The Hot Old City Property Everyone Is Looking At But No One Is Buying

113-15 arch street

It’s been weeks and months now that 113-115 Arch Street has been in the top 10 most viewed Philadelphia listings — usually within the top 3 — on LoopNet, the web’s premier service for commercial listings. Every time a report on “most popular” properties comes in, I think, Poor old 113 Arch. I bet it’s still there. And it is.

The double property is a four-story, 22,000-square-foot, mixed-use building with apartments, office space and street retail. There are nine “New York-style” loft rental units (pictured below) that range from $1,200 per month to $6,000 per month. The building is 99 percent occupied right now, and according to the listing, the gross income from the building is $306,000. The building is also home to the Rosenfeld Gallery.

The price of this investment property was just reduced by $200,000. It's now $4.1 million.

113-115 Arch Street [Prudential, Fox & Roach]

  • GE

    So whats the downside? There’s a reason it’s still available.

  • La Belle Gigi

    Is it sitting empty? Are the tenants WAY behind on their obligations? Are there severe structural problems? Are the taxes too damn high?

  • JF

    Those apartments are beautiful!!! I wish I could live there.