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701 W York St - St. Edwards School 40,800 SF Specialty Building Offered at $4,885,720 CAD at a 13.80% Cap Rate in Philadelphia, PA 19133
INVESTMENT HIGHLIGHTS
- ADAPTIVE REUSE CONVERSION - Vacant school building being redeveloped into 40 market-rate residential units.
- DURABILITY - Significant capital already invested in steel and reinforced systems, exceeding standard stick construction.
- SCALE - 43,035 SF footprint across multiple levels; flexible for diverse unit layouts.
- PARTIALLY COMPLETE CONSTRUCTION - Framing, steel reinforcement, and core structural work already complete.
- TAX ABATEMENT - Reported full 10-year Philadelphia tax abatement, enhancing long-term returns.
- ATTRACTIVE BASIS - Asking price of $3.5M ($81SF | $87,500/unit - shell), positioned below or in line with comparable adaptive reuse trades.
EXECUTIVE SUMMARY
We are pleased to present the exclusive offering of 701 W York Street, a 43,035 SF adaptive reuse project in Philadelphia. This property is a vacant former school under conversion into a 40-unit multifamily development. Ownership has completed extensive structural and framing upgrades, including the installation of steel beams and reinforced concrete dividers, offering investors a robust foundation on which to complete and stabilize the project.
The property is fully entitled, with Building Permits approved for Level III interior alterations. It is offered “as-is” at $3,500,000 | $81 PSF, representing an opportunity to acquire a partially completed project with significant upside through completion, lease-up, and subsequent refinancing. Originally constructed in 1910 as St. Edward the Confessor School, the building’s enduring masonry facade and institutional character provide a distinctive architectural presence—positioning the redevelopment to blend historic charm with modern multifamily living.
The property is fully entitled, with Building Permits approved for Level III interior alterations. It is offered “as-is” at $3,500,000 | $81 PSF, representing an opportunity to acquire a partially completed project with significant upside through completion, lease-up, and subsequent refinancing. Originally constructed in 1910 as St. Edward the Confessor School, the building’s enduring masonry facade and institutional character provide a distinctive architectural presence—positioning the redevelopment to blend historic charm with modern multifamily living.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$674,414
|
$16.53
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $674,414 |
| Annual Per SF | $16.53 |
PROPERTY FACTS
| Price | $4,885,720 CAD | Lot Size | 0.32 AC |
| Price Per SF | $343.77 CAD | Building Size | 14,212 SF |
| Sale Type | Investment | No. Stories | 4 |
| Cap Rate | 13.80% | Year Built/Renovated | 1965/2025 |
| Property Type | Specialty | Tenancy | Single |
| Property Subtype | Schools | Cross Streets | 7th St |
| Building Class | C | ||
| Zoning | RM1 - RM1-Residential Multi-Family 1 | ||
| Price | $4,885,720 CAD |
| Price Per SF | $343.77 CAD |
| Sale Type | Investment |
| Cap Rate | 13.80% |
| Property Type | Specialty |
| Property Subtype | Schools |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 14,212 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1965/2025 |
| Tenancy | Single |
| Cross Streets | 7th St |
| Zoning | RM1 - RM1-Residential Multi-Family 1 |
1 1
Walk Score®
Very Walkable (85)
Transit Score®
Excellent Transit (82)
PROPERTY TAXES
| Parcel Number | 777404550 | Improvements Assessment | $545,526 CAD (2026) |
| Land Assessment | $212,180 CAD (2026) | Total Assessment | $757,705 CAD (2026) |
PROPERTY TAXES
Parcel Number
777404550
Land Assessment
$212,180 CAD (2026)
Improvements Assessment
$545,526 CAD (2026)
Total Assessment
$757,705 CAD (2026)
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701 W York St - St. Edwards School
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