School District: The School District Of Philadelphia
Address: 3314-20 FAIRMOUNT AVE
Neighborhood: University City
On behalf of ownership, welcome to The Mount, a Qualified Opportunity Zone multifamily development site in the University City submarket of Philadelphia, Pennsylvania. Conceived as a by right development, this is a turnkey construction project to build 90 units over retail with parking, the ultimate urban luxury. Located within close proximity to world class Drexel University, the pro forma rental projections for the favorable mix of one and two bedroom apartments are conservative for year one, and can be significantly increased in year two. Units can also be geared towards market rate apartments for millennials and YPs as well as local residents in search of high design housing with parking. The conceptual plans call for a 79,000+ SF 5 storey structure with 4,500 SF of commercial space and 25 surface level parking spaces, bike storage, lobby, elevator service and package room. Average apartment size is 740 SF and average projected rent is 1425/mo. 62 one bedroom units and 28 two bedroom units. Defer capital gains through the Qualified Opportunity Zone (QOZ) program and reinvest in the community at the same time. This project will benefit from the full 10 year tax abatement if purchased and permitted by this time next year (December 2020). After December 2020 this project will no longer be eligible for the full 10 year tax abatement; the abatement has historically been shown to drastically improve the profitability of the investment return and makes the development significantly more feasible to accomplish. Short walk to amenities such as The Philadelphia Zoo, Philadelphia Museum of Art, Fairmount Park, Boathouse Row, Schuylkill River Trail, Drexel Park and all of the prime shops and restaurants in University City. Upper floor units should have city skyline views, as well as Art Museum, park and river vistas. A second downtown is fast rising in this University City submarket, with multi billions worth of real estate development and investment actively taking place on projects such as Schuylkill Yards innovation district, Amtraks 30th Street Master Plan, and the continued efforts of University of Pennsylvania and Drexel University cultivating top talent for the local Philadelphia workforce, along with world class institutions University of Pennsylvania Hospital (HUP) and Childrens Hospital of Philadelphia (CHOP) continuing to hire and retain highly skilled/paid employees from all over the USA. Sale notes: zoning permit expected to be filed Q1 2020. Slight demo required. Price also includes the parcel at 3308 Fairmount AVE. Lot size is 17,700+ SF irregular shape that runs street to street from Fairmount AVE to Melon ST. Offering memorandum available upon request along with construction and rental pro forma, Phase 1 Environmental report, plans and survey.
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: 1st March, 2021 3:49 PM