3-7 N Christopher Columbus Blvd
Philadelphia, PA 19106

• Unit Size: 1,300 SF
• Condo Use: Flex
• Price: $2,750,000 USD
• Sale Type: Investment
• Price/SF: $2,115.38 USD

Sale Notes

On behalf of Ownership, GREA is pleased to exclusively offer the rare opportunity to acquire an interest in Pier 5 situated on the rapidly-developing Delaware River Waterfront in Philadelphia. A long-term lease interest in Pier 5 will be conveyed upon the sale.

Currently, Pier 5 operates as a year-round marina with 33 boat slips for recreational boats and houseboats. It is one of only two marinas in Center City Philadelphia and one of the only marinas in the area that allows tenants to stow their boats in the water year-round. Pier 5 features some of the largest-sized boat slips in the Philadelphia Region. In addition, tenants have access to a small indoor common space along with bathroom and laundry facilities.

There are several opportunities to increase marina revenue that could be pursued due to the property’s generous CMX-3 zoning classification:

The existing marina can be renovated and reconfigured to accommodate more tenants and a more premium level of amenities. Current accommodations could be expanded to include a full clubhouse with high-end finishes and other amenities such as a kitchen, lounge, and expanded deck.
A new operator could pursue a hospitality or entertainment strategy similar to popular bar/restaurant concepts such as Morgan’s Pier and Liberty Point which are located nearby. 
The marina operator could pursue a houseboat rental business plan where the operator purchases and/or leases houseboats, and then rents them out to tenants for short-term or long-term housing. The core, marine location would be an extremely unique housing option within the Philadelphia market.
A waterfront residential mixed-use development could be constructed.
The Delaware River Waterfront is in the midst of a massive transformation with thousands of residential units under construction and thousands more in the pipeline. The City of Philadelphia and its partners have worked over the last decade to make the Waterfront more accessible to pedestrians and for recreational purposes. Multiple piers along the river have been turned into programmed public parks, artisan co-working spaces, and entertainment venues. A new pedestrian and bike trail along Delaware Avenue was recently completed, and a plan to construct a  12-acre waterfront park over Interstate 95 is now underway. The energy in the surrounding area is obvious and growing.