The other day, we were on our way to the bank and spotted a tiny sign on the side of 1334-48 Bainbridge St., a fairly large building that looks like it was probably built in the 1970s. The sign looked similar to the signs used by the Redevelopment Authority to announce properties for sale, so we figured the property was City owned, especially since it was previously home to the Philadelphia Federal District County Assistance Office.

The sign

The former tenant

When we called the number, we spoke with the owner who was, incidentally, not the City of Philadelphia or the PRA, just a guy who had owned the building for a few decades. Over the course of our conversation, we learned that the building was vacant, that it covered a 12,500 sqft lot, that the building itself had about 25,000 sqft of interior space, and that it was available for sale or lease.

It's a big building

The place is available for $20/sqft NNN, or $4M to purchase outright. Without seeing the inside, it’s tough to comment on the lease price (though it seems a wee bit high). Off the cuff, the purchase price also seems rather high, though not outrageous. After all, the lot across the street, which is ostensibly slated to become twenty-two new homes in the near future, sold for five million. We can see a way to fit fourteen homes on the south side of the street, but there are demolition costs to consider, so obviously the appropriate price will be more than a million less. But could someone step in and buy it for $3.5M, tear the building down, build houses, and make money? Well, maybe.

Could that person be you? The number is pictured above. Give him a ring if you’re interested!