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A rare opportunity to acquire a newly constructed, institutionally finished mixed-use asset in one of Philadelphia's fastest-moving corridors positioned directly in the path of Fishtown's northward expansion. Delivered in 2023, 2328 North 2nd Street is a 33-unit, elevator-served apartment building with 3,750 square feet of ground-floor commercial space, a rooftop deck and resident lounge, in-unit laundry in every apartment, and a 10-year, 100% improvement tax abatement. The residential component is 88% occupied and performing. Seventeen units operate under a corporate master lease with Live Work Stay LLC through July 2027 at modestly below-market rents providing consistent, institutionally structured income today with a built-in mark-to-market event in the near term. Market rents for 2-bedroom units in the building are $2,150-$2,400 per month; the path to stabilized NOI of $603,000 annually is straightforward. The commercial component is 3,750 square feet across two ground-floor retail suites. At stabilization, the income capitalization approach supports a value of $11,075,000. The offering includes four adjacent residentially zoned parcels (RSA-5) along North Philip Street, each measuring approximately 1,441 square feet and conditionally approved for townhome development "” four homes at approximately 2,700 square feet each. Taxes and square footage is the responsibility of the buyer to verify independently.
| DAYS ON MARKET | 0 | LAST UPDATED | 6/11/2026 |
|---|---|---|---|
| TRACT | WEST KENSINGTON | YEAR BUILT | 2023 |
| COMMUNITY | 19133 (19133) | COUNTY | PHILADELPHIA |
| STATUS | Active | PROPERTY TYPE(S) | Commercial |
| School District | THE SCHOOL DISTRICT OF PHILADELPHIA |
|---|
| ADDITIONAL DETAILS | |
| AIR | Central Air, Electric |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Gas Water Heater |
| AREA | 19133 (19133) |
| GARAGE | Yes |
| HEAT | Forced Air, Natural Gas |
| LOT | 0.84 acre(s) |
| PARKING | Garage |
| SEWER | Public Sewer |
| STORIES | 4 |
| SUBDIVISION | WEST KENSINGTON |
| TAXES | 1 |
| WATER | Public |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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