MIXED-USE REDEVELOPMENT W. Huntingdon Street Philadelphia, Pennsylvania OFFERING MEMORANDUM

Transcription

1 MIXED-USE REDEVELOPMENT W. Huntingdon Street Philadelphia, Pennsylvania OFFERING MEMORANDUM

2 The following disclaimer applies to the attached Offering Memorandum ( Memorandum ) and you are, therefore, advised to read this Disclaimer carefully before reading, accessing or making any other use of the Offering Memorandum or other information supplied in connection with the Property. The Memorandum shall not constitute an offer to sell the Property. A sale of the Property shall only take place upon the execution of an Agreement of Sale that has been signed by Buyer and Seller and all conditions and contingencies contained in the Agreement of Sale have been satisfied prior to settlement. Neither Rittenhouse Realty Advisors ( RRA ) nor any other third parties have been authorized to give any information other than what has been provided in the Memorandum. Notwithstanding the foregoing, RRA does not make any representation as to the completeness or accuracy of the information contained in the Memorandum or the value or performance of the Property either past, present or future. The information contained in the Memorandum shall not be relied upon as a promise or representation as to any condition, value or performance of the Property. RRA and its owners, members, shareholders, managers, employees, agents and affiliates expressly disclaim any and all liability for any and all representations, either express or implied, arising from any statements, warranties, representations or information provided in the Memorandum or from the omission of any such representations, statements, warranties or information from the Memorandum. It is the sole responsibility of any recipient of the Memorandum to verify the information contained therein and to conduct the proper due diligence concerning the Property. Qualified prospective purchasers of the Property shall be afforded an opportunity to conduct inspections of the Property. It is expected that such qualified purchasers shall conduct any and all inspections and evaluations of the Property deemed necessary by them. RRA and Seller reserve the right, at their sole discretion, to reject any and all expressions of interest concerning the Property from third parties, including the termination of any ongoing discussions and/or negotiations. The Memorandum is subject to withdraw, cancellation or modification by RRA or Seller at any time. Seller shall have no legal obligation to any party that has received or reviewed the Memorandum unless and until a written Agreement of Sale has been fully executed, delivered and approved by Seller and Seller s counsel; and all contingencies and/or conditions to Seller s obligation to settle have been satisfied John F. Kennedy Boulevard, Second Floor Philadelphia, PA info@rittenhouserealty.com 2

3 Table of Contents Executive Summary 4 Site Plan / Elevation 5 Property Details 6 Floor Plans 9 Location Overview John F. Kennedy Boulevard, Second Floor Philadelphia, PA info@rittenhouserealty.com 3

4 Executive Summary Investment Highlights Mixed-Use Redevelopment Opportunity in the Kensington Neighborhood of Philadelphia 47,770± Square Foot Gross Area; Attached Two-Story and Six-Story Building Potential for Attractive High Ceiling, Loft-Style Units with Views of the City Create Popular Live-Work Loft Community; Use Supported by Local Councilwoman Close Proximity to Temple University Episcopal Hospital as well as Developing Corridors of Frankford Avenue in Fishtown and North American Street Pricing Offering Price $700,000 Lot Size Building Size 12,210± Square Foot 47,770± Square Foot Price per Square Foot $14.65 Terms of Sale Offered free and clear of debt. All cash at closing John F. Kennedy Boulevard, Second Floor Philadelphia, PA

5 Site Plan Elevation 1628 John F. Kennedy Boulevard, Second Floor Philadelphia, PA

6 Property Details Property Address W. Huntingdon Street; Philadelphia, Pennsylvania County Philadelphia Municipality/Township City of Philadelphia School District School District of Philadelphia Zoning I2 Land/Use Description Industrial / Industrial Mixed Use APN Lot Size 0.28 Acres / 12,210± Square Foot Lot Width/Depth 92 x 132 Year Built / Renovated 1881 No. of Buildings 1 No. of Stories 2, 6 Building Size 47,770± Property Construction Foundation Exterior Framing Roof Masonry Brick Wood Metal; Rubber Not drawn to scale. For reference purposes only John F. Kennedy Boulevard, Second Floor Philadelphia, PA info@rittenhouserealty.com 6

7 Property Details 1628 John F. Kennedy Boulevard, Second Floor Philadelphia, PA

8 Current Photo of Property and View from Upper Floor 1628 John F. Kennedy Boulevard, Second Floor Philadelphia, PA

9 Floor Plan: Entrance / Courtyard 1628 John F. Kennedy Boulevard, Second Floor Philadelphia, PA info@rittenhouserealty.com 9

10 Floor Plan: Lower Level 1628 John F. Kennedy Boulevard, Second Floor Philadelphia, PA

11 Floor Plan: First - Fifth Floor 1628 John F. Kennedy Boulevard, Second Floor Philadelphia, PA info@rittenhouserealty.com 11

