716 SANSOM Street
716 SANSOM Street Philadelphia, Pennsylvania 19106 United States

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Scope Commercial Real Estate Services, Inc.

Listing Courtesy of Scope Commercial Real Estate Services, Inc.
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.04 Acres
Property type
Year Built
Web Id
Philadelphia City
School District
Gen. George A. McCall School
Gen. George A. McCall School
days ago

About 716 SANSOM Street

716 Samson Street is a five-story brick structure, located in the Washington Square West neighborhood of Philadelphia. Built in 1889, the building was constructed to house the Charles Foster Publishing Company but has since been renovated into two retail suites and five large loft-style apartments. The building has updated mechanicals, separately metered utilities, central air conditioning and sprinkler systems. The five apartments are all one-bedroom, one-bathroom units with high ceilings and average of 750 square feet. The top floor unit is double the size of the others, totaling about 1,500 square feet. Currently, Mark Huag Jewelers occupies 1,000 square feet of one of the retail spaces through 2028. The other 1,700-square-foot space is currently vacant. The average rent that is currently being achieved for the one-bedroom units is $1,161, which is below the submarket average. Tenants are responsible for gas and electricity and all units are separately metered. Ownership is responsible for water and sewer. There are two options for new ownership to increase the value of the asset. First they could keep the condition of the units as is, roll the long-term tenants and close the loss to lease gap to market rents. The alternative option is to renovate each unit with new flooring, updated kitchens, and bathrooms. Once renovated, ownership can increase monthly rents to market premium rents of $2.50+ rent per square foot. Additionally, new ownership could convert the main retail space to owner-occupied or lease the space on a long-term NNN lease. Located on Jewelers Row, the property is one block away from Washington Square West Park, one of the most desirable and sought-after areas in Center City Philadelphia. The property provides the tenants with an abundance of shops and restaurants all within walking distance or a short commute. There are a number of employment drivers in close proximity making this location desirable for residents. Additionally, the SEPTA 8th and Market Street Station is located just two blocks away from the property giving the tenants ease of access to all areas of the city and the surrounding region. The building is currently pending historic designation and the appeal process is being handled by Klehr Harrison Harvey Branzburg LLP.

Listing Courtesy of Scope Commercial Real Estate Services, Inc.

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Listing Courtesy of Scope Commercial Real Estate Services, Inc.

Scope Commercial Real Estate Services, Inc.

Listing Courtesy of Scope Commercial Real Estate Services, Inc.
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