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David Snyder

david@cclre.com +1(215) 360-3236

Listed by Jim Onesti • KW Empower

$11,999,999

Est. payment - /mo

0.84 Acres Lot

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UPDATED:

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Subdivision West Kensington

MLS Listing ID PAPH2632920

Year Built 2023

Annual Tax Amount $1

Tax Year 2026

Lot Size 0.840 Acres

Acres 0.84

Property Sub-Type Mixed Use

Source BRIGHT

Property Description

A rare opportunity to acquire a newly constructed, institutionally finished mixed-use asset in one of Philadelphia's fastest-moving corridors positioned directly in the path of Fishtown's northward expansion. Delivered in 2023, 2328 North 2nd Street is a 33-unit, elevator-served apartment building with 3,750 square feet of ground-floor commercial space, a rooftop deck and resident lounge, in-unit laundry in every apartment, and a 10-year, 100% improvement tax abatement. The residential component is 88% occupied and performing. Seventeen units operate under a corporate master lease with Live Work Stay LLC through July 2027 at modestly below-market rents providing consistent, institutionally structured income today with a built-in mark-to-market event in the near term. Market rents for 2-bedroom units in the building are $2,150–$2,400 per month; the path to stabilized NOI of $603,000 annually is straightforward. The commercial component is 3,750 square feet across two ground-floor retail suites. At stabilization, the income capitalization approach supports a value of $11,075,000. The offering includes four adjacent residentially zoned parcels (RSA-5) along North Philip Street, each measuring approximately 1,441 square feet and conditionally approved for townhome development — four homes at approximately 2,700 square feet each. Taxes and square footage is the responsibility of the buyer to verify independently.

Location

State PA

County Philadelphia

Area 19133 (19133)

Zoning CMX2.5

Interior

Hot Water Natural Gas

Heating Forced Air

Cooling Central A/C

Heat Source Natural Gas

Exterior

Garage Spaces 30.0

Water Access N

Accessibility Elevator

Total Parking Spaces 30

Garage N

Building

Sewer Public Sewer

Water Public

New Construction N

Schools

School District The School District Of Philadelphia

Others

Tax ID 882966135

Ownership Fee Simple

Special Listing Condition Standard

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David Snyder

+1(215) 360-3236

Founder & CEO | License ID: RS223144L

Founder & CEO License ID: RS223144L

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2328-44 N 2ND ST Philadelphia, PA 19133

David Snyder

Key Details

Location

Interior

Exterior

Building

Schools

Others

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