Fixer Upper: Buy This Mansion on Spruce Street, Get a Prime Parcel on Delancey Street
Could this mansion at 1726 Spruce Street be the ultimate fixer upper in Philadelphia?
Hyperbole aside, there’s more to this deal than meets the eye. For one, the grand townhome features wonderful old Philly curb appeal, especially with the wrought iron detailing and black shutters. Sure, the home is in rough shape on the inside, but those with an eye for a luxury rehab can see that this place has everything–marble fireplace mantles, inlaid wood floors and intricate wood molding–to become a grand residence or a handful of super luxe condos.
The fixer upper aspect might not even be the most tantalizing part of the deal. The property spans through the block and includes a large undeveloped parcel that fronts Delancey Street–Philly’s most sought-after street.
Alright, admit it: Now you’re intrigued.
City records indicate that a California-based firm called RPM Investments purchased the property in November for $2,000,000.
Currently, the lot is being used as a 8-car parking lot, but the listing states that it could be developed into a single-family home. That’s a big if, but with an asking price for $2,900,000, it makes this far more than a swank fixer upper/run-of-the-mill rehab story, particularly if a shrewd investor is looking to build a new home at what would be 1727 Delancey.
THE FINE PRINT
Square Feet: 9,900