892 Belmont AvePhiladelphia, PA 19104

Property Details for 892 Belmont Ave

Property size (Sq ft)

10,084 SF

Property type

Mixed-use properties

Property subtype

Apartment buildings

Description

This exceptional redevelopment opportunity encompasses two parcels totaling 10,084 square feet located at 892-894 Belmont Avenue and 4401-4427 Lancaster Avenue in Philadelphia, Pennsylvania, zip code 19104. The property is situated within a Qualified Opportunity Zone (QOZ), offering significant tax advantages for investors. The site is currently vacant and zoned CMX-2, allowing for a variety of development options, including up to 28 residential units. The asking price is $1,750,000, translating to $173.54 per square foot. This presents a unique chance to capitalize on the substantial tax benefits of a QOZ investment while simultaneously developing a property in a rapidly growing West Philadelphia neighborhood. The flexible CMX-2 zoning allows for creative development plans, catering to diverse market demands. The substantial lot size and strategic location combine to create a compelling investment opportunity with high potential for return. This fee simple ownership offers complete control and flexibility for the successful developer. The property's location within a thriving area ensures strong demand, making it an attractive proposition for both short-term and long-term investment strategies. The QOZ designation provides significant tax benefits, including capital gains deferral, reduction, and potential exemption, further enhancing the investment's appeal. This is a rare chance to acquire a substantial development site in a prime location with significant tax advantages.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9694

Longitude

-75.2114

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