$1,200,000

5139 Wayne Ave

PHILADELPHIA PA, 19144

Description

Don't miss out on this great opportunity to purchase over 12,000 square feet of developable land in up and coming Germantown and build 48 units by right! Currently, there is a single-family home on the property which can either be torn down to develop the entire parcel or renovated into a single family or multifamily building to provide cash flow before developing the parcel. The current owner has completed a property survey and geotechnical soil tests. No environmental testing is required. A zoning plan for a building with 47 one bedroom and 1 two-bedroom units has been submitted to the city. The development plan utilizes both a green roof and low-income bonus to obtain height and density bonuses. Civil engineering work is in process. Based on market comps of new construction product, expected rents for studios are between $900-$1100, one bedrooms $1,200 - $1,400 and 2 bedrooms between $1,400-$1,800. 5139 Wayne Avenue is located only a few blocks away from Germantown Ave, Queen Lane, Mt. Airy and more. The location provides easy access to public transportation, the Roosevelt Expressway and 76. Residents are able to catch bus route 53 at the corners of Hansberry and Wayne Ave. or pick between 2 train stations (Wayne Junction or Queen Lane) to get to Center City or the Main Line in 10 minutes. Centrally located and within a short stroll to several shopping spots and restaurant hubs, green parks, bike trails, the river and so much more. 1 mile from the entrance to the Wissahickon Park.

Details

MLS#PAPH923562
Listing TypeFor Sale
StyleIndustrial
Sub-TypeResale
Status10000069142
Year1900
Days On Site79

Features

ZoningRM1
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Area Information
StatePA
CountyPHILADELPHIA-PA
CityPHILADELPHIA
Zip Code19144
Area19144 (19144)
Listing VS Median (in 19144)
Price:
$1,200,000
low | high
Med:
$139,900
100% of Average
On Site:
79
low | high
Med:
107
73.831775700935% of Average
Listing Updated: 10/27/2020
Michael R McCann LogoMLS Number: PAPH923562
Listing Provided By:
Michael R McCann  of  Keller Williams Philly
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