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Snipes Building 417-421 South St 33,000 SF 55% Leased Retail Building Philadelphia, PA 19147 $9,438,100 CAD ($286.00 CAD/SF) 9.30% Cap Rate
Investment Highlights
- The Snipes Building at 417-421 South Street is a mixed-use property spanning approximately 33,000 square feet with a December 2025 appraisal of $7.4M.
- Accounting for the Snipes and Regus leases, and the leasing of current vacancies, the gross annual rent roll is estimated to reach $798,000 by 2027.
- Valuable South Street address surrounded by the city’s top dining, shopping, and nightlife destinations and close to major tourist attractions.
- Regus, operated by the world’s largest coworking firm, recently opened on-site and is projected to contribute $333,000 per year from 2027 to 2036.
- Recent improvements include new HVAC (except the third floor), a newly installed sprinkler system, upgraded signage, and a revamped façade.
Executive Summary
This newly renovated three-story office/retail building boasts a completely redone façade, wall-to-wall professional window displays on all three floors, new HVAC, and updated street-level signage. Its only vacancies are 6,000 square feet on the basement level and 9,000 square feet on the third floor. These are listed non-exclusively at annual rates of $10 per square foot for the basement and $15 per square foot for the third floor.
An appraisal was completed in December 2025 for $7.4 million based on the Regus income projection. Gross rent income is estimated to reach $798,000 by 2028, and all tenants pay for PECO (property operating expenses), water, sewer, and security. Snipes accounts for $270,000 in yearly income. The new Regus location is projected to provide $88,000 net revenue in 2026*, $222,000 in 2027, $290,000 in 2028, and $333,000 per year from 2029 to 2036. Leasing the vacancies can then provide an additional $195,000 in yearly revenue. Tax expenses are approximately $93,000, insurance is $39,027, and the South Street Tax is $9,558.
NOTE: IMPORTANT REGUS (9000 SQ) UPDATE. RATHER THAN BEING 20% OCCUPIED BY DEC 31, 2026, REGUS IS NOW ADVISING THAT THE BUILDING WILL BE 67% OCCUPIDED BY MID-APRIL & 73.5% BY MAY. SHOULD BRING US TO 100% OCCUPANCY BY THE END OF 2026. $300-$330,000 CASH FLOW PER YEAR BY YEAREND VS $88,000-YEAR 1.
The Snipes Building is one of the largest and best-quality properties on Philadelphia’s sought-after South Street, an active cosmopolitan thoroughfare of boutiques, renowned restaurants, nightlife, and more. This vibrant corridor continues to see youthful development, as evidenced by the 150-unit apartment building coming 50 yards away at Bainbridge and 5th. Its position between the Society Hill and Queen Village neighborhoods is a strong advantage for long-term value. Major landmarks like Independence Hall and the Liberty Bell are steps away, complemented by the city’s best dining and shopping destinations.
Matterport 3D Tours
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Amenities
- 24 Hour Access
- Conferencing Facility
- Signage
- Wheelchair Accessible
- Air Conditioning
- Smoke Detector
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Regus
- Administrative and Support Services
-
99,999 SF
- -
-
Lorem Ipsum
-
Jan 0000
-
- Retailer
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
SNIPES is a sneaker and streetwear retailer operating in the United States as part of a global retail platform. The brand originated in Essen, Germany, where it was founded in 1998 as a specialty retailer focused on footwear and urban apparel. SNIPES entered the U.S. market through acquisitions and organic expansion, including the acquisition of KicksUSA in 2019, which established a significant operational footprint in the Mid-Atlantic region. In the United States, SNIPES operates brick-and-mortar retail stores alongside an e-commerce platform, offering footwear, apparel, and accessories from global athletic and lifestyle brands. The company is privately held and operates as a subsidiary of the Deichmann Group, a family-owned European footwear retailer. SNIPES USA is managed by a dedicated U.S. executive team responsible for retail operations, merchandising, finance, and real estate functions. Leadership changes in 2024 included the appointment of a new U.S. president, reflecting ongoing organizational development. The company continues to operate within the broader SNIPES global structure while maintaining localized U.S. operations and decision-making.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Regus | Administrative and Support Services | 99,999 SF | - | Lorem Ipsum | Jan 0000 | |
|
|
Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Finished Basement, freight elevator
Newly renovated 3rd floor office space is available for lease and features an open office layout with updated hardwood flooring, private restrooms, stairwell access, and wall to wall street facing windows for natural lighting. This space can be leased contiguously with the second floor. Current asking rent is $14/SF with an additional cam of $6/SF.
