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    2850-56 Frankford Avenue

    PHILADELPHIA, PA 19134
    • $1,400,000
    • STATUS: Active
    • ON SITE: 10 days
    • ID#: PAPH2029958
    UPDATED: 145 min ago
    $1,400,000
    • 0
      BEDS
    • 0.45
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    Built:
    1922
    County:

    School Ratings & Info

    Description

    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).

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    ©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Drayton Young. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-09-24T23:51:56.5.
    www.draytonyounggroup.com/homes/121411233
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    2850-56 Frankford Avenue PHILADELPHIA, PA 19134

    • Price: $1,400,000
    • Status: Active
    • Updated: 145 min ago
    • ID#: PAPH2029958
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.45
    Acres
    1922
    Built
    Neighborhood:
    Kensington
    County:
    Philadelphia
    Area:
    19134 (19134)
    School District:
    The School District Of Philadelphia
    Property Description
    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).
    Exterior Features

    Construction Materials Masonry Garage YN No Parking Types Parking Lot Riparian Rights YN No Roof Unknown Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

    Interior Features

    Building Area Total 12564.00 Cooling None Exclusions Tenants' Property Heating Forced AirBaseboard - Hot Water Heating YN Yes Net Square Feet 12564.00

    Property Features

    Accessibility Features None Assessment Year 2021 Business Type Banquet Facility/LodgeApartment BuildingStorageWarehouseOther Central Air YN No Cooling Fuel Electric Heating Fuel ElectricNatural Gas Historic YN No Hot Water Electric Municipality Philadelphia Navigable Water YN N New Construction YN No Number Of Units Total 32 Original MLSNumber 801042429766 Ownership Interest Fee Simple Possession Immediate Property Sub Type Five Or More Units Sale Type Standard Sewer Public Sewer Tax Annual Amount 6053.00 Tax Assessment Amount 435100.00 Utilities Sewer AvailableWater Available Vacation Rental YN No Water Source Public Zoning Icmx

    Listing courtesy of Compass Pennsylvania, Llc.


    ©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Drayton Young. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-09-24T23:51:56.5.
     
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