Description
Investor Alert! 10 Cap Development opportunity on high traffic commercial corridor. This rare development opportunity is in an up and coming area of West Philadelphia. This is an enormous corner property ripe for development and located right near the 56th St Terminal for the Market Frankford Train Line, 2.5 miles from 30th St Station and I-76 entrance. The property is currently being used as an auto repair shop which has a 7,494 Sq/Ft lot with a 1,815 Sq/Ft Garage/Office zoned CMX-2.By right you are able to build:Gross Square footage: 23,980 Sq/Ft Total Units: 15 unitsTotal Acquisition and Construction: Purchase Property: $1,000,000Total Soft Cost: $50,000Total Project Costs: $2,697,750Total Acquisition and construction: $3,747,750Cap Rate on Cost: Net Income: $390,597.46Total Acquisition and construction: $3,747,750Capitalization Rate of Return on Cost: 10.422%
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0BEDS
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0.17ACRES
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0BATHS
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01/2 BATHS
Description
Investor Alert! 10 Cap Development opportunity on high traffic commercial corridor. This rare development opportunity is in an up and coming area of West Philadelphia. This is an enormous corner property ripe for development and located right near the 56th St Terminal for the Market Frankford Train Line, 2.5 miles from 30th St Station and I-76 entrance. The property is currently being used as an auto repair shop which has a 7,494 Sq/Ft lot with a 1,815 Sq/Ft Garage/Office zoned CMX-2.By right you are able to build:Gross Square footage: 23,980 Sq/Ft Total Units: 15 unitsTotal Acquisition and Construction: Purchase Property: $1,000,000Total Soft Cost: $50,000Total Project Costs: $2,697,750Total Acquisition and construction: $3,747,750Cap Rate on Cost: Net Income: $390,597.46Total Acquisition and construction: $3,747,750Capitalization Rate of Return on Cost: 10.422%
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