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$5,100,000
Est. payment /mo
0.64 Acres Lot
UPDATED:
10/17/2024 05:57 PM
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID PAPH2410760
HOA Y/N N
Originating Board BRIGHT
Annual Tax Amount $7,814
Tax Year 2025
Lot Size 0.644 Acres
Acres 0.64
Property Description
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!
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!
Location
State PA
County Philadelphia
Area 19139 (19139)
Zoning CMX25
Exterior
Water Access N
Garage N
Building
Lot Description Irregular
Sewer Public Sewer
Water Public
Schools
School District Philadelphia City
Others
Tax ID 885691640
Ownership Fee Simple
SqFt Source Estimated
Special Listing Condition Standard
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Listed by Dennis J Carlisle • OCF Realty LLC - Philadelphia
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Deb Hagemeister
Broker Associate | License ID: 9133524
Broker Associate License ID: 9133524