Description
Diamond in the rough mixed use land in Fishtown/East Kensington. The hottest and most in demand area in the city. The plans for this CMX2 are approved and ready to build. The first floor commercial property boasts 2 levels with 1,712 square feet, which would be perfect for an art gallery, wine bar, gastro pub, cafe, etc. This location already has a built in and growing customer base due to the enormous increase in residential, new construction housing. You can apply for pavement permits for tables outside and utilize the yard to expand your space seasonally. The apartments/condos are 2 bedroom bi-level with 968 square feet each and individual rooftop decks with views of the beautiful Philadelphia skyline. This project has the support of the East Kensington Neighbors Association, which makes for a seamless transition to mark your place into this community. This is a great opportunity to start a business and lease the two apartments/condos or lease all the units building for a great income producing property. You can condo the two residences, rent them out and sell them at a later date or sell them off for profit and run or rent the commercial space. You can live in one residence, rent the other and run your business. The residences can also produce income via Air B&B. Potential monthly rents for the 2 bedroom units is $2,300.00 and for the 2 level commercial unit is $4,500.00. So, whether you decide to use the current builder on the building permit or replace that builder with your own builder on the permit you will have a new construction property. New construction typically comes with a one year builder's warranty, additionally there are warranties on the mechanicals and appliances, which will assist with a higher income return and overall value. Another consideration is you can purchase the land for a lesser sale price and purchase the approved plans in the same transaction to save thousands on transfer tax/closing costs. The land plus improvements has been appraised for $1M in November 2019. The area has historically had a value increase of 5%-10% annually. This is a perfect investment to own a brand new, income producing property in the hottest neighborhood around. Not to mention the 10 YEAR TAX ABATEMENT! Building permits and appraisal available upon request for serious inquiries only. This is a land only sale.
Location
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Courtesy of: RE/MAX Truist 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: 2nd February, 2023 10:12 AM (UTC)
