Philadelphia Industrial for Sale - West Philadelphia
15 N 59th Street, Philadelphia, Pa. 19139 12,900 square foot, three story brick structure with an additional vacant lot behind the warehouse that measures 70'x 52'. There is also an additional side lot on the north side of the building. See the survey for more information. 15 N 59th Street is a warehouse that is presently used 100% for storage for Jim
Thornton Construction Company, Inc. The seller/owner is a licensed realtor and a licensed contractor.
Formerly the building has been the home to moving and storage companies including the Duffy Piano Company, which was founded in 1897 and was the largest piano mover in the State of Pennsylvania. Historically, because they occupied the warehouse during part of the time they were in business. There may be an opportunity for an investor to procure historic tax credits when developing the property to its adaptive reuse as a high density, mixed use property, likely combining residential or student housing with a ground floor commercial space.
The building is located in a Transit-Oriented Development area (TOD). The immediate proximity to the new $64 million TOD which is across the street and the 60th & Market St. train station makes the site ideal for dense development that minimizes dependence on cars and maximizes public transit use, which is the core principle of transit oriented development. Its location in an Opportunity Zone offers significant potential tax benefits for investors, including the deferral of capital gains tax and the potential for a permanent exclusion of capital gains on new profits if the investment is held for at least 10 years.
Being only 2.5 miles approximately from the rapidly expanding University of Pennsylvania and Drexel University campuses creates a strong demand for
student and young professional housing. Multiple-story warehouses are excellent candidates for adaptive reuse due to their open floor plans, reinforced structures, and large windows, which can be converted into desirable apartments or office spaces.
The historical character of the building could be desirable to tech companies or creative firms. Affordable housing reuse could benefit from affordable housing tax credits and possibly historic tax credits that were used on a building nearby that was the first building in Philadelphia to receive both types of tax credits on a building renovation. This building may qualify for both because of its close proximity to a historic business district but not from the architecture of the building.
This building may be what you are looking for if you need a specialized community facility. The robust structure might appeal to uses requiring heavy floor loads, such as an art gallery, specialized fitness center, maker space or a self-storage facility. The seller has drawings for a brewery developed by Digsau Architects. They are the firm that designed the newest Yards Brewery in Philadelphia. The sellers have most recently hired the firm of Campbell Thomas, Architects to design residential housing for the site that includes the three additional contiguous lots that are separately for sale. A floor plan layout for self storage and a floor plan for 24 apartments or condos for the warehouse are also available to be shared.
ALSO
For lease. First floor would include the entire first floor and the rear lot for $18 per sf NNN and no extra charge for the back lot. The front entrance of the warehouse is approximately 16x80 feet. The warehouse is approximately 70x50 feet The one story addition attached to the warehouse is approximately 50x14 and there is a section of vacant lot on that side of the building. I am not sure of that dimension.
16 x 80 = 1280 sf
70 x 50 3500 sf
50 x 14 = 700 sf
Total first floor approximately 5480 sf plus the vacant rear lot which is approximately 70 x 50 feet.
Financing Options Available:
Warehouse (15N 59th only) $2,200,000
Warehouse plus the 3 vacant contiguous lots $2,500,000
30 % down, 25 year amortization, five year balloon, 7.75% interest rate.
Since a future buyer would have to merge all four properties together allowing up to 30 units because of workforce housing benefits, as per the architectural drawings of Campbell Thomas & Co. architects, I would consider interest only payments for the first 12 months or until permits have been approved, whichever comes first.
