313 S. 18TH STREET Rittenhouse Square, Philadelphia 19103

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Laureen Agnes George
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1 7-UNIT, DOUBLE-WIDE BUILDING FOR SALE 313 S. 18TH STREET Rittenhouse Square, Philadelphia WALNUT ST, PHILADELPHIA, PA MALLIN PANCHEL L I NADEL RE A LT Y MALLIN PANCHEL L I NADEL RE A LT Y n

2 PROPERTY FOR SALE 313 S. 18TH STREET Rittenhouse Square, Philadelphia Property Description Realty is pleased to offer this rare opportunity to acquire a double-wide, 7-unit building in the heart of Rittenhouse Square. Originally built circa 1870, the property is listed as a historically contributing building. Renovations have been completed throughout the property over the past 4 years. Units feature new kitchens, hardwood floors, and laundry in each unit. Many architectural features have been preserved throughout the property, including original craftsmanship and a grand foyer entrance. The property is extremely well located, only one block from Rittenhouse Square Park. Rittenhouse Square is considered one of Philadelphia s most exclusive neighborhoods, with luxurious residences and a bustling commercial corridor, featuring some of the city s best restaurants and nightlife locations.

3 M PROPERTY FOR SALE MALLIN PANCHEL L I NADEL RE A LT Y 313 S. 18TH STREET Rittenhouse Square, Philadelphia Aerial View NADIA BILYNSKY n nbilynsky@mpnrealty.com MALLI

4 Property Overview Price $ 2,600,000 Year Built 1870s Year Renovated Number of Floors 4 Number of Units 7 Unit Mix Lot Size Lot Area Total Rentable Area of Building Average Apartment Rent One (1) Studio Three (3) 1 bedroom/1 bath Three (3) 1 bedroom w/den/office 30 x60 1,800 SF 6,065 sf $1,346/month Real Estate Tax Assessment 2017 $711,893 Real Estate Tax 2017 $11,495 Zoning Exterior Foundation Electric Domestic Hot Water Heating Air Conditioning Kitchens Bathrooms Walls RM4 Brick Masonry Stone Masonry Separately metered - paid by tenant Natural gas powered hot water heater Gas radiator heat; paid back by tenant Window units Granite counters; tile backsplash; stainless steel refrigerators; dishwashers; stoves and garbage disposals New vanities; tile surrounds tub Exposed brick walls Ceiling Heights 8.5 to 10.5 Flooring Outdoor Space Hardwood & tile Shared outdoor courtyard Fire Protection Hardwired smoke & fire system (system updated in 2016) Fire Towers Laundry Exterior fire escape Washer/dryer in each unit

5 Current Rent Roll UNIT UNIT TYPE CURRENT RENT LEASE EXPIRATION 1FN 1 BR/1 BATH $ 1,280 6/30/2017 1FS STUDIO $ 950 8/4/2017 1R 1BR/1 BATH $ 1,025 8/31/2017 2F 1 BR/1 BATH w/den/office $ 1,750 6/30/2017 2R 1BR/1 BATH $ 1,150 12/31/2017 3F 1 BR/1 BATH w/den/office $ 1,645 MONTH TO MONTH 4F 1 BR/1 BATH w/den/office $ 1,525 6/30/2017 TOTAL $ 9,325 RESPONSIBILITY FOR UTILITIES Electric Heating Air Conditioning Water and Sewer Domestic Hot Water Cooking Gas TENANT LANDLORD W/REIM. FROM TENANT TENANT LANDLORD LANDLORD W/REIM. FROM TENANT LANDLORD W/REIM. FROM TENANT

6 Current Operating Statement INCOME Gross Schedule Rents $ 111, % ($ 3,357.00) Effective Gross Income $ 108, EXPENSE Real Estate Tax 2017 $ 11, Insurance per seller $ 7, Utilities per seller Gas (Net paid after tenant reim.) $ 3, Water & Sewer $ 1, Common Electric $ Maintenance & Repairs (estimated) $ 3, Trash $ Licenses $ % $ 3, Total Expenses $ 31, Net Operating Income $ 77,128.00

Residential Rental Comparables The majority of the current leases were signed prior to the renovations of the common areas.

hardwired smoke and fire system. Thus, the property presents an opportunity to increase rents, as the units are rented below market.

5 bath $ 2,400 2218 Manning St. 1 bed/1 bath $ 1,700 2311 Spruce St. #102 Studio $ 1,105 1535 Pine St. LL 1 bed/1 bath $ 1,495 2109 Spruce St.