12 Floor Plan: Residential Units 1628 John F. Kennedy Boulevard, Second Floor Philadelphia, PA

13 One Bedroom Unit Renderings 1628 John F. Kennedy Boulevard, Second Floor Philadelphia, PA

14 Location Overview Location Philadelphia is located in the Northeastern United States at the confluence of the Delaware and Schuylkill rivers, and it is the only consolidated city-county in Pennsylvania. Within the Delaware Valley, the Pennsylvania metropolitan division consists of five counties in Pennsylvania and has a population of 4,008,994. The city is the seat of its own county. The adjacent counties are Montgomery to the north; Bucks to the northeast; Burlington County, New Jersey, to the east; Camden County, New Jersey, to the southeast; Gloucester County, New Jersey, to the south; and Delaware County to the west. Demographics Philadelphia is the largest city in the Commonwealth of Pennsylvania, the second largest city on the East Coast of the United States, and the fifth-most-populous city in the United States. As of the 2010 Census, the city had a population of 1,526,006, growing to 1,553,165 in 2013 by Census estimates. Philadelphia median household income is $37,016 in and has grown by 20.39% since Philadelphia median house value is $142,300 in and has grown by % since The house value growth rate is much higher than the state average rate of 70.00% and is much higher than the national average rate of 51.67%. As a reference, the national Consumer Price Index (CPI) inflation rate for the same period is 26.63% Economic Center As the center of economic activity in Pennsylvania, the Philadelphia area had a total gross metropolitan product of $347 billion in 2010, the seventh-largest metropolitan economy in the United States (Bureau of Economic Analysis). With a gross domestic product of $388 billion, Philadelphia ranks ninth among world cities and fourth in the nation. The city is also the nation's fourth-largest consumer media market, as ranked by the Nielsen Media Research. The city is home to the Philadelphia Stock Exchange and several Fortune 500 companies, including cable television and internet provider Comcast, insurance companies Colonial Penn, CIGNA and Lincoln Financial Group, energy company Sunoco, food services company Aramark and Crown Holdings Incorporated, chemical makers Rohm and Haas Company and FMC Corporation, pharmaceutical companies Wyeth and GlaxoSmithKline, Boeing Rotorcraft Systems, and automotive parts retailer Pep Boys. Philadelphia's economic sectors include information technology, manufacturing, oil refining, food processing, health care and biotechnology, tourism and financial services. Philadelphia has shifted to an information technology and service-based economy. Financial activities account for the largest sector of the metro economy, and it is one of the largest health education and research centers in the United States John F. Kennedy Boulevard, Second Floor Philadelphia, PA info@rittenhouserealty.com 14

15 Location Overview DEMOGRAPHIC SNAPSHOT 1 Mile 3 Miles 5 Miles 2015 Total Population 69, ,049 1,035, Population 72, ,686 1,063,505 Population Growth % 3.69% 2.71% Average Age Total Households 23, , ,038 Household Growth ( ) 4.24% 3.82% 2.87% Median Household Income $17,560 $28,369 $34,103 Average Household Size Median Home Value $63,702 $85,336 $124,456 Median Year Built John F. Kennedy Boulevard, Second Floor Philadelphia, PA info@rittenhouserealty.com 15

16 Location Overview Education Education in Philadelphia is provided by many private and public institutions. The School District of Philadelphia runs the city's public schools. The Philadelphia School District is the eighth largest school district in the United States with 163,064 students in 347 public and charter schools. Philadelphia has the second-largest student concentration on the East Coast, with over 120,000 college and university students enrolled within the city and nearly 300,000 in the metropolitan area. There are over 80 colleges, universities, trade, and specialty schools in the Philadelphia region. The city contains three major research universities: the University of Pennsylvania, Drexel University, and Temple University; and the city is home to five schools of medicine: Drexel University College of Medicine, Philadelphia College of Osteopathic Medicine, Temple University School of Medicine, Thomas Jefferson University, and the University of Pennsylvania. Other institutions of higher learning within the city's borders include: Saint Joseph's University, La Salle University, Peirce College, University of the Sciences in Philadelphia, The University of the Arts, Pennsylvania Academy of Fine Arts, Curtis Institute of Music, Thomas Jefferson University, Moore College of Art and Design, The Art Institute of Philadelphia, Philadelphia University, Holy Family University and Community College of Philadelphia. The Philadelphia suburbs are home to a number of other colleges and universities, including Villanova University, Bryn Mawr College, Haverford College, Swarthmore College, Ursinus College, Cabrini College, and Eastern University. Cultural Center Philadelphia is the cultural center of the Delaware Valley, home to over 6 million people and the country's sixth-largest metropolitan area. Philadelphia is home to many national historical sites that relate to the founding of the United States. Independence National Historical Park is the center of these historical landmarks. Independence Hall, where the Declaration of Independence was signed, and the Liberty Bell are the city's most famous attractions attracting over 2 million visitors (2010). Other historic sites include homes for Edgar Allan Poe, Betsy Ross, and Thaddeus Kosciuszko, early government buildings like the First and Second Banks of the United States, Fort Mifflin, and the Gloria Dei (Old Swedes') Church. Philadelphia's major science museums include the Franklin Institute, which contains the Benjamin Franklin National Memorial; the Academy of Natural Sciences; the Mütter Museum; and the University of Pennsylvania Museum of Archaeology and Anthropology. History museums include the National Constitution Center, the Atwater Kent Museum of Philadelphia History, the National Museum of American Jewish History, the African American Museum in Philadelphia, the Historical Society of Pennsylvania, the Grand Lodge of Free and Accepted Masons in the state of Pennsylvania and The Masonic Library and Museum of Pennsylvania and Eastern State Penitentiary. Philadelphia is home to the United States' first zoo and hospital, as well as Fairmount Park, one of America's oldest and largest urban parks John F. Kennedy Boulevard, Second Floor Philadelphia, PA info@rittenhouserealty.com 16

