School District: The School District Of Philadelphia
Address: 2850-56 FRANKFORD AVE
2850-56 Frankford Avenue is a 19,529 square foot ICMX parcel with a fully leased 5-unit apartment building, a fully-leased commercial building / warehouse, 24 storage garages (23 currently leased), and a large surface parking lot. The property is rented below market rate. Rents could be increased with the building in its current condition or could be pushed even higher with cosmetic renovations. A residential mixed-use project could also be developed on the parcel with a variance. The site sits blocks away from a massive amount of development in the Fishtown neighborhood and surrounding area and is prime for appreciation over the coming years. The apartment building is a stately brick structure with 3,462 square feet of interior space. The building includes two 2-bedroom apartments and three 1-bedroom apartments. Rents are currently under market value and could be significantly increased with light interior cosmetic renovations. The main section of the warehouse is currently leased to a church at below market value. Two additional commercial spaces fronting Frankford Avenue contain private basements and are rented drastically below market values (currently rented at $250 / month per space). With the installation of glass storefronts on the commercial spaces and light renovations to the interiors, the income from these spaces could easily quadruple. The 24 storage garages at the back of the complex have extremely high historical occupancy rates and are currently rented below market value (between $60 and $75 per unit). The current rents could be increased without any capital expenditures or more modern storage units could be constructed to drastically increase rents. More storage units could also be added within the parking lot behind the warehouse to increase income. Reach out for the full offering memorandum (OM).
No similar listings found
Unfortunately, we don't have any similar listings at the moment. Please remove or change some of the selected filters.
Courtesy of: Compass Pennsylvania, LLC Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 27th October, 2021 9:15 AM
Start Your Real Estate Process Today!
Fill out the form below to schedule a call with me.