Marcus & Millichap Brokers Sell Retail Property In University City, Philadelphia For $9.5M
SOLD
$9,500,000
+ 4
Pennsylvania
See Similar DealsRetail31,573 SF
Sold 09/22/2022
SOLD
Marcus & Millichap Brokers Sell Retail Property In University City, Philadelphia For $9.5M
701 West Lehigh Avenue, Philadelphia, Pennsylvania 19133, United States
See Similar DealsRetail31,573 SF
Sold 09/22/2022
+ 4
Summary
PENNSYLVANIA
Asset Type:Retail
Price Per Square Foot:$300
Total Square Footage:31,573 SF
Transaction Type:Sale
The retail property located at 701 W Lehigh Ave in University City, Philadelphia has been sold for a price of $9,500,000. The property spans a total area of 31,573 square feet, resulting in a price per square foot of $301. The transaction took place on September 22, 2022. The property is situated in a vibrant market, University City.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $9,500,000
- Address: 701 W Lehigh Ave
- Market: University City, Philadelphia
- Square Footage: 31,573
- Price per Square Foot: $301
The sale of this retail property was facilitated by the brokers Scott Woodard, Derrick Dougherty, Ridge MacLaren, Clarke Talone, Andrew Townsend, Colin Reder, and Sean Beuche, who represented the seller and buyer in the transaction. The brokers are affiliated with Marcus & Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$506,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$33,751.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$45,034.85
Annual Debt Service$540,418.16
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