$550,000

2303 Frankford Ave

PHILADELPHIA PA, 19125

Description

Fantastic opportunity priced to sell in the middle of exploding Frankford Avenue corridor. New construction all around. Millennials and developers are filling in every gap and storefront in this exciting and lively area of 24/7 live work play Fishtown. Zoned CMX 2 this property is currently a bank branch on the ground floor with offices on floors two and three. Zoning allows for another story addition by right. The highest and best use of this property is to add another story to the property and rehab resulting in three(3) large two(2)bed apartments on floors 2-4 and retail space on the ground floor. Pricing takes into consideration a generous rehab cost and immediate owners equity once rehab is complete. Basement is already over 7 foot clearance. Just apply for the permits and start adding equity! Make an offer now as this property is already receiving interest. Renovations will qualify property for a 10 year tax abatement. Proforma CAP Rate 7.5% based on renovations and 1 story addition.

Details

MLS#PAPH803200
StyleIndustrial
Sub-TypeResale
StatusActive
Year1950
Days On Site107

Features

SQ Feet3,200
Story(s)0
Units3
ZoningCMX2

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Area Information

StatePA
CityPHILADELPHIA
Zip Code19125
Area19125 (19125)
Listing VS Median (in 19125)
Price:
$550,000
low | high
Med:
$319,900
91.836363636364% of Average
SqFt:
3,200
low | high
Med:
1,466
100% of Average
$ / SqFt:
$172
low | high
Med:
$218
23.028231838149% of Average
On Site:
107
low | high
Med:
38.5
100% of Average
Listing Updated: 09/17/2019
MLS Number: PAPH803200
Listing Provided By:
William Kilrain  of  American Heritage Realty
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