OFFERING MEMORANDUM Lovash South Street PHILADELPHIA, PA OFFERING MEMORANDUM KW COMMERCIAL 276 B Dilworthtown West Chester, PA 19382 PRESENTED BY: BEAU MCGETTIGAN 917.819.2811 bmack@kwcommercial.com BRADY CARROLL 610.291.9895 bcarroll@kwcommercial.com
LOVASH SOUTH STREET Executive Summary SALE PRICE: $1,750,000 PRICE PER UNIT: $875,000 LOT SIZE: 1115.0 Acres PROPERTY OVERVIEW Two parcels combined for an expansive first-floor space. This commercial space consists of a restaurant and bar with a full-service kitchen below. Perfect for a bar/restaurant owner to purchase and reimagine as their own. The property currently has one long term residential rental tenant providing additional cash flow, with the ability to add another rental unit over the restaurant. A liquor license is also available with the sale of this property, adding significant additional value. BUILDING SIZE: CROSS STREETS: 2,964 SF 3rd And South PROPERTY FEATURES Expansive restaurant space with upgrades throughout Additional income from apartment above Ability to add 2-3 more apartments Liquor license available www.crownstonegroup.com/ 2
LOVASH SOUTH STREET Exterior Photos www.crownstonegroup.com/ 3
LOVASH SOUTH STREET Restaurant Photos www.crownstonegroup.com/ 4
LOVASH SOUTH STREET Location Description LOCATION OVERVIEW Excellent location for an investor, user, or developer. The property is easily accessible from I-95, and minutes away from Center City Philadelphia and area sports complexes. Great opportunity for a business location on famous South Street with lots of foot and car traffic. South Street runs generally east-west across the city. It forms the southern border of Center City, and the northern border of South Philadelphia. The stretch of South Street between Front and 7th Street is known for its diverse urban mix of shops, bars, and eateries. It is a popular hang out for teens, college students, and twenty-somethings, and one of Philadelphia's largest tourist attractions. SEPTA's Route 40 bus traverses the entire length of the street. Several other public transit routes also cross South Street, including the Broad Street Line subway, with its Lombard-South station. Within two blocks is the Theatre of Living Arts, fondly known as the TLA. The TLA was a movie house in its early years, showing art house films and weekly midnight screenings of The Rocky Horror Picture Show. Since then, it has become Philadelphia's premiere small concert venue, welcoming up-and-coming artists from all genres to the 1,000 concert goers it is able to hold within its walls. 20+ years in business, still putting on shows almost every night of the week. www.crownstonegroup.com/ 5
LOVASH SOUTH STREET Location Maps www.crownstonegroup.com/ 6
LOVASH SOUTH STREET Retailer Map www.crownstonegroup.com/ 7
OFFERING MEMORANDUM LOVASH PROPOSAL SOUTH FOR COMMERCIAL STREET SERVICES SALE COMPARABLES 1 SALE COMPARABLES LOVASH SOUTH STREET SALE COMPARABLES 1 SALE COMPS SALE COMPS SUMMARY SALE COMPS MAP DEMOGRAPHICS MAP CONFIDENTIALITY & DISCLAIMER
