SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

October 03, 2016 12:41 ET

Rittenhouse Realty Advisors Sells Mixed-Use Building in Midtown Village, Philadelphia for $3,475,000

PHILADELPHIA, PA--(Marketwired - October 03, 2016) - Rittenhouse Realty Advisors is pleased to announce the sale of 1206 Walnut Street in Philadelphia. The property has seven beautifully renovated apartments, as well as a 700 square foot ground floor commercial unit, currently leased by a strong regional retailer.

The property is located in Midtown Village, one of the most highly sought after neighborhoods in Philadelphia, due to its abundance of restaurants, cafes and shops. Tenants also enjoy easy access to Septa Regional Rail and the PATCO High Speed Line to New Jersey. The property is also close to major area employers including Jefferson University Hospital and Penn Medicine.

Ken Wellar, Managing Partner of RRA, stated: "The buyer was out of New York and was willing to meet the seller's number to acquire this property, given the amazing location." The property sold at $434,375 per unit at a 5.8% pro forma capitalization rate.

Chris Egan, an associate at RRA, added: "This asset garnered the interest of a lot of local buyers, but ultimately our broad marketing tactics landed an out-of-town buyer who was eager to enter the market."

For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.

Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components.

www.RittenhouseRealty.com

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Contact Information

  • Press Contact:
    Corey Lonberger and Ken Wellar
    Managing Partners
    215-454-2852