This exceptional commercial land parcel, located at 246 S 59th Street in Philadelphia, Pennsylvania (zip code 19139), offers a unique investment opportunity. Spanning approximately 28,410 square feet, this corner lot sits at the intersection of 59th and Manning Streets in West Philadelphia. Currently zoned CMX2-Neighborhood Commercial Mixed-Use-2, the property is designated as an Opportunity Zone (QOZ), providing significant tax advantages. Preliminary approvals are underway for a multifamily development project, with plans to construct up to 95 apartment units. The site enjoys convenient access to University City, a thriving hub of employment and innovation, boasting numerous tech, biomedical, life sciences, healthcare, and higher education institutions, including the University of Pennsylvania, Drexel University, Children's Hospital of Philadelphia, and the Science Center. This area is experiencing significant transformation, evolving into a world-class destination. The property is being sold subject to approvals or can be considered as-is. Conceptual plans are available upon request. The asking price is $1,480,000. The listing has been active for 519 days, with the most recent term extending from June 10, 2024, to September 10, 2024.
Highlights
Entitled land for a 109-unit multifamily development.
CMX-2 zoned, neighborhood commercial mixed-use site in West Philadelphia.
Located in an Opportunity Zone (QOZ).
Approved for up to 95 apartments.
Contract extension: Originally expiring 12/21/23, extended to 2/15/24, and further extended to 9/10/24.
Land - Prime West Philly development land, 28,410 sq ft.
Where is the land located?
The property is located at 246 59Th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,480,000.
What are key features of this property?
This property features: Entitled land for a 109-unit multifamily development.; CMX-2 zoned, neighborhood commercial mixed-use site in West Philadelphia.; Located in an Opportunity Zone (QOZ).
How can I contact the broker?
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Contacts
Agent PHL
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Useful Information
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59Th St Philadelphia, PA 19139
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59Th St Philadelphia, PA 19139
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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246 59Th St
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