1606-08 Locust St, Philadelphia, PA 19103

Property Description

Rare opportunity to acquire a substantial mixed-use investment property in the heart of Rittenhouse Square. 1606-1608 Locust Street consists of two adjacent buildings totaling approximately 13,884 SF on a 5,040 SF lot, positioned just a block and a half from Rittenhouse Square and directly across from historic St. Mark’s Church. Privately held by the same family for three generations, the property offers significant scale in one of Philadelphia’s most desirable and supply-constrained neighborhoods. The existing mixed-use configuration includes 28 residential apartments, three ground-floor commercial spaces and two parking spaces, providing diversified income from residential, commercial and parking uses. The residential unit mix consists of 4 one-bedroom apartments, 17 studios and 7 efficiency units. Commercial space includes two retail storefronts and one office/store space. Elevator service is available in 1606 Locust. The property also offers frontage on both Locust and Latimer Streets. Zoned CMX-3, the property provides investors with flexibility for a range of potential long-term strategies. Opportunities may include renovating residential units, repositioning commercial space as leases roll, improving common areas and building amenities, increasing operational efficiencies, or evaluating alternative uses permitted by zoning, subject to all applicable governmental approvals. The property is located within the Rittenhouse Fitler Historic District, with 1608 Locust Street individually listed on the Philadelphia Register of Historic Places. Located in one of Center City Philadelphia’s premier residential and commercial districts, 1606-1608 Locust offers immediate access to Rittenhouse Square, restaurants, retail, cultural institutions, employment centers and public transportation. An exceptional opportunity to acquire an income-producing, mixed-use asset with meaningful scale, flexible CMX-3 zoning and an irreplaceable Rittenhouse Square location.