17 Location Overview Neighborhoods Philadelphia's neighborhoods are divided into large sections North, Northeast, Northwest, West, South and Southwest Philadelphia all of which surround Center City. Each of these large areas contains numerous neighborhoods, some of whose boundaries derive from the boroughs, townships, and other communities that made up Philadelphia County before their absorption into the city. For much of Philadelphia's history, the typical home has been the row house. A variety of row houses are found throughout the city, from Victorian-style homes in North Philadelphia to twin row houses in West Philadelphia. While newer homes are scattered throughout the city, much of the housing is from the early 20th century or older. The great age of the homes has created numerous problems, including blight and vacant lots in many parts of the city, while other neighborhoods such as Society Hill, which has the largest concentration of 18th-century architecture in the United States, have been rehabilitated and gentrified. Transportation Philadelphia is served by the Southeastern Pennsylvania Transportation Authority (SEPTA), which operates buses, trains, rapid transit, trolleys, and trackless trolleys throughout Philadelphia, the four Pennsylvania suburban counties of Bucks, Chester, Delaware, and Montgomery, in addition to service to Mercer County, New Jersey and New Castle County, Delaware. SEPTA's Airport Regional Rail Line Regional Rail offers direct service to the Philadelphia International Airport. Philadelphia's 30th Street Station is a major railroad station on Amtrak's Northeast Corridor, which offers access to Amtrak, SEPTA, and New Jersey Transit lines. The PATCO Speedline provides rapid transit service to Camden, Collingswood, Westmont, Haddonfield, Woodcrest (Cherry Hill), Ashland (Voorhees), and Lindenwold, New Jersey, from stations on Locust Street between 16th and 15th, 13th and 12th, and 10th and 9th Streets, and on Market Street at 8th Street. Roadways Interstate 95 runs through the city along the Delaware River as a main north-south artery known as the Delaware Expressway. The city is also served by the Schuylkill Expressway, a portion of Interstate 76 that runs along the Schuylkill River. It meets the Pennsylvania Turnpike at King of Prussia, Pennsylvania, providing access to Harrisburg, Pennsylvania and points west. Interstate 676, the Vine Street Expressway, has a link between I-95 and I-76, it runs below street level through Center City, connecting to the Ben Franklin Bridge at its eastern end. Roosevelt Boulevard and the Roosevelt Expressway (U.S. 1) connect Northeast Philadelphia with Center City. Woodhaven Road (Route 63), built in 1966, and Cottman Avenue (Route 73) serve the neighborhoods of Northeast Philadelphia, running between Interstate 95 and the Roosevelt Boulevard (U.S. 1). The Fort Washington Expressway (Route 309) extends north from the city's northern border, serving Montgomery County and Bucks County. U.S. 30, extending east-west from West Philadelphia to Lancaster, is known as Lancaster Avenue throughout most of the city and through the adjacent Main Line suburbs. Interstate 476, commonly nicknamed the "Blue Route" through Delaware County, bypasses the city to the west, serving the city's western suburbs, as well as providing a link to Allentown and points north. Similarly, Interstate 276, the Pennsylvania Turnpike's Delaware River Extension, acts as a bypass and commuter route to the north of the city as well as a link to the New Jersey Turnpike to New York John F. Kennedy Boulevard, Second Floor Philadelphia, PA info@rittenhouserealty.com 17

18 1628 John F. Kennedy Boulevard, Second Floor Philadelphia, PA

19 Kenneth Wellar Tel: Luke DeLuca Tel: David Greenhalgh Tel: Corey Lonberger Tel: Chris Egan Tel: Robert Marzullo Tel: Vincent Tagliente Tel: Mark Duszak Tel: Doug Emrich Tel: Steve Miceli Tel: Philadelphia Office 1628 John F. Kennedy Blvd. Eight Penn Center, Second Floor Philadelphia, PA Tel: New York Office 200 West 57th Street Suite 702 New York, NY Tel: Delaware Office 102 Larch Circle Suite 102 Newport, DE Tel: