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2221 Front st - Fully-Approved Mixed-Use Opportunity 0.24 Acres of Residential Land Offered at $2,406,720 CAD in Philadelphia, PA 19133
INVESTMENT HIGHLIGHTS
- Fully Approved Project: Includes Approvals, Zoning Permits & Building Permits
- Desirable East Kensington Site: One of Philadelphia’s Most Gentrifying Neighborhoods; Situated within QOZ
- Abundant Amenities: Walk to the Area’s Popular Restaurants, Cafes, Shops & Night Life
- 10-Year Tax Abatement: Pay No Taxes on Newly-Constructed Improvements in Year 1, then Step Up 10% per Year
- Transit-Oriented Development: Directly Adjacent to SEPTA’s Station for Market-Frankford Line (York-Dauphin)
EXECUTIVE SUMMARY
Global Real Estate Advisors (GREA) exclusively presents the unique opportunity to acquire the fee simple interest in an approved multifamily development site situated at 2221 North Front Street in the rapidly gentrifying East Kensington section of Philadelphia. The site is approved for approximately 54,608 total square feet of construction, 60 residential units, and 5,877 square feet of commercial space. In addition, the project qualifies for the City of Philadelphia 10-year tax abatement, allowing new ownership to pay no taxes on the new improvements in year 1, and then escalates 10% each year for the following 10 years. Further, the site is situated in a Qualified Opportunity Zone.
The site is located in East Kensington, one of the most rapidly gentrifying neighborhoods in the Philadelphia MSA. Over the last 10 years, this section of the City has become a major focus of real estate developers, adding thousands of high-end apartments. What was once a working-class riverward has become the premier choice for young professionals. The subject property’s location boasts direct access to major roadways, including I-95, I-76, and I-476, as well as North Delaware Avenue, Lehigh Avenue, and Cecil B. Moore Avenue. In addition, the site is in proximity to public transportation routes via the York-Dauphin Station on the SEPTA Market-Frankford Line, allowing tenants a multitude of transportation options to access employment centers throughout the Philadelphia MSA.
The site is located in East Kensington, one of the most rapidly gentrifying neighborhoods in the Philadelphia MSA. Over the last 10 years, this section of the City has become a major focus of real estate developers, adding thousands of high-end apartments. What was once a working-class riverward has become the premier choice for young professionals. The subject property’s location boasts direct access to major roadways, including I-95, I-76, and I-476, as well as North Delaware Avenue, Lehigh Avenue, and Cecil B. Moore Avenue. In addition, the site is in proximity to public transportation routes via the York-Dauphin Station on the SEPTA Market-Frankford Line, allowing tenants a multitude of transportation options to access employment centers throughout the Philadelphia MSA.
PROPERTY FACTS
| Price | $2,406,720 CAD | Property Subtype | Residential |
| Sale Type | Investment | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 0.03 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Zoning | CMX-2.5 | ||
| Price | $2,406,720 CAD |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | |
| Total Lot Size | 0.03 AC |
| Opportunity Zone |
Yes |
| Zoning | CMX-2.5 |
1 LOT AVAILABLE
Lot
| Price | $2,406,720 CAD | Lot Size | 0.24 AC |
| Price Per AC | $9,850,284.55 CAD |
| Price | $2,406,720 CAD |
| Price Per AC | $9,850,284.55 CAD |
| Lot Size | 0.24 AC |
1 1
Walk Score®
Very Walkable (88)
Bike Score®
Very Bikeable (78)
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2221 Front st - Fully-Approved Mixed-Use Opportunity
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