Investments Sales Management

1312 SPRUCE STREET

PHILADELPHIA , PA 19107

MLS#: PAPH2184698

$1,499,900

Status: Closed
Listing number: PAPH2184698
Listing provided by: Addison Real Estate Company Inc
Listing agent phone: None
Last update: 2 years ago
On site: 2 years ago
Browse Properties
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Property

Beds

None

Full Baths

None

1/2 Baths

None

Year Built

1865

Sq.Footage

N/A

Major Price reduction! Unique opportunity to own a single use restaurant building originally zoned as a mixed use (4 apartments and 1st floor restaurant) currently occupied solely by the high end restaurant Vetri Cucina. Vetri has recently extended its lease until 2028 with option with yearly increases for an additional 5 years through 2033! Don’t miss your chance to own a piece of Philadelphia culinary history! This beautifully renovated 1860’s townhome has housed several of Philadelphia’s most acclaimed restaurants since 1967, including Le Pantierre, Le Bec Fin, Two Quails, and now by the award winning Vetri. Since 1998 Verti  has become one of the most lauded dining establishments in the country, receiving the James Beard Award for Outstanding Restaurant in 2011. The first floor includes a gracious well-appointed dining room as well as a high end commercial kitchen.  In 2014 the restaurant remodeled and expanded their space into the upper two floors adding a show kitchen, a private dining room and an event space... The third floor houses the Vetri’s  offices and additional storage space.  The basement area has a walk in freezer, storage for the restaurant and all building mechanicals.  Special note: The West side exterior wall of 1312 Spruce features one of Philadelphia’s beloved murals, Taste of Summer, inspired by the restaurant. Vetri currently has a long term lease until 9-2028 with a 5 year renewal option; however the second and third floors can be converted back into apartment use if desired at a later time to provide additional rental income. Currently restaurant pays all building expenses as a triple net tenant. Act now before this rarely offered trophy property gem goes off the market an into a long term real estate investor portfolio.

Features & Amenities

Interior

  • Total Bedrooms

    N/A

  • Bathrooms

    N/A

  • Cooling YN

    YES

  • Cooling

    Central Air

  • Heating YN

    YES

  • Heating

    Natural Gas, Hot Water

  • Pet friendly

    N/A

Exterior

  • Garage

    No

  • Parking

    On Street

  • Pool

    No

  • Waterfront YN

    NO

  • View

    Street

Area & Lot

  • Lot Size(acres)

    0.04

  • Property Type

    Commercial Sale

  • Property Sub Type

    Mixed Use

Price

  • Sales Price

    $1,499,900

  • Tax Amount

    10429.0

  • Zoning

    Neighborhood Commercial Mixed-Use-2

  • Sq. Footage

    N/A

  • Price/SqFt

    N/A

HOA

  • Association

    NO

School District

  • Elementary School

    N/A

  • Middle School

    N/A

  • High School

    N/A

Property Features

  • Foundation Details

    Stone

  • Sewer

    Public Sewer

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Location

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PHILADELPHIA

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Listing Courtesy of Jonathan M Tori , Addison Real Estate Company Inc

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Agent TheresaKehler

Owner, President, Investment Property Advisor

TheresaKehler

Call Theresa today to schedule a private showing.

(215) 605-9647

theresa@tntrealestatesolutions.com


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Major Price reduction! Unique opportunity to own a single use restaurant building originally zoned as a mixed use (4 apartments and 1st floor restaurant) currently occupied solely by the high end restaurant Vetri Cucina. Vetri has recently extended its lease until 2028 with option with yearly increases for an additional 5 years through 2033! Don’t miss your chance to own a piece of Philadelphia culinary history! This beautifully renovated 1860’s townhome has housed several of Philadelphia’s most acclaimed restaurants since 1967, including Le Pantierre, Le Bec Fin, Two Quails, and now by the award winning Vetri. Since 1998 Verti  has become one of the most lauded dining establishments in the country, receiving the James Beard Award for Outstanding Restaurant in 2011. The first floor includes a gracious well-appointed dining room as well as a high end commercial kitchen.  In 2014 the restaurant remodeled and expanded their space into the upper two floors adding a show kitchen, a private dining room and an event space... The third floor houses the Vetri’s  offices and additional storage space.  The basement area has a walk in freezer, storage for the restaurant and all building mechanicals.  Special note: The West side exterior wall of 1312 Spruce features one of Philadelphia’s beloved murals, Taste of Summer, inspired by the restaurant. Vetri currently has a long term lease until 9-2028 with a 5 year renewal option; however the second and third floors can be converted back into apartment use if desired at a later time to provide additional rental income. Currently restaurant pays all building expenses as a triple net tenant. Act now before this rarely offered trophy property gem goes off the market an into a long term real estate investor portfolio.

1312 SPRUCE STREET

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