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2516 Frankford

PHILADELPHIA, PA 19125
  • $750,000
  • STATUS: Active
  • ON SITE: 192 Days
  • MLS #: PAPH2302076
$750,000
  • 0
    BEDS
  • 0.04
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 2,555
    SQFT
  • $294
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1921
County:

School Ratings & Info

Description

Rare Development Opportunity - Entitled 6 Units On a High Preforming Corridor. Location DetailsCMX-2 Zoned for commercial, 5 residential units above 1 & 2 bed units & roof deck. Eligible for a 10 year tax abatement upon completion of construction . Additional property (set up as a duplex) at 2505 Amber St is interested to sell as a package deal, therefore you can consolidate, increase the foot print of the building and add unit density. Central to large and midsize development .Located in a Qualified Opportunity Zone Strategy 1 - Bring the building to lease ready condition for a projected $4100 gross monthly income to cover the estimated $4000 monthly debt service. Pursue approvals on plans and pull permitting. factoring in expediting and response time from examiners you'll begin work in the spring time, which will aline with the ideal rental cycle for stabilizing the building. Strategy 2 - For an offer price of $780,000 Seller will finalize and coordinate with the architect to submit plans for approval. Seller will deliver approved plans at the time of closing. Buyer will be responsible for adding their contractor to eclipse and pulling/ paying for permits. Build immediately and sync with the rental cycle to stabilize the building.

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www.chesapeakebayproperties.com/homes/145752048
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2516 Frankford PHILADELPHIA, PA 19125

  • Price: $750,000
  • Status: Active
  • On Site: 192 Days
  • MLS #: PAPH2302076
0
Beds
0
Baths
0
½ Baths
0.04
Acres
2,555
SQFT
$294
$/SQFT
1921
Built
Neighborhood:
19125 (19125)
County:
Philadelphia
Area:
19125 (19125)
School District:
The School District Of Philadelphia
Property Description
Rare Development Opportunity - Entitled 6 Units On a High Preforming Corridor. Location DetailsCMX-2 Zoned for commercial, 5 residential units above 1 & 2 bed units & roof deck. Eligible for a 10 year tax abatement upon completion of construction . Additional property (set up as a duplex) at 2505 Amber St is interested to sell as a package deal, therefore you can consolidate, increase the foot print of the building and add unit density. Central to large and midsize development .Located in a Qualified Opportunity Zone Strategy 1 - Bring the building to lease ready condition for a projected $4100 gross monthly income to cover the estimated $4000 monthly debt service. Pursue approvals on plans and pull permitting. factoring in expediting and response time from examiners you'll begin work in the spring time, which will aline with the ideal rental cycle for stabilizing the building. Strategy 2 - For an offer price of $780,000 Seller will finalize and coordinate with the architect to submit plans for approval. Seller will deliver approved plans at the time of closing. Buyer will be responsible for adding their contractor to eclipse and pulling/ paying for permits. Build immediately and sync with the rental cycle to stabilize the building.
Exterior Features

Architectural Style Traditional Construction Materials Brick Garage YN No Lot Features Irregular Parking Types None Pool No Pool Roof Flat View City Water Access YN No Water View YN No Waterfront YN No

Interior Features

Above Grade Fin SQFT 2555 Cooling Central A/C Heating Central Heating YN Yes Inclusions Proposed plans and zoning approval Single Room Units 0 Three Bedroom Units 0 Two Bedroom Units 3

Property Features

Accessibility Features None Central Air YN Yes Cooling Fuel Electric Cross Street CUMBERLAND Electric 200+ Amp Service Foundation Details Stone Heating Fuel Natural Gas Hot Water Natural Gas Municipality PHILADELPHIA Navigable Water YN N New Construction YN No Number Of Units Leased 0 Number Of Units Total 4 Number Of Units Vacant 4 Original MLSNumber 802760890190 Ownership Interest Fee Simple Property Sub Type Quadruplex Rent Control YN No Sale Type Standard Sewer Public Sewer Structure Design Type Interior Row/Townhouse Tax Annual Amount 612.00 Vacation Rental YN No Water Source Public Year Built Effective 2019 Zoning CMX2 Zoning Description Legal 4 unit (3 residential & 1 commercial) zoned for 5 residential & 1 commercial

 
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