UPDATED:
10/22/2024 12:48 AM
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Coming Soon
Purchase Type For Sale
Square Footage 3,264 sqft
Price per Sqft $765
MLS Listing ID PAPH2406144
Originating Board BRIGHT
Year Built 2011
Annual Tax Amount $14,368
Tax Year 2024
Lot Size 1,254 Sqft
Acres 0.03
Lot Dimensions 33.00 x 38.00
Property Description
1706-08 Lombard St is located in the sought after area of Rittenhouse Square.
This a rare opportunity to own a fully functional restaurant / bar + property in one of Philadelphia’s most vibrant and thriving neighborhoods.
**** Prime Location: **** Situated in a high-traffic area just steps from Center City, this dual storefront property sits along a bustling corridor known for its dining, retail, and entertainment.
Currently Midnight Iris and previously Astral Plane a staple in the area, is a fully operational, move-in-ready restaurant space that includes two levels of seating, a cozy lounge area, 2 bar areas, a fully equipped commercial kitchen, and ample basement storage. The interior is eclectically designed with attention to detail, from its hand carved cherry wood railings to its repurposed vintage doors bar front with glass door handle for hanging your belongings. The interior features contagious character is perfect for transforming the space into your own concept. To top it off the property comes with a spacious 2-bedroom, 2- full bathroom apartment on the 3rd floor, with separate entrance and utilities. Currently owner occupied. Projected rental income of $2500-$3000 a month.
The location is highly walkable and has a walkability score of 98, surrounded by a vibrant mix of residential and commercial properties, and just blocks away from South Street, major hospitals, Jefferson University, and Rittenhouse Square.
**** Investment Potential: **** Whether you’re an experienced restaurateur or an investor looking for a dynamic commercial space, this property offers significant upside potential. The Rittenhouse area of Philadelphia is mecca for tourism and continues to grow, attracting both residents and visitors seeking unique dining experiences.
With its unbeatable location, neighborhood notoriety, and Approx 3300 sq ft of building space, this property is an ideal opportunity for anyone looking to own or invest in Philadelphia’s thriving restaurant scene.
Location
State PA
County Philadelphia
Area 19146 (19146)
Zoning RM1
Interior
Hot Water Natural Gas
Heating Central
Cooling Central A/C
Equipment Negotiable
Heat Source Natural Gas
Exterior
Waterfront N
Water Access N
Accessibility None
Parking Type On Street
Garage N
Building
Lot Description SideYard(s)
Sewer Public Sewer
Water Public
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 871137350
Ownership Fee Simple
SqFt Source Assessor
Security Features Smoke Detector,Security System,Surveillance Sys,Exterior Cameras
Acceptable Financing Cash, Conventional, Other
Listing Terms Cash, Conventional, Other
Financing Cash,Conventional,Other
Special Listing Condition Standard
"Jon's passion for real estate and his love for Virginia are a perfect match. He has made it his mission to help local residents sell their homes quickly and at the best possible prices. Equally, he takes immense pride in assisting homebuyers in finding their perfect piece of paradise in Virginia."
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