2516 Frankford AvePhiladelphia, PA 19125

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

Investment properties

Property subtype

Live-work space

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.

• 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

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