2516 Frankford AvePhiladelphia, PA 19125

This exceptional investment opportunity presents a vacant, six-unit apartment building located at 2516 Frankford Ave, Philadelphia, PA 19125. The property, classified as a Class B mixed-use multifamily building, boasts 2,555 square feet on a 1,584 square foot lot and features three stories. Currently vacant, this property offers significant value-add potential with a projected NOI of $143,688 and a compelling 19.16% cap rate. The asking price is $750,000, translating to $293.54 per square foot. The building is zoned CMX2, permitting both commercial and residential uses. The existing structure includes one building with five residential units above a commercial space, and plans allow for one and two-bedroom units, plus a roof deck. An additional 4 square feet of air rights are available. This property is situated in a Qualified Opportunity Zone, making it eligible for a 10-year tax abatement upon completion of construction. The seller offers optional construction management services. A nearby duplex at 2505 Amber St is also available for purchase as a package deal, presenting an opportunity to expand the footprint and unit density. Two development strategies are available, one focusing on lease-ready condition and the other on delivering approved plans at closing. This prime location in Fishtown offers excellent potential for significant returns.