Fully Approved Multifamily Redevelopment Opportunity

2516-18 N 5th St Philadelphia, PA 19133

2516-18 N 5th St, Philadelphia, PA, 19133
2516-18 N 5th St, Philadelphia, PA, 19133 2516-18 N 5th St, Philadelphia, PA, 19133 2516-18 N 5th St, Philadelphia, PA, 19133 2516-18 N 5th St, Philadelphia, PA, 19133 2516-18 N 5th St, Philadelphia, PA, 19133 2516-18 N 5th St, Philadelphia, PA, 19133 2516-18 N 5th St, Philadelphia, PA, 19133 2516-18 N 5th St, Philadelphia, PA, 19133
FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$350,000
Last Verified:
Mar 15, 2023

Highlights

  • 7 Unit Redevelopment
  • Fully Approved with Plans and Renderings
  • Proximity to Fishtown and Northern Liberties
  • Transit Oriented - only 0.5± Mile from York-Dauphin Subway Station

Description

Prime multifamily redevelopment redevelopment opportunity available in the booming West Kensington section of Philadelphia. This fully approved project located at 2516-18 North 5th Street includes a full set of plans for the conversion of an existing structure into 6 oversized apartment units and 1 single-family residence. Additionally, the approved plan includes 1 private parking space, a rare and highly desirable amenity in the submarket.

The property is comprised of two street-to-street, RM-1 zoned parcels totaling 5,004 square feet of land with three existing structures on the site. With fully approved plans and renderings in place, a new operator will be able to move forward with the redevelopment plan quickly after closing.

The property is situated in a booming area of West Kensington that is experiencing a massive waive of investment and development activity due to its transit accessibility and proximity to major commercial corridors in Fishtown and Northern Liberties, as well as Temple University.

Located in the booming West Kensington section of Philadelphia

Building Size: 6543sq ft
Lot Size: 0.06 acres

Map of 2516-18 N 5th St, Philadelphia, PA, 19133

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.