2516 Frankford AvePhiladelphia, PA 19125
- Mixed-use properties
- 2,555 SF
Property Details for 2516 Frankford Ave
- Year built
- 1875
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.04 AC
- Property size (Sq ft)
- 2,555 SF
- Zone code
- CMX2
- Property type
- Mixed-use properties
- Property subtype
- Other investment properties
- APN
- 87-1-1422-00
- APU
- 871142200
Description
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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $485,278
- 6.5%
- $447,948
- 7%
- $415,952
-
Comparable approach
- Method
- Valuation
- Relative Method
- $333,836
- Geo Method
- $333,836
-
Alternative Use
- Use
- Valuation
- Residential
- $555,456
- Hospitality
- $508,795
- Educational
- $423,311
- Medical
- $437,870
- Retail
- $658,484
Location Insight
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Latitude
- 39.9838
- Longitude
- -75.1256
- CBSA code
- 37980
- CBSA name
- PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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