7 Residential Rental Comparables The majority of the current leases were signed prior to the renovations of the common areas. The renovations include a new stairwell, refinished hardwood floors, repainting of all hallways/ stairwells, complete renovation of the shared outdoor courtyard, and a new hardwired smoke and fire system. Thus, the property presents an opportunity to increase rents, as the units are rented below market. See recent comparable leases below: ADDRESS UNIT TYPE MONTHLY RENT 2306 Spruce St. #300 Studio $ 1, S. 16th St. #4 1 bed/1 bath $ 1, Spruce St. #100 1 bed/1.5 bath $ 2, Manning St. 1 bed/1 bath $ 1, Spruce St. #102 Studio $ 1, Pine St. LL 1 bed/1 bath $ 1, Spruce St. #3R 1 bed/1 bath $ 1, Spruce St. 1 bed/1 bath $ 1, Spruce St. 1 bed/1 bath $ 1, Locust St. Studio $ 1, Locust St. 1 bed/1 bath $ 1, Locust St. Studio $ 1, Locust St. 1 bed/1 bath $ 1, Locust St. 1 bed/1 bath $ 1, Locust ST. Studio $ 1,300 The Neighborhood

8 Projected Rent Roll UNIT UNIT TYPE PROJECTED RENT LEASE DATE 1FN 1 BR/1 BATH $ 1,525 N/A 1FS STUDIO $ 1,140 N/A 1R 1BR/1 BATH $ 1,225 N/A 2F 1 BR/1 BATH w/den/office $ 2,100 N/A 2R 1BR/1 BATH $ 1,500 N/A 3F 1 BR/1 BATH w/den/office $ 1,975 N/A 4F 1 BR/1 BATH w/den/office $ 1,850 N/A MONTHLY $ 11,315 ANNUAL $ 135,780

9 Projected Operating Statement INCOME Gross Schedule Rents $ 135, % ($ 4,073.00) Effective Gross Income $ 131, EXPENSE Real Estate Tax 2017 $ 11, Insurance per seller $ 7, Utilities per seller Gas (Net paid after tenant reim.) $ 3, Water & Sewer $ 1, Common Electric $ Maintenance & Repairs (estimated) $ 3, Trash $ Licenses $ % $ 3, Total Expenses $ 32, Net Operating Income $ 99,596

10 313 S. 18TH STREET Rittenhouse Sq., Philadelphia M MALLIN PANCHEL L I NADEL RE A LT Y Property Photos Property Photos NADIA BILYNSKY n nbilynsky@mpnrealty.com MALL

11 313 S. 18TH STREET Rittenhouse Sq., Philadelphia M MALLIN PANCHEL L I NADEL RE A LT Y Property Photos NADIA BILYNSKY n nbilynsky@mpnrealty.com MALL

12 Floor Plans FIRST FLOOR LAYOUT SECOND FLOOR LAYOUT

13 Floor Plans THIRD FLOOR LAYOUT FOURTH FLOOR LAYOUT

Rittenhouse Square Overview One of five original squares planned by city founder William Penn in the late 17th century, Rittenhouse Square has become widely considered as one of the finest urban

14 Rittenhouse Square Overview One of five original squares planned by city founder William Penn in the late 17th century, Rittenhouse Square has become widely considered as one of the finest urban public spaces in the United States. The park square is nested in the middle of Philadelphia s Center City District, providing an oasis of respite and relaxation amidst the bustling city. The neighborhood park is one of the most lovely and peaceful spots in which read, relax on a park bench, catch-up with friends, or people watch. High-rise residences, luxury apartments, an office tower, popular restaurants and retail stores surround this tree-filled park. Once predominantly a daytime destination, Rittenhouse Square is now a popular nightspot as well, with a string of restaurants including Rouge, Devon, Parc and Barclay Prime that have sprouted up along the east side of the park on 18th Street. So these days, you can take in the serenity of the natural landscape from a park bench in the sunshine and then sip cocktails under the stars at one of many candlelit outdoor tables. Moreover, many additional restaurants, bars, and clubs have opened along the surrounding blocks in recent years. Some of which include Parc, Tria, Continental Midtown, Il Pitore, Village Whiskey and the Dandelion. Source:

15 Neighboorhood Information Source:

1508 PINE STREET TO WAVERLY STREET Rittenhouse Sq, Philadelphia 19102

BROWNSTONE FOR SALE 1508 PINE STREET TO WAVERLY STREET Rittenhouse Sq, Philadelphia 19102 1601 WALNUT ST, PHILADELPHIA, PA 19102 215.413.4900 www.mpnrealty.com PROPERTY FOR SALE 1508 PINE STREET Rittenhouse