SDGRE is pleased to present The Gas Lamp Hotel, a fully operational 5-key boutique hotel located in the heart of Philadelphia's Old City Historic District. Built in 1899 and meticulously renovated in 2024, the property combines irreplaceable historic character with modern hospitality infrastructure across approximately 3,500 SF of mixed-use space at 140 N 2nd Street. The asset is anchored by five individually designed guest suites. Adams, Davy, Edison, Latimer, and Tesla. The Edison Suite is a 3-bedroom premium configuration with a full kitchen, functionally equivalent to three rentable keys. The hotel is supplemented by an income-producing ground-floor art gallery, a private outdoor courtyard, and a fully built-out basement speakeasy currently activated as private event space. Investment highlights Fully operational 5-key boutique with a reservation system, OTA channels, a direct-booking website, and stabilizing month-over-month performance. 3-bedroom suite with full kitchen generates $391 ADR and $42,261 in 2025 room revenue - effectively three rentable keys within one physical suite, contributing meaningful incremental value beyond the physical room count. The 1899 historic building was substantially renovated in 2024. Hotel opened August 2024 - buyer inherits modern systems, finishes, and FF&E with no near-term capital plan required. Hotel rooms, ground-floor gallery lease, First Friday recurring events, and 5 confirmed private events for 2026 - diversifying cash flow with high-margin pass-through revenue. +44% YoY revenue growth (Aug-Dec 2024 vs. 2025). +55% YoY direct-booking growth (Jan-Feb 2025 vs. 2026). Direct channel share now 58% of 2026 YTD revenue. Steps from Independence Mall, the Delaware River waterfront, Race Street Pier, and Market Street's restaurant corridor - Philadelphia's #1 leisure tourism submarket. Current 8% third-party management fee ( $19K/yr) represents 65 bps of stabilized cap rate expansion for an owner-operator buyer who self-manages the asset. Listing Contacts