127-29 SPRUCE Street
127-29 SPRUCE Street Philadelphia, Pennsylvania 19106 United States

$900,000
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TCS Management, LLC

Listing Courtesy of TCS Management, LLC
.03 Acres
Exterior
Commercial
Property type
1895
Year Built
PAPH1000450
Web Id
PAPH1000450
MLS ID
OLD CITY
Subdivision
Philadelphia City
School District
19
days ago

About 127-29 SPRUCE Street

A multi-family redevelopment opportunity located in the northern end of the desirable Society Hill neighborhood. Just blocks from Independence Hall and the Liberty Bell, this location is well within Philadelphias tourist district which attracts nearly 200,000 visitors every year, and is accompanied by some of the Citys best restaurants and bars, and most popular retail destinations. 127 Spruce Street, otherwise known as the Man Full of Troubles Tavern, was built in 1759 and is Philadelphias oldest surviving tavern and the only remaining tavern from pre-revolutionary Philadelphia. The building first served Society Hills residents as a pub from 17591826 when it was later converted into a hotel, famous among sailors for its oysters. While being used as a pub, the space was rumored to host meetings for revolutionaries in the early days of the revolutionary war. More recently, the building was restored in 1960 to its current state where it stands as a single-family rent-al property. Sitting on a 1,178 square foot parcel zoned RMX-3, the building is on the historic registry. The total size of the structure is 2,832 square feet providing an opportunity for new ownership to create the most unique rental property in the Old City District for either short term or long-term rental purposes. The RMX3 zoning allows an investor to create six residential units on the parcel as well as take ad-vantage of commercial space on the ground floor with frontage on Spruce Street. Society Hill is known for having some of the most expensive residential real estate in all of the City, so it is likely that condominiums or apartments would receive a premium for the location and proximity to Head House Square. This neighborhood has historically been one of Philadelphias most popular neighborhoods with overall occupancy rates above 95%. With extreme barriers to entry, there is a strong demand for new inventory. This neighborhood has seen recent successful condominium and apartment building projects attract young professionals and empty nesters who prefer living in the city, or even tourists looking for easy access to all of Philadelphias many historic sites. 127 Spruce Street stands as one of the final opportunities for an investor to acquire an extremely significant historical landmark in the city of Philadelphia. Furthermore, the building represents a significant opportunity to capitalize on the large volume of tourists coming through the Old City area on a yearly basis, or to simply join the lucrative rental market that Society Hill has to offer by converting to market rate apartments.

Listing Courtesy of TCS Management, LLC

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PROPERTY INFORMATION

Cooling
Other
Sewer
Public Sewer, Public Septic

EXTERIOR

Roofing
Wood

ADDITIONAL INFORMATION

Body of Water
Public
Listing Courtesy of TCS Management, LLC