$219,000

1511 W Allegheny Ave

PHILADELPHIA PA, 19132

Description

Rare opportunity to sink your teeth into a large development project within the hottest 5 blocks of the North Philly corridor! The package includes 1511 W Allegheny, 1509 W Allegheny an income producing 6 unit building and 1510 W Hilton (if seller agrees to the sale). All parcels are owned by individual owners but willing to package together. There is massive upside potential for this project through the Qualified Opportunity Zone tax benefits! Real estate investments made by individuals through special funds in these new zones can defer or eliminate federal taxes on capital gains and avoid future tax penalties often associated with real estate investing. One hundred billion dollars in capital are expected to spur development in these zones. Over 1.8M SF are planned in this area alone, spurred by the Amtrak North Philadelphia redevelopment led by HFZ Capital of NYC. Tenants are the family of the owner so rent has been below market rates. Going rates for 2 beds are 1600 plus and for 1 beds 1200+. The project will have neighhood support from the RCO. Demo 1509 W Allegheny and build 28-32 units with rear parking on 1510 W Hilton. New construction triplexes are selling for 600k+. There is a major 100 million dollar plus expansion project planned for the septa station nearby and over 400 units for construction have been approved and are in the queue. All occupants have agreed to move out prior to the sale or stay if desired for 1509 W Allegheny.

Details

MLS#PAPH931708
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Days On Site23

Features

ZoningRSA3
Acreage0.13
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Area Information
StatePA
CountyPHILADELPHIA-PA
CityPHILADELPHIA
Zip Code19132
Area19132 (19132)
Listing VS Median (in 19132)
Price:
$219,000
low | high
Med:
$45,000
100% of Average
On Site:
23
low | high
Med:
67
34.328358208955% of Average
Listing Updated: 09/25/2020
Richard K Cassell LogoMLS Number: PAPH931708
Listing Provided By:
Richard K Cassell  of  Keller Williams Philly
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