RARE VALUE-ADD OPPORTUNITY IN RITTENHOUSE SQUARE

THE OPPORTUNITY

2015 Walnut Street (the “Property”), an 8-unit property with fully occupied ground floor retail space, in the most desirable neighborhood in all of Philadelphia. The Property is ideally situated in the center of the transit oriented, vibrant, and affluent neighborhood of Rittenhouse Square. 2015 Walnut Street features an irreplaceable location, attractive floor plans, and a triple-net leased ground floor retail tenant. The Property is surrounded by a collection of the highest quality luxury housing Philadelphia has to offer. New ownership has the unique opportunity to significantly increase rents though a unit interior renovation program that would redefine the Property’s positioning in the marketplace. The high-rise luxury housing stock that surrounds 2015 Walnut Street continues to push the limits of achievable rents and rent growth in Philadelphia. New ownership will undoubtedly benefit from this trend for years to come with the added opportunity to provide a luxury living experience at a more affordable price point.

INVESTMENT HIGHLIGHTS

  • Tremendous Value-Add Opportunity
  • Significant Rental Upside
  • Irreplaceable Location
  • Highly Desirable Floorplans
  • Attractive Ground Floor NNN Retail Tenant
  • Highly Educated Tenant Base

INVESTMENT SUMMARY

ASSET

A vibrant atmosphere to the property makes a lasting impression on potential residents

The Property is ideally situated in the center of the transit-oriented, vibrant, and affluent neighborhood of Rittenhouse Square. 2015 Walnut Street features an irreplaceable location, attractive floorplans, and a triple-net leased ground floor retail tenant. The Property is surrounded by a collection of the highest quality luxury housing Philadelphia has to offer. New ownership has the unique opportunity to significantly increase rents though a unit interior renovation program that would redefine the Property’s positioning in the marketplace.

LOCATION

An Abundance of Local Amenities

Located in Philadelphia’s Rittenhouse neighborhood, 2015 Walnut sits just half a block away from Rittenhouse Square and in the heart of all that Center City has to offer. Developers have heavily favored the Center City submarket in the current cycle, with the number of units delivering or in the pipeline surpassing multi-decade highs. However, lease-up at these new projects has been steady, as the market has historically been underserved from a Class A apartment standpoint. Current occupancy in the submarket stands at 94.5% and is expected to improve post-2018, as the final round of major projects deliver.

Economic Snapshot

CONTACT

Experts here for you

Investment Advisors

financing

PHILADELPHIA OFFICE

Three Logan Square

1717 Arch Street, Suite 1410

Philadelphia, PA 19103

Phone: 215.328.1620

Berkadia.com

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