Philadelphia - Grocery Outlet Anchored Multi-Tenant Flex
80,000 SF Multi-Tenant Property
Marketing description
Equity CRE is pleased to offer the opportunity to acquire a multi-tenant property
in the growing Norris Square neighborhood of Philadelphia. The property is
leased to three established tenants: Grocery Outlet, Kitchen & Bath Wholesale,
and Provenance.
Located less than two miles from Center City Philadelphia, the property sits
on North American Street, which sees over 4,486 vehicles per day. In addition
to vehicular traffic, the site benefits from significant foot traffic driven by new
neighborhood developments, including The Luxe and The Americana apartment
complexes, which together house approximately 206 units. The property also
enjoys proximity to Fishtown and Northern Liberties, two of Philadelphia’s
trendiest neighborhoods, both of which have experienced substantial population
growth over the past five years. Within a three-mile radius, the surrounding area
is home to over 454,347 residents, further supporting the site’s strong commercial
potential.
Investment highlights
Below market rents
KB Kitchen & Bath and Provenance are currently paying rents significantly below market rate for the N. American St. corridor
ICMX Zoning
1801 N. American Street is zoned Industrial Commercial Mixed-Use, which allows for a combination of commercial and low-impact industrial uses. This zoning offers flexibility for investors considering future redevelopment, providing an opportunity to cater to the needs of the growing community
Strategic location with access to public transportation
The property is conveniently located under 2 miles from Center City Philadelphia, as well as Fishtown and Northern Liberties, two of Philadelphia’s most in-demand neighborhoods. In addition to the walkability, the site offers easy access to the Market-Frankfort Line, SEPTA Bus Routes 3, as well as SEPTA Regional Rail.
Strong demographics
1801 N. American Street has a population of over 249,881 people in a 2-mile radius, with an average household income of $95,567.
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