134 Chestnut St

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.

Price Change History for 134 Chestnut St, PHILADELPHIA, PA (MLS® #PAPH2430602)