$495,000

4200-4202 Lancaster Ave

PHILADELPHIA PA, 19104

Description

Large corner development deal in OPPORTUNITY ZONE area of West Philly, right on the edge of Mantua & West Powelton, 3 blocks from Drexel Athletic fields. According to public record, the 2 parcels total 4,574 SF of land area zoned CMX2. Currently there is a shell property approx. 9100 SF interior space that sits across both parcels. If rehabbed, you could add a 3rd story to part of the existing structure to achieve more interior square footage. Or, you could easily demo the existing free standing building and build a 4 story brand new construction building, like what other developers are currently doing 2 blocks away at 40th & Lancaster. The total lot size & zoning allows for you to build 8 residential units above commercial unit(s) on ground level by right. Or take advantage of the cities Mixed Income Housing Program to achieve 2-4 additional residential units AND 7 feet in added building height, WITHOUT needing a variance. Corner property allows for commercial frontage along TWO main streets and tons of windows & natural light in apartments above. This deal is a no brainer long term when you consider surrounding future projects such as the $3.5B Schuylkill Yards Project and the $1B UCity Square Development, all positioning this neighborhood to become a new major East Coast innovation hub. **This is also being marketed as Commercial Sale - MLS# PAPH838096 Land - MLS# PAPH837886 and Multi-Family - MLS# PAPH838048 **

Details

MLS#PAPH838048
Sub-TypeResale
StatusActive
Year1925
Days On Site22

Features

SQ Feet5,856
Units1

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Area Information

StatePA
CityPHILADELPHIA
Zip Code19104
Area19104 (19104)
Listing VS Median (in 19104)
Price:
$495,000
low | high
Med:
$8,500
100% of Average
SqFt:
5,856
low | high
Med:
0
100% of Average
$ / SqFt:
$85
low | high
Med:
$0
100% of Average
On Site:
22
low | high
Med:
257
8.560311284047% of Average
Listing Updated: 10/21/2019
MLS Number: PAPH838048
Listing Provided By:
Francis Mangubat  of  Keller Williams Philadelphia