$1,350,000
$1,499,900
10.0%For more information regarding the value of a property, please contact us for a free consultation.
3,510 SqFt
SOLD DATE : 07/17/2023
Key Details
Sold Price $1,350,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 3,510 sqft
Price per Sqft $384
MLS Listing ID PAPH2184698
Sold Date 07/17/23
HOA Y/N N
Originating Board BRIGHT
Year Built 1865
Annual Tax Amount $10,429
Tax Year 2023
Lot Size 1,545 Sqft
Acres 0.04
Lot Dimensions 19.00 x 81.33
Property Description
Major Price reduction! Unique opportunity to own a single use restaurant building originally zoned as a mixed use (4 apartments and 1st floor restaurant) currently occupied solely by the high end restaurant Vetri Cucina. Vetri has recently extended its lease until 2028 with option with yearly increases for an additional 5 years through 2033! Don’t miss your chance to own a piece of Philadelphia culinary history! This beautifully renovated 1860’s townhome has housed several of Philadelphia’s most acclaimed restaurants since 1967, including Le Pantierre, Le Bec Fin, Two Quails, and now by the award winning Vetri.
Since 1998 Verti has become one of the most lauded dining establishments in the country, receiving the James Beard Award for Outstanding Restaurant in 2011. The first floor includes a gracious well-appointed dining room as well as a high end commercial kitchen. In 2014 the restaurant remodeled and expanded their space into the upper two floors adding a show kitchen, a private dining room and an event space... The third floor houses the Vetri’s offices and additional storage space. The basement area has a walk in freezer, storage for the restaurant and all building mechanicals. Special note: The West side exterior wall of 1312 Spruce features one of Philadelphia’s beloved murals, Taste of Summer, inspired by the restaurant.
Vetri currently has a long term lease until 9-2028 with a 5 year renewal option; however the second and third floors can be converted back into apartment use if desired at a later time to provide additional rental income. Currently restaurant pays all building expenses as a triple net tenant.
Act now before this rarely offered trophy property gem goes off the market an into a long term real estate investor portfolio.
Location
State PA
County Philadelphia
Area 19107 (19107)
Zoning CMX-2
Interior
Hot Water Natural Gas
Heating Hot Water
Cooling Central A/C
Flooring Wood, Ceramic Tile
Equipment See Remarks
Heat Source Natural Gas
Exterior
Utilities Available Under Ground
Waterfront N
Water Access N
View Street
Roof Type Flat,Rubber
Street Surface Black Top
Accessibility None
Road Frontage Public
Parking Type On Street
Garage N
Building
Foundation Stone
Sewer Public Sewer
Water Public
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 871058950
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash, Conventional, Other
Listing Terms Cash, Conventional, Other
Financing Cash,Conventional,Other
Special Listing Condition Standard
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Jonathan M Tori • Addison Real Estate Company Inc
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "