Property
Beds
None
Full Baths
None
1/2 Baths
None
Year Built
None
Lot size
0.64 acres
Presenting 5235 Chestnut Street, an entitled development site for a transit-oriented, 204-unit multifamily development in the heart of West Philadelphia, located within a Qualified Opportunity Zone. This development will be a game-changer for this part of West Philadelphia, offering new apartment units in a high-demand area of the city, with easy access to transit and access to the historic 52nd Street Commercial Corridor, known as “West Philadelphia’s Main Street”. This exciting offering is a great opportunity for developers and investors to build a first-class apartment development on a long-vacant parcel. This development is located within the Mixed Income Neighborhood Overlay, a zoning overlay that requires new construction residential projects to have 20% of units be rent restricted based on a set of specific criteria. This allows this project to be accessible to tenants of different income backgrounds and be a new development that contributes to housing affordability in the community. It also provides opportunities for a developer to pursue certain financial benefits/incentives, including low-income housing tax credits. The property comes with approved zoning permits and plans and is ready for the right builder to get started and bring this part of West Philadelphia into its next exciting chapter!
Features & Amenities
Interior
Area & Lot
-
Lot Features
Irregular Lot
-
Lot Size(acres)
0.64
-
Property Type
Land
Exterior
-
Garage
No
Financial
-
Sales Price
$4,100,000
-
Tax Amount
2557.0
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Location
County
PHILADELPHIA
Elementary School
Middle School
High School
Listing Courtesy of Dennis J Carlisle , OCF Realty LLC - Philadelphia
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Owner, President, Investment Property Advisor
TheresaKehler
Call Theresa today to schedule a private showing.
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