| Space | Size | Space Use | Position | Available |
| Basement | 6,000 SF | Flex | - | Now |
| 3rd Floor | 9,000 SF | Flex | - | Now |
Basement
| Size |
| 6,000 SF |
| Space Use |
| Flex |
| Position |
| - |
| Available |
| Now |
3rd Floor
| Size |
| 9,000 SF |
| Space Use |
| Flex |
| Position |
| - |
| Available |
| Now |
Basement
| Size | 6,000 SF |
| Space Use | Flex |
| Position | - |
| Available | Now |
Finished Basement, freight elevator
3rd Floor
| Size | 9,000 SF |
| Space Use | Flex |
| Position | - |
| Available | Now |
Newly renovated 3rd floor office space is available for lease and features an open office layout with updated hardwood flooring, private restrooms, stairwell access, and wall to wall street facing windows for natural lighting. This space can be leased contiguously with the second floor. Current asking rent is $14/SF with an additional cam of $6/SF.
About Independence Hall
Taking its name from the building where both the Declaration of Independence and the U.S. Constitution were signed, Independence Hall anchors the historic center of downtown Philadelphia. Independence Hall Historical Park alone draws up to 5 million visitors annually, and the Liberty Bell, the Constitution Center, and a wealth of stunning historic architecture also make this area a destination for tourist traffic in the Greater Philadelphia area.
Neighborhoods within the area, including Old City and Society Hill, create a thriving residential market where average household incomes surpass $150,000, according to the U.S. Census Bureau. Many of Center City Philadelphia’s highest-end dining and hotel options are located here, including Talula’s Garden; Morimoto; and Zahav, which was awarded best restaurant in the U.S. by the James Beard Foundation in 2019.
However, Independence Hall’s vibrancy extends beyond its historical charm and affluent residents. Stations serviced by SEPTA’s regional rail, New Jersey’s PATCO high speed rail line, and Philadelphia’s Market Frankford subway line all support more than 5 million square feet of office properties, anchored by major employers including Wells Fargo, the American College of Physicians, and the Federal Reserve Bank of Philadelphia.
This high density of tourists, residents, and office workers, coupled with its rich historical significance, makes Independence Hall an attractive destination for almost any type of retailer.
Demographics
Demographics
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Silver Fork | Japanese | $$ | 1 min walk |
| Fat Tuesday | - | - | 2 min walk |
| Milkboy South Street | Sandwiches | $$$ | 1 min walk |
| Jim's Steaks South St | American | $ | 2 min walk |
| Queen Village Food Market & Deli | Deli | - | 3 min walk |
| South Street Souvlaki | Greek | $$ | 3 min walk |
| Manny Brown's | Barbecue | $$ | 3 min walk |
| Tattooed Mom Restaurant | Pub Food | $ | 4 min walk |
| Restaurant Ambra | Italian | $$$$ | 3 min walk |
| Woodrow's Sandwich Shop | Sandwiches | $ | 5 min walk |
Retail |
||
|---|---|---|
| The UPS Store | Business/Copy/Postal Services | 2 min walk |
| Painting With A Twist | Art/Crafts | 4 min walk |
| Cvs Pharmacy | Drug Store | 5 min walk |
| Wawa | Convenience Market | 6 min walk |
| Whole Foods Market | Supermarket | 10 min walk |
Hotels |
|
|---|---|
| Marriott |
364 rooms
3 min drive
|
| Kimpton |
268 rooms
3 min drive
|
| Renaissance |
152 rooms
3 min drive
|
| Wyndham |
364 rooms
4 min drive
|
| Hilton |
350 rooms
3 min drive
|
| Club Quarters |
275 rooms
6 min drive
|
Property Taxes
| Parcel Number | 882650400 | Total Assessment | $9,211,030 CAD |
| Land Assessment | $1,842,206 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $7,368,824 CAD | Tax Year | 2026 |
Property Taxes
Sale Advisor
Sale Advisor
Barry Bernsten, Manager
Presented by
KRB Management Assoc.
Snipes Building | 417-421 South St
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