Commercial & Arts Property Listings For Sale: 2023-25 Frankford Ave

For Sale: 2023-25 Frankford Ave

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  • $ 1,250,000
  • Property Type:
  • Zoning:
  • Contact Name: Compass Pennsylvania, LLC
  • Contact Phone: (717) 431-8300
  • Lot Sq Ft: 968
  • Acres: 0.02

Introducing 2023 Frankford AVE: a boutique new development in Fishtown with zoning approvals in place to build 8 apartments over retail on the hippest street in Philly. Buy and build. Frankford AVE is home to Fishtowns thriving commercial corridor and food scene with some of the most notable bars, restaurants, shops and studios in Philadelphia. The 4 storey 10,000 SF development consists of seven (7) 1 bedroom apartments, a 2 bedroom bilevel apartment with flex space and a double wide bilevel commercial space with 1300 SF on the 1st floor and 1200 SF in the basement. Activate the street level and make a new Fishtown landmark standout on the avenue by curating the next hot restaurateur or retailer. The 3 consolidated parcels run street to street with open air and egress running front to back along the ground floor. MEPs, CDs, building permits in progress and can be included with accepted offer. Minimize soft costs from the outset. Also minimize hard costs with efficiently designed 4 storey stick built construction. Apply for the coveted and diminishing full 10 year tax abatement once building permits are obtained, and pay taxes on just the assessed land value for a 10 year period commencing upon the closing of the completed asset. This program is being reduced by the city and the rush is on to secure zoning approved projects such as this which qualify for the full abatement, significantly increasing the developments bottom line and investment return. Pro forma 6 per cent cap rate. 1bd pro forma rent is 1600 per month. 2bd pro forma rent is 2400 per month. Retail pro forma rent is 3000 per month NNN. This is the most sought after residential location amongst YPs and millennials for 2020+ seeking new construction rental housing. Rental demand and growth is at an all time high and Fishtown was recently hailed as the hottest area in America by Forbes magazine. No need for parking because the Septa Market Frankford El train (Berks Station) is just a 5 minute walk. Prime

Price:$1,250,000
Address:2023-25 Frankford Ave
City:Philadelphia
Zip Code:19125
MLS:PAPH863412
Acres:0.02
Lot Square Feet:968
Contact Name:Compass Pennsylvania, LLC
Contact Phone:(717) 431-8300

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