LOVASH SOUTH STREET 1 SALE COMPARABLES Sale Comps SUBJECT PROPERTY 236-238 South Street Philadelphia, PA 19147 Sale Price: $1,750,000 Lot Size: 1115.0 AC Building SF: 2,964 SF Price PSF: $590.42 1 530 SOUTH ST 530 South St Philadelphia, PA 19147 Sale Price: $1,800,000 Building SF: 5,835 SF Price PSF $308.48 Closed: 05/16/2016 1 5,835 SF Retail Restaurant Building Built in 1900 2 526 SOUTH ST 526 South St Philadelphia, PA 19147 Sale Price: $1,350,000 Building SF: 7,200 SF Price PSF $187.50 Closed: 05/16/2016 2 7,200 SF Retail Storefront Building Built in 1900 3 308 SOUTH ST 308 South St Phildelphia, PA 19147 Sale Price: $1,450,000 Building SF: 4,754 SF Price PSF $305.01 Closed: 05/16/2016 3 4,754 SF Retail Storefront Retail/Residential Building Built in 1900 www.crownstonegroup.com/ 9
LOVASH SOUTH STREET 1 SALE COMPARABLES Sale Comps 4 824-828 S 8TH ST 824-828 S 8th St Philadlephia, PA 19147 Sale Price: $1,650,000 Building SF: 7,754 SF Price PSF $212.79 Closed: 04/22/2016 4 Sale on 4/22/2016 for $1,650,000 ($212.79/SF) - Research Complete 7,754 SF Retail Storefront Retail/Residential Building Built in 1905 www.crownstonegroup.com/ 10
LOVASH SOUTH STREET 1 SALE COMPARABLES Sale Comps Summary SUBJECT PROPERTY PRICE BLDG SF PRICE/SF Lovash South Street 236-238 South Street Philadelphia, PA 19147 $1,750,000 2,964 SF $590.42 SALE COMPS PRICE BLDG SF PRICE/SF CLOSE 1 2 3 4 530 South St 530 South St Philadelphia, PA 19147 526 South St 526 South St Philadelphia, PA 19147 308 South St 308 South St Phildelphia, PA 19147 824-828 S 8th St 824-828 S 8th St Philadlephia, PA 19147 $1,800,000 5,835 SF $308.48 05/16/2016 $1,350,000 7,200 SF $187.50 05/16/2016 $1,450,000 4,754 SF $305.01 05/16/2016 $1,650,000 7,754 SF $212.79 04/22/2016 SALE COMPS PRICE BLDG SF PRICE/SF TOTALS/AVERAGES $1,562,500 6,386 SF $244.68 www.crownstonegroup.com/ 11
LOVASH SOUTH STREET Sale Comps Map 1 SALE COMPARABLES SUBJECT PROPERTY 236-238 South Street Philadelphia, PA 19147 1 530 SOUTH ST 530 South St Philadelphia, PA 19147 2 526 SOUTH ST 526 South St Philadelphia, PA 19147 3 308 SOUTH ST 308 South St Phildelphia, PA 19147 4 824-828 S 8TH ST 824-828 S 8th St Philadlephia, PA 19147 www.crownstonegroup.com/ 12
LOVASH SOUTH STREET Demographics Map 1 SALE COMPARABLES POPULATION 0.25 MILES 0.5 MILES 1 MILE TOTAL POPULATION 4,515 15,467 49,242 MEDIAN AGE 37.1 39.2 35.4 MEDIAN AGE (MALE) 39.3 40.8 35.8 MEDIAN AGE (FEMALE) 36.0 38.3 35.6 HOUSEHOLDS & INCOME 0.25 MILES 0.5 MILES 1 MILE TOTAL HOUSEHOLDS 2,366 8,099 25,136 # OF PERSONS PER HH 1.9 1.9 2.0 AVERAGE HH INCOME $123,490 $120,700 $91,490 AVERAGE HOUSE VALUE $568,246 $524,853 $433,893 RACE 0.25 MILES 0.5 MILES 1 MILE % WHITE 90.9% 85.7% 75.7% % BLACK 5.1% 8.7% 11.4% % ASIAN 1.6% 3.4% 9.9% % HAWAIIAN 0.0% 0.0% 0.0% % INDIAN 0.0% 0.0% 0.1% % OTHER 0.0% 0.6% 1.7% ETHNICITY 0.25 MILES 0.5 MILES 1 MILE % HISPANIC 3.5% 5.0% 8.3% * Demographic data derived from 2010 US Census www.crownstonegroup.com/ 13
OFFERING MEMORANDUM Confidentiality & Disclaimer PHILADELPHIA, PA All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Crownstone Investment Group in compliance with all applicable fair housing and equal opportunity laws. PRESENTED BY: KW COMMERCIAL 276 B Dilworthtown West Chester, PA 19382 BEAU MCGETTIGAN 917.819.2811 bmack@kwcommercial.com BRADY CARROLL 610.291.9895 bcarroll@kwcommercial.com We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. www.crownstonegroup.com/ 14