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Investor opportunity in the heart of Philadelphia's storied Old City District"”134 Chestnut Street is a stabilized, cash-flowing legal four-unit mixed-use building with CMX-3 zoning and multiple revenue paths. With 2,265 square feet of rentable space, this property checks all the boxes for a savvy buyer seeking long-term appreciation and immediate income. The ground floor is occupied by a successful Middle Eastern restaurant on a long-term lease with 7.5 years remaining, 5% annual rent escalations, and favorable terms"”including the tenant covering 85% of real estate taxes and 100% of the water bill. This solid commercial anchor contributes to a projected cap rate of 8.2% and $92,400 in annual gross rent. Above, three residential units provide flexible rental strategies. One unit"”currently non-conforming"”is used by the owner and delivered vacant, making it ideal for short or mid-term rental conversion. The existing layout offers the option to update or reconfigure for maximum return, and the CMX-3 zoning allows for upward expansion or creative repositioning. Located in a prime section of Old City surrounded by historic charm, galleries, restaurants, and cultural landmarks, this address also benefits from strong tourism, transit access, and professional rental demand. Whether you continue operating as-is or explore Airbnb, mid-term rentals, or adding residential density"”this building presents a rare blend of location, income, and flexibility.
Property Type(s):
Commercial
| Last Updated | 3/28/2025 | Tract | OLD CITY |
|---|---|---|---|
| Year Built | 1900 | Community | 19106 (19106) |
| County | PHILADELPHIA |
SCHOOLS
| School District | PHILADELPHIA CITY |
|---|
Price History
| Prior to Mar 28, '25 | $1,195,000 |
|---|---|
| Mar 28, '25 - Today | $1,090,000 |
Additional Details
| AIR | Central Air, Electric |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Gas Water Heater |
| AREA | 19106 (19106) |
| HEAT | Baseboard, Electric |
| LOT | 871 sq ft |
| LOT DIMENSIONS | 15.00 x 63.00 |
| PARKING | None |
| SEWER | Public Sewer |
| SUBDIVISION | OLD CITY |
| TAXES | 7115 |
| WATER | Public |
Location
Listing provided by KW Empower
The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Keller Williams participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than Keller Williams are marked with the IDX icon and detailed information about each listing includes the name of the listing broker.
2025 BRIGHT, All Rights Reserved. Information Deemed Reliable But Not Guaranteed. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale.
Data last updated: 4/19/25 2:37 AM PDT
This IDX solution is (c) Diverse Solutions 2025.
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