Northern Liberties street scene
NoLibs? WTF is NoLibs? You might well ask. It’s a silly acronym (is there any other kind?) for Northern Liberties, one of the most happening neighborhoods in Philadelphia. Think of it as the Williamsburg of Philly — established enough to be a secure real estate investment, yet still with development potential aplenty.
Just north of Center City — an easy walk or bike ride — the neighborhood is old and historic, with 3-and 4-story row houses in a variety of styles. It dates back to William Penn’s 1680 plan for the city, when the area was carved up into 80-acre plots (“liberty lands”) to be given away as incentive to those who bought 5,000-acre parcels elsewhere in the colony of Pennsylvania.
I own two buildings in Philly and covet more. When I get listings emailed to me, I look at them. Usually I’m not moved to act, or even blog. But this one, left, is a corner building in a prime spot and apparently decent shape. The ask (down recently from 350K) is in line with current market conditions, and the possibility of renting both units and being immediately in the black makes it seem worth a closer look.
There are two apartments: a 700-square-foot one-bedroom on the ground floor, with outdoor space in back, and an upper duplex with a loft-like living space, above, two attic bedrooms, and a deck.
It’s clear that a cardinal rule of real estate sales has been broken here: the listing photos suck. Bad for the seller; not necessarily so for prospective buyers. I’ll be down in Philly next weekend and will take a few of my own. In the meantime, for more lousy-but-better-than-nothing images, go here.
And for an appointment to view this or other Philadelphia properties, I can wholeheartedly recommend Ken Krauter, the broker I used when I bought my house in Old Kensington, one neighborhood over, in 2007: ken.krauter@ziprealty.com, 215/450-0605.
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