Bought with Richard K Cassell • KW Empower
134 CHESTNUT ST Philadelphia, PA 19106
UPDATED:
Key Details
Sold Price $1,000,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 3,300 sqft
Price per Sqft $303
Subdivision Old City
MLS Listing ID PAPH2430602
Sold Date 08/11/25
Year Built 1900
Annual Tax Amount $7,115
Tax Year 2025
Lot Size 945 Sqft
Acres 0.02
Lot Dimensions 15.00 x 63.00
Property Sub-Type Mixed Use
Source BRIGHT
Property Description
The ground floor is occupied by a successful Middle Eastern restaurant on a long-term lease with 7.5 years remaining, 5% annual rent escalations, and favorable terms—including the tenant covering 85% of real estate taxes and 100% of the water bill. This solid commercial anchor contributes to a projected cap rate of 8.2% and $92,400 in annual gross rent.
Above, three residential units provide flexible rental strategies. One unit—currently non-conforming—is used by the owner and delivered vacant, making it ideal for short or mid-term rental conversion. The existing layout offers the option to update or reconfigure for maximum return, and the CMX-3 zoning allows for upward expansion or creative repositioning.
Located in a prime section of Old City surrounded by historic charm, galleries, restaurants, and cultural landmarks, this address also benefits from strong tourism, transit access, and professional rental demand. Whether you continue operating as-is or explore Airbnb, mid-term rentals, or adding residential density—this building presents a rare blend of location, income, and flexibility.
Location
State PA
County Philadelphia
Area 19106 (19106)
Zoning CMX3
Interior
Hot Water Natural Gas
Heating Baseboard - Electric
Cooling Central A/C
Heat Source Electric
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Philadelphia City
Others
Tax ID 871006300
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard, Other
