2020
1801 FAIRMOUNT
S H O V E L - R E A D Y D E V E L O P M E N T 10 units + retail + parking Agent PHL and Compass Pennsylvania, LLC, “AGENT PHL” strictly prohibits the sharing of this marketing brochure. Only the recipient of this brochure may review it; anyone else must have written permission from AGENT PHL to review. The information contained within is confidential and proprietary. AGENT PHL does not make any representation or warranty whatsoever to the accuracy of any of the information provided. The information provided was provided by what AGENT PHL deems as a reliable resource. It is fully upon the prospective purchaser to perform its own due diligence as to the accuracy and validity of the information within, including but not limited to financial data, physical condition, square footages, compliance with federal & state regulations, and any potential contamination. All rights reserved. Table of Contents
Executive Summary...... 4 Location and Amenities...... 5 Imagery and Floor Plans...... 8 Financial Analysis...... 15 Market Comparables...... 18
Development Team Architect: Halee Bouchehrian (phenomenArch) Engineer: Larsen & Landis Demolition Contractor: Diplomat Demo General Contractor: Tete Brothers LLC *At present all soft costs have been paid for. Demolition contractor paid 25% deposit to start demo.
Ryan McManus [email protected] 267.838.5265 Agentphl.com Executive Summary 1801 Fairmount
AgentPHL Powered by Compass is pleased to present 1801 Fairmount Avenue, a shovel ready transit oriented development site consisting of 10 residential apartments/condos atop retail/restaurant space with 3 car parking garage ~ the ultimate urban luxury. The Development is strategically located on the prominent NW corner of 18th and Fairmount in the beloved Fairmount submarket of Philadelphia, Pennsylvania. Situated on the most prime commercial corridor with a rich historic past, this boutique 20K SF elevator building is poised to become the areas next landmark property. 5 story construction. 3 units per floor. Ideal unit mixture: one 1bd x 1ba, one 2bd x 2ba, one 3bd x 3ba per floor on levels 2-4. The 3bd x 3.5ba penthouse with 500 SF city facing terrace will undoubtedly be Fairmount's finest residence built to date, with a full floor 2100 SF open concept floorplan and wall to wall skyline views from the living room. The 1500 SF ground floor space should command high street retail rents and could likely become the next world- class dining destination in a city full of nationally ranked culinary outposts. The entire 1500 SF basement is included for the retail/restaurant operator. 34 feet of frontage on Fairmount Avenue plus sidewalk seating along 18th Street heading straight towards Francisville park/playground. The residential units will lease up or sell out prior to completion, as this is an irreplaceable location. The upper floor units have unobstructed skyline views and all floors have southern exposure for tons of natural light penetration.
Philadelphians know this is a generational location to build. There are only a handful of comparable commercial corridors in the city; demand increases perennially for new housing in this area. 8 minute walk to Septa Broad Street Line at Fairmount Station; less than .5 mile. Walkable to downtown Philly; just 1 mile to City Hall, the urban core. Coveted section of the city favored by the new professional and millennial class of homebuyers and renters. Permits and plans included with sale. Buy and build. Significant acquisition and soft costs have already been paid for; this is a turnkey development project for a Developer to create a showcase building that will endure for centuries.
The Development provides the rare chance to secure the 10 year tax abatement. As of 2021 the tax abatement will be substantially reduced citywide, but this project is 100% approved and entitled to qualify for the FULL TAX ABATEMENT. Term sheet provided by leading local lender. The project pencils out beautifully as either a rental investment or condo sell out. The market will absorb either approach at top of market rental rates and per square foot sales. The penthouse will command its own price, as there is nothing previously built or coming soon that can compare to it. Inquire within for construction, rental and sales pro forma.
MAKE YOUR MOVE. The Neighborhood
About Fairmount Many of Philly’s top attractions—Boathouse Row, the Art Museum, the Barnes Foundation, Eastern State Penitentiary—are clustered here, as are 4,000 nearby acres of Fairmount Park, which offers miles of trails for running, biking, and hiking. Popular local bars and restaurants like Sabrina's and Bar Hygge offer a relaxed and friendly vibe.
WHAT TO EXPECT: Enjoy a laid-back vibe amidst superior cultural offerings.
THE LIFESTYLE: Picnic in the park or walk along the glittering Schuylkill River.
UNEXPECTED APPEAL: For all its popularity, Fairmount remains an ideal spot for first- home buyers.
Demographics Just outside the hustle and bustle, young families who move here enjoy its proximity to beautiful green spaces and a thriving food scene.*
Transportation SEPTA’s Broad Street Line drops riders off directly on Fairmount’s eastern border. A number of bus routes (48, 33, 32 and 7) also run to and from Center City. The neighborhood’s residential area is pedestrian and bike friendly*.
City Hall 17m by train, 8m by car University of Pennsylvania 30m by train, 7m by car 30th St. Station 17m by train, 7m by car
* visitphilly.com Philadelphia
About Philadelphia
Philadelphia, the largest city in Pennsylvania, is located in the southeastern portion of the state at the junction of the Schuylkill and Delaware Rivers. It is located along the northeastern corridor, situated between Washington, D.C. and New York City. Philadelphia is a two hour drive from New York City and Baltimore, one hour from Atlantic City and three hours from Washington, D.C. It is also conveniently located along Amtrak's Northeastern Corridor line, providing train service to New York within an hour and a half and to Washington, D.C. within two hours. Philadelphia offers residents and visitors an abundance of art and culture, renowned performing arts companies, historic architecture, a walkable downtown, endless shopping and highly regarded restaurants.
Demographics
Philadelphia is the fifth largest city in the United States, with a population of over 1.6 million living within the City and nearly 6.1 million within its nine county PMSA.
Transportation
Philadelphia has an extensive highway infrastructure and public transportation network that features trains, buses and subways serving the city and surrounding counties. Amtrak provides extensive rail service to Philadelphia's 30th Street Station, which is less than a half mile from the property. The station is a major hub along Amtrak's Northeast Corridor, making the 30th Street Station the second busiest in the country, serving more than 3.6 million passengers annually. Trains regularly serve Boston and New York. The City of Philadelphia sits at the crossroads of three interstate highways I-76, I-95 and I-676 - transporting over 300,000 drivers and passengers daily. Amtrak's high- speed Acela trains can reach Baltimore in 60 minutes, New York in 70 minutes, Washington, D.C. in 95 minutes and Boston in just under 5 hours. Average weekday ridership aboard Amtrak's high speed trains is 11,200.
Highlights
Philadelphia has been seeing a substantial growth in the job market and local economy backed by EDUCATION and MEDICINE. According to CBRE's research, Eds & Meds' offers greatest benefit to multifamily and retail markets is its ability to soften market volatility. As technology infiltrates the Eds & Meds sector, the hospitals and universities will grow stronger and their respective metro areas benefit greatly. 5th most populous city and 7th largest metropolitan economy in the US. The population is young, and millennials in Philadelphia are showing a growing interest in urban living, away from suburban homes Philadelphia is growing jobs at a faster pace than New York for the first time in at least 25 years with an annual average growth rate of 2.8%. Location Restaurants and Amenities
Interactive Map The Property Exterior concepts The Property Existing structure The Property Views The Property Penthouse Floor Plans Basement & L1 Floor Plans L2, L3, & L4
Levels 2, 3, and 4 have the same layout Floor Plans Penthouse (L5) Financial Analysis Construction budget Financial Analysis Rental pro forma Financial Analysis Rental comps
Rental comps map Market Comparables Condo sales pro forma
Sales comps map Market Comparables Sales comps