Multi-housing / PRS

The Bellet Building

Philadelphia, Pennsylvania United States
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key Facts

Year Built 1922
Building Area
Number of units 110

Property Description

Jones Lang LaSalle America Inc. (“JLL”), has been exclusively retained to offer qualified investors the opportunity to purchase The Bellet Building (the “Property” or “Project”), an iconic, highly visible, 119,763 SF redevelopment opportunity in the heart of Center City Philadelphia. The Property benefits from its advantageous design features that include flexible floor plates, tall ceiling heights, and a plethora of natural light.

Given its current CMX-4 zoning and desirable design features, the Bellet Building benefits from a variety of redevelopment opportunities including a conversion to residential apartments, condominiums, and or short-term stay use. In addition, the building could be repositioned into modern office. All of these uses can capitalize on the building’s classic architecture and prominent Center City location. 

Investment Highlights

Dynamic Logan Square Submarket

  • The Property’s dynamic location within the Logan Square submarket offers direct access to a variety of museums, cultural attractions, dining, and entertainment options. In addition to the Bellet Buildings’ sought-after location, the Property offers residents convenient access to all major arterial roadways of the region, including Interstates 76, 95 and 676.

Historic Tax Credit Opportunity

  • The Bellet Building was placed on the Philadelphia Registry of Historic Places in 1961. The age of the building, it’s architectural design, and historic significance make it an ideal candidate for Historic Tax Credits.

Real Estate Tax Abatement

  • If converted to residential or hospitality, the Bellet Building will qualify for a 10-year tax abatement of real estate taxes, which is available in the City of Philadelphia for adaptive reuse developments. Furthermore, developers can receive a 30-month developer abatement, which is received during the development process.

Strong Residential Market Fundamentals

  • In well-positioned locations, demand for luxury residential spaces remains robust as young, highly educated professionals and empty nesters continue to push Center City’s fundamentals in an evolving residential landscape. In addition, Philadelphia’s progressive tax stance on “Short-Term Stay” operators makes the Bellet Building an ideal candidate for a short-term stay operator who can capitalize on its tourist location, centric to the Pennsylvania Convention Center and many of the of Philadelphia’s museums along the Benjamin Franklin Parkway.

Strong Office Market Fundamentals

  • Given the Bellet Buildings’ advantageous Market Street West location and preexisting structure, the opportunity exists to reposition the Property into premier, Class A office space. The Market Street West submarket contains approximately 72% of the Class A office inventory downtown and is home to nine out of eleven trophy towers in the Philadelphia CBD, totaling over 29 million square feet.
Last Updated Date: 30 Jul 2020
Mark Thomson
Mark Thomson
Senior Managing Director, Philadelphia Office Co-Head
License details
DE-RS0019034 MD-5000570 PA-RS292417
Fran Coyne
Fran Coyne
Director, Capital Markets
License details
NJ-1644326 PA-RS320537

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Last Updated Date: 30 Jul 2020

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