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JLL has been retained on an exclusive basis to arrange the sale of 249 S. 6th Street, known as The Cube (the property) located in the Washington Square submarket of the Philadelphia Central Business District. The Cube is a recently upgraded 576-stall subterranean parking garage (within a 226,000 SF GBA envelope) located adjacent to Washington Square, arguably one of Philadelphia’s most prestigious residential locations. Society Hill and the area immediately surrounding The Cube has long been regarded as one of the most desirable places to live in the entire city, with many residents preferring this location to anywhere in the city, including Rittenhouse Square. In addition to residential prestige, Washington Square is proximate to a major medical epicenter (Jefferson Hospital and Pennsylvania Hospital), Philadelphia’s greatest tourism draw (Independence Square), and one of Philadelphia’s largest office centers (The Independence Mall submarket) – all high-volume vehicular destination points.
The immediate location of the property boasts high income demographics, substantial population density and an infill location with significant parking scarcity paired with highly restrictive barriers to entry. The two-block radius surrounding Washington Square alone contains a high concentration of residential multi-family dwellings, densely populated by 2,130 households and 3,300 people, and possesses an average household income of $135,000 annually, as well as a median home value just under $700,000. This sizable and wealthy population immediately proximate to the property allows The Cube to achieve some of the highest monthly parking rates in the City as well as a high volume of daily parkers due to surrounding medical, office and tourism related businesses and destinations.
- High Parking Demand With Limited Supply: The Cube is situated in a location that is surrounded by demand generators for both monthly and daily parking uses, including two captive contiguous residential towers.
- Rent Stability and Future Value Add Potential: The Property boasts a strong and secure revenue stream which is reinforced by a stable base of monthly parkers largely derived from high density residential, reinforced by strong area demographics and high-quality office uses (approximately 70% of revenues are generated by monthly parkers). While the Property will always be situated in a position to capture market-leading monthly rental rates, the opportunity to boost revenue by increasing the proportion of transient parkers exists.
- High Barriers to Entry: The Garage’s Washington Square/Society Hill location is largely comprised of historically protected sites which are either impossible to be redeveloped in the foreseeable future due to their cultural and architectural significance or due to strictly enforced area zoning code and approvals designed to preserve the surrounding historic setting.
- Newly Renovated Garage Infrastructure: Current ownership has recently completed an extensive capital expenditure program to the infrastructure of the garage, including: ramp replacements, post-tension system repairs, waterproofing, and concrete repairs.