Description
This remarkable 12,980 sq. ft double property is located in a Qualified Opportunity Zone, and the CMX2 zoning permits a wide variety of uses.+-+-The price per sq. ft for the entire lot is $308.+-+-If affordable housing incentives and the green roof bonus are applied, this property has the potential to be developed into a mixed-use site with up to 48 units. The current building is an active and successful auto and tag shop.+-+-It contains two offices with separate entrances, along with the main auto service area and three half bathrooms.+-+-The shop can easily hold eight cars, with a secure back lot that can store eight more.+-+-The attached 22 space parking lot also supports the business.+-+-The property passed Phase I and II environmental assessments in 2007. As an investment or development opportunity, this lot benefits from its close proximity to Penn and Drexel, as University City+GGs growth market consistently expands westward.+-+-Central to public transportation and the Septa Market-Frankford Line, it is also on the correct side of the street for easy access and pull-in from Chestnut Street.+-+-The immediate surrounding area is bustling with highly trafficked businesses such as Wendy+GGs, Rite Aid, the Fresh Grocer, and Dunkin+GG Donuts (all within a two block radius of the site.)+-+-This desirable location presents a rare opportunity for profitable development in what is already an established and thriving commercial corridor of the city.
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Description
This remarkable 12,980 sq. ft double property is located in a Qualified Opportunity Zone, and the CMX2 zoning permits a wide variety of uses.+-+-The price per sq. ft for the entire lot is $308.+-+-If affordable housing incentives and the green roof bonus are applied, this property has the potential to be developed into a mixed-use site with up to 48 units. The current building is an active and successful auto and tag shop.+-+-It contains two offices with separate entrances, along with the main auto service area and three half bathrooms.+-+-The shop can easily hold eight cars, with a secure back lot that can store eight more.+-+-The attached 22 space parking lot also supports the business.+-+-The property passed Phase I and II environmental assessments in 2007. As an investment or development opportunity, this lot benefits from its close proximity to Penn and Drexel, as University City+GGs growth market consistently expands westward.+-+-Central to public transportation and the Septa Market-Frankford Line, it is also on the correct side of the street for easy access and pull-in from Chestnut Street.+-+-The immediate surrounding area is bustling with highly trafficked businesses such as Wendy+GGs, Rite Aid, the Fresh Grocer, and Dunkin+GG Donuts (all within a two block radius of the site.)+-+-This desirable location presents a rare opportunity for profitable development in what is already an established and thriving commercial corridor of the city.
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