2516 Frankford AvePhiladelphia, PA 19125

  • Mixed-use properties
  • 2,555 SF
For Sale
$750,000 View listing

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
2516 Frankford Ave, Philadelphia, Pennsylvania

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$3,912
$55,900
$223,600
$279,500
-
$55,900
$223,600
$279,500

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