Redevelopment Opportunity

GREA extends to qualified investors the opportunity to acquire the fee simple interest in 5535-5541 North 2nd Street, a mixed-use building consisting of (8) one-bedroom apartment units and 4,000 square feet of commercial space. The property is on the southeast corner of North 2nd Street and Olney Avenue with frontage on three streets - North 2nd Street, Olney Avenue, and N. Palethorp Street.

The apartment units are fully framed and feature generously sized living rooms and bedrooms. The commercial space (4,000 gross square foot) could be leased by one tenant or divisible into (4) 1,000± square foot spaces. The commercial space also has a basement level (4,000± square feet) that can be utilized as additional storage space for the tenants. The property is completely vacant. The apartment units have new electrical, plumbing, windows, and doors, with minimal work remaining. A new owner can finish those units with new flooring, cabinets, and appliances, whereas the commercial space would need a full renovation.

Located in the heart of Olney in Philadelphia, the property is less than a mile (25-minute walk/7-minute bike ride) from SEPTA’s Fern Rock Transportation Center and the Olney Transportation Center for regional rail and numerous bus and subway routes. The Olney Regional Rail Station on the Fox Chase Line is a 7-minute walk from the property. Further, the property is conveniently located near Route 1 (Roosevelt Boulevard), Route 611 (North Broad Street), and Interstate 95. The Property’s location provides tenants access to the area’s top employers including Einstein Medical Center (Jefferson Health), Temple University Hospital, Shriner’s Hospital for Children, St. Christopher’s Hospital for Children, and Germantown Medical Center. The various transportation options provide easy access to employment hubs in Center City Philadelphia and the surrounding suburbs.

5535-5541 North 2nd Street presents an outstanding redevelopment opportunity to acquire a property with strong bones in an up-and-coming location. By completing the renovations, the property will be able to compete with other apartment buildings nearby and attract a strong tenant base at a reasonable price point.