2328 N 2nd St, Philadelphia, PA 19133

Property Description

A rare opportunity to acquire a newly constructed, institutionally finished mixed-use asset in one of Philadelphia's fastest-moving corridors positioned directly in the path of Fishtown's northward expansion. Delivered in 2023, 2328 North 2nd Street is a 33-unit, elevator-served apartment building with 3,750 square feet of ground-floor commercial space, a rooftop deck and resident lounge, in-unit laundry in every apartment, and a 10-year, 100% improvement tax abatement. The residential component is 88% occupied and performing. Seventeen units operate under a corporate master lease with Live Work Stay LLC through July 2027 at modestly below-market rents providing consistent, institutionally structured income today with a built-in mark-to-market event in the near term. Market rents for 2-bedroom units in the building are $2,150–$2,400 per month; the path to stabilized NOI of $603,000 annually is straightforward. The commercial component is 3,750 square feet across two ground-floor retail suites. At stabilization, the income capitalization approach supports a value of $11,075,000. The offering includes four adjacent residentially zoned parcels (RSA-5) along North Philip Street, each measuring approximately 1,441 square feet and conditionally approved for townhome development — four homes at approximately 2,700 square feet each. Taxes and square footage is the responsibility of the buyer to verify independently.