1831 Chestnut Street
Rittenhouse Square | Philadelphia
Overview
- Offering Price $12,000,000
- Apartment Units 27
- Pro Forma CAP Rate 6.6%
- Commercial Space (2 Units) 2,325 SF
- Building Size 35,125 GSF
- Rentable Area 22,070 RSF
On behalf of Ownership, GREA is pleased to exclusively offer the opportunity to acquire the fee simple interest in 1831 Chestnut, a historic turn-of-the-century building overlooking Rittenhouse Square. One of the most prestigious neighborhoods in all of Philadelphia, Rittenhouse Square is positioned directly west of Broad Street with immediate access to public transportation and major highways. Class A rents in this area represent the top of the market pushing $5 PSF across multiple assets in the competitive set.
Designed by Morris Adjmi Architects, 1831 Chestnut comprises 27 fully furnished luxury residential units and 2,325 square feet of fully leased premium retail space. The Property is currently operating as ROOST Rittenhouse, a curated furnished apartment hospitality concept catering to both short- and long-term stays.
1831 Chestnut features a mix of studio, one-bedroom, two-bedroom, and three-bedroom units boasting high-end condo-quality finishes including stainless steel appliances, quartz slab countertops and backsplashes, herringbone wood floors, vaulted ceilings, tiled showers, rainfall shower heads, and abundant natural light. These luxury units feature in-unit washer/dryer, central HVAC, and impressive city views.
The Property allows new ownership to lease furnished or unfurnished units with attractive layouts at a significant discount to Class A products while offering the same unwavering quality. The 1800 block of Chestnut Street is one of the best in the city, surrounded by James Beard award-winning restaurants, critically acclaimed shops, and the latest in fitness concepts.
1831 Chestnut is less than a 10-minute walk from SEPTA’s Suburban Station at 16th and John F. Kennedy Boulevard for access to 13 regional rail lines carrying commuters throughout Philadelphia, the surrounding suburbs, and points up to Trenton, New Jersey. Further, the Property is convenient to major highways (Interstates 76, 676, and 95) for unparalleled access to the Philadelphia MSA. Residents of 1831 Chestnut are within a short walk of the CBD Class A office buildings, and Rittenhouse Square Park, an iconic green space defining the neighborhood.
