-
Unit Size: 1,466 SF
-
Condo Use: Retail
-
Price: $595,000 USD
-
Sale Type: Investment
-
Price/SF: $405.87 USD
Description
Blueprint Commercial is pleased to exclusively offer 304 Market Street, Unit A — a stabilized, single-tenant NNN retail condominium in the heart of Old City, Philadelphia. The 1,460 SF ground-floor unit is 100% occupied by Primo Hoagies (MAA Enterprises LLC), a proven East Coast franchise with 100+ locations. The in-place lease runs through October 2029 with one five-year renewal option at a 10% rent bump, providing reliable income visibility through 2034. Offered at $595,000 ($407/SF) at a ±7.61% cap rate, the tenant pays all taxes, insurance, and operating costs with zero landlord management required.
Located on the 300 block of Market Street steps from Independence Hall, the property benefits from 3.5+ million annual park visitors, a Walk Score of 99, and a Transit Score of 100. The surrounding trade area supports a median household income exceeding $116,000, anchored by a growing population of young professionals.
Sale Notes
Here are the CoStar sale notes:
---
Blueprint Commercial is pleased to exclusively offer for sale 304 Market Street, Unit A, a stabilized, single-tenant NNN retail condominium located in the heart of Old City, Philadelphia. The 1,460 SF ground-floor unit is 100% occupied by Primo Hoagies (MAA Enterprises LLC), one of the most recognized sandwich franchises on the East Coast with 100+ locations. The property is offered at $595,000 ($407/SF) reflecting a ±7.61% cap rate on Year 1 NOI of $45,300.
LEASE OVERVIEW
The in-place lease commenced November 1, 2024 and runs through October 31, 2029, with one five-year renewal option at $4,150/month — a 10% increase over the current base rent of $3,775/month. The lease is structured as 100% NNN, with the tenant responsible for all real estate taxes, property insurance, common area/condo fees, utilities, management, and repairs. Total gross rent is $5,000/month ($60,000/year) inclusive of $1,225/month in NNN reimbursements. There is zero landlord management responsibility. The renewal option extends income visibility through October 31, 2034, and the renewal NOI of $49,800 implies an 8.37% cap rate on the purchase price.
FINANCIAL SUMMARY
List Price: $595,000
Price Per SF: $407/SF
Year 1 NOI: $45,300
Cap Rate: ±7.61%
Renewal NOI: $49,800
Renewal Cap Rate (on Purchase): ±8.37%
Total Gross Revenue: $60,000/year
Expense Structure: 100% NNN
Unleveraged 10-Year IRR: 7.74%
Leveraged 10-Year IRR (65% LTV): 8.93%
Year 1 Cash-on-Cash (Unleveraged): 7.40%
Renewal Cash-on-Cash (Leveraged): 8.43%
Equity Multiple (Leveraged): 2.00x
DSCR: 1.47x
Minimum Equity Required: $220,150
Leveraged assumptions reflect 65% LTV, 7.00% fixed rate, 30-year amortization, and an exit at an 8.00% cap rate in Year 10.
TENANT OVERVIEW
The tenant, MAA Enterprises LLC d/b/a Primo Hoagies, operates under the Primo Hoagies franchise, founded in 1992 in South Philadelphia. The brand has grown to over 100 locations across the East Coast and has been recognized by USA Today as the Best Sandwich Shop in America for 2023, 2024, and 2025. Primo Hoagies specializes in premium Italian-style hoagies, specialty sandwiches, and catering, and is actively expanding through franchising across the Mid-Atlantic and Southeast. The Old City location benefits from the brand's deep Philadelphia roots and strong visibility on one of the city's highest-traffic retail corridors.
LOCATION OVERVIEW
The property is situated on the 300 block of Market Street in Old City, one of Philadelphia's most visited and recognizable neighborhoods. The block sits steps from Independence Hall, the President's House Site, and the Independence Visitor Center — anchors that collectively draw over 3.5 million annual visitors to the immediate area. The surrounding neighborhood supports a growing mix of upscale dining, boutique retail, galleries, and an expanding residential base of young professionals.
The property carries a Walk Score of 99 (Walker's Paradise) and a Transit Score of 100 (Rider's Paradise). The Market-Frankford Line's 2nd Street and 5th Street stations are within a 5-minute walk, providing direct access to Center City and regional transit connections. I-95 and I-676 on-ramps are also within minutes of the property.
DEMOGRAPHICS
Within a 0.25-mile radius, the 2025 median household income is $116,403, with an average household income of $154,087. The immediate population skews young, with approximately 48% of residents aged 15–34. The 1.0-mile trade area supports a projected population of 56,692 with 17.9% growth projected through 2030, driven in part by continued residential conversion of historic buildings and new multifamily development along the Delaware River waterfront.
PROPERTY DETAILS
Address: 304 Market Street, Unit A, Philadelphia, PA 19106
Property Type: Retail Condominium
Zoning: CMX-3
Unit Size: ±1,460 SF
Frontage: 22 FT
Year Built: Historic (Pre-1900 Mixed-Use Building)
Parking: Street Parking; High-Walkability Location
Lease Guarantor: MAA Enterprises LLC d/b/a Primo Hoagies
Offers should be submitted in the form of a Letter of Intent (LOI) to Blueprint Commercial. All inquiries and property tours should be directed to the listing broker.
Mike Kahan
Blueprint Commercial
