1002 North 2nd | 1018 Germantown Listing Details & Market Data

1002 North 2nd Street & 1018 Germantown Avenue, Philadelphia, PA 19123

On behalf of Ownership, GREA extends to qualified investors the extremely rare opportunity to acquire the fee simple interest in two apartment communities situated in the trendy, sought-after Northern Liberties section of Philadelphia. Northern Liberties shares its borders with Fishtown, Old Kensington, Spring Arts, and Old City. Both properties are located on the preeminent blocks in Northern Liberties and within one block of each other. These two communities can be purchased together or separately with attractive assumable debt.

The demand for high-quality rental apartments in Northern Liberties is extremely strong. Rents at the highly amenitized Piazza, located directly across the street are 25% to 35% higher than both of these properties. Occupancy in this sub-market is robust and typically in the 95% to 100% range. In addition to a strong rental market, the Northern Liberties single-family, townhouse, and condominium residential markets are outstanding with many townhomes selling for well over one million dollars.

1002 North 2nd: Built in 2017, this mixed-use community consists of 53 apartment units, GIANT Heirloom Market (13,457 SF), Starbucks (1,530 SF), and 18 parking spaces directly across the street from The Piazza – the epicenter of the Northern Liberties neighborhood. The approximate mortgage balance is 14,800,000 at 3.94% with a 2037 maturity date being amortized over 30 years.

Ironworks: Built in 2020, this mixed-use community located at 1018 Germantown Avenue consists of 49 apartment units, Team Dental (2,400 SF), and 10 parking spaces one block from 1002 N. 2nd Street. The approximate mortgage balance is $9,850,000 at 3.60% with a 2030 maturity date being amortized over 30 years.

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Highlights

  • Northern Liberties: One of Philadelphia's Most Desirable Neighborhoods
  • Outstanding Location: The Epicenter of Northern Liberties
  • Favorable Financing: Assumable Debt Under 4%
  • Extreme Occupancy: 95% to 100% Occupancy Sub-Market
  • Real Estate Tax Abatement: 5 & 8 Years Left on Real Estate Tax Abatement
  • Rare Opportunity to Acquire a Large Multi-Family Presence in Northern Liberties

Location

Getting Around

  • Walk Score ®

    Very Walkable (88)

  • Transit Score ®

    Excellent Transit (75)

  • Bike Score ®

    Very Bikeable (89)
Powered by Walk Score ®
  • City Philadelphia, PA
  • Neighborhood Northern Liberties
  • Zip Code 19123
  • Market Philadelphia

Points of Interest

  • Spring Garden

    0.37 miles

  • Girard Avenue & 5th Street

    0.41 miles

  • Girard Avenue & 4th Street

    0.42 miles

  • Girard Avenue & 3rd Street

    0.43 miles

  • Girard Avenue & 7th Street

    0.45 miles

  • Girard Avenue & 2nd Street

    0.47 miles

  • Girard Avenue & 8th Street

    0.49 miles

  • Girard Avenue & 8th Street

    0.50 miles

  • Girard Avenue & Front Street

    0.58 miles

  • Frankford Avenue & Delaware Avenue

    0.58 miles

  • Liberty

    0.47 miles

  • Gulf

    0.63 miles

  • BP gas

    0.89 miles

  • Sunnoco

    0.98 miles

  • BP

    1.29 miles

  • J&H Car Charging Station

    1.50 miles

  • Sunoco

    1.62 miles

  • Wawa

    1.68 miles

  • Gulf

    1.83 miles

  • Sunoco

    1.83 miles

  • Callowhill Center

    0.39 miles

  • Target Parking Lot

    0.39 miles

  • Rivers Casino Philadelphia Parking Lot

    0.58 miles

  • Girard Medical Center Garage

    0.62 miles

  • Autopark at Benjamin Franklin Bridge

    0.65 miles

  • Pier 24 Parking Lot

    0.67 miles

  • Old City Parkominium

    0.68 miles

  • Patriot Parking Bridge Lot

    0.72 miles

  • Safe Parc

    0.73 miles

  • Central Parking System - Constitution Center Parking

    0.77 miles

  • Honey's Sit 'n Eat

    0.06 miles

  • North Third

    0.15 miles

  • The Abbaye

    0.19 miles

  • Federal Donuts

    0.19 miles

  • Plaza Pizza

    0.20 miles

  • Silk City

    0.20 miles

  • Dunkin' Donuts

    0.21 miles

  • Spring Garden Restaurant

    0.24 miles

  • Circles

    0.24 miles

  • KenShin Asian Diner

    0.24 miles

  • Laboratory Charter School

    0.09 miles

  • General Philip Kearny Elementary School

    0.14 miles

  • Young Scholars Charter School

    0.28 miles

  • The City School: Poplar Campus

    0.29 miles

  • William W. Bodine High School

    0.31 miles

  • Saint Peter the Apostle School

    0.37 miles

  • James R. Ludlow Elementary School

    0.56 miles

  • Spring Garden School

    0.57 miles

  • Folk Arts-Cultural Treasures Charter School

    0.67 miles

  • St. Malachy Catholic School

    0.67 miles

  • The Joshua Tree Early Learning Center

    0.27 miles

  • Acelero Learning

    0.34 miles

  • Acelero Learning

    0.74 miles

  • Chinatown Learning Center

    0.83 miles

  • Shake Rattle Roll Inc

    0.92 miles

  • Little Scholars Academy

    0.96 miles

  • Saint Laurentius Preschool

    1.20 miles

  • Norris Square Children's Center

    1.28 miles

  • Norris Square Community Alliance Head Start Center

    1.30 miles

  • Right Steps

    1.59 miles

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