304 Cherry StPhiladelphia, PA 19106

Property Details for 304 Cherry St

Property size (Sq ft)

180 SF

Zone code

CMX3

Property type

Retail properties

Property subtype

Parking lots & garages

APN

88-8-0595-80

APU

888059580

Description

This exceptional mixed-use property at 304 Cherry St, Philadelphia, PA 19106, is offered at $1,200,000. Currently housing six individually-owned condominium parking spaces (100% occupancy, month-to-month leases), this CMX-3 zoned lot presents a prime redevelopment opportunity. Approved zoning permits from 2015 exist for the construction of two six-story single-family homes, each with one covered parking space. These documents are available upon request. Alternatively, the seller will provide a consolidated deed, allowing for development of the entire parcel as a single project. The favorable CMX-3 zoning allows for commercial mixed-use development as of right. Note that any new development would require resubmission of architectural drawings to the City of Philadelphia for approval. Prospective buyers are encouraged to consult with an architect to explore development possibilities. The property includes six existing parking spaces. This is a unique chance to capitalize on the vibrant Old City location and its flexible zoning potential.

• CAP approach

  CAP return

  Valuation

  6%

  $85,241

  6.5%

  $78,684

  7%

  $73,063

• Comparable approach

  Method

  Valuation

  Relative Method

  $59,267

  Geo Method

  $59,267

• Alternative Use

  Use

  Valuation

  Residential

  $66,373

  Hospitality

  $60,797

  Educational

  $50,582

  Medical

  $52,322

  Retail

  $78,684

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.953

Longitude

-75.1456

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].