tax Year 2006
Lot Size 8,283 Sqft
Acres 0.19
Property Sub-Type Services
Source BRIGHT
Property Description
Together, the properties comprise approximately 17,143 square feet of gross building area across three distinct structures and two separately configured venues, situated on a combined land area of 8,283 square feet. 1507-11 Locust Street is home to Misconduct Tavern, a one-story plus partially finished lower level bar and restaurant totaling 4,901 square feet of gross building area on a 3,271 square foot interior lot. 223 S. Sydenham Street houses The Vesper Lounge, a two-story plus fully finished lower level bar and restaurant totaling 12,242 square feet of gross building area on a 5,012 square foot interior lot.
The assemblage carries a CMX-5 zoning designation, Philadelphia's highest-density commercial classification, permitting high-density residential and commercial development by-right and providing a development optionality that is exceedingly rare in this submarket. The combined footprint presents a compelling value proposition for a range of investor profiles — from the passive investor seeking stabilized hospitality income in a market with virtually no vacancy, to the owner-operator looking to plant a flag at one of the most prominent corners in Center City, to the developer positioned to capitalize on the site's significant upside through redevelopment.
This is an exceptional opportunity to acquire a consolidated, income-producing asset with long-term optionality in one of Philadelphia's most irreplaceable locations.
Location
State PA
County Philadelphia
Area 19102 (19102)
Zoning C5
Interior
Hot Water Natural Gas
Heating Forced Air
Cooling Central A/C
Heat Source Natural Gas
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 23-2901439
Ownership Fee Simple
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
Financing Cash,Conventional,Exchange
Special Listing Condition Standard
Learn More About LPT Realty
Realtor | License ID: 658929