2023 Frankford Avenue

Philadelphia, PA 19125

$1,250,000
Price
968 / 0.02
Lot Size / Acres

Property Details for 2023 Frankford Avenue

StatusActive
MLS #PAPH861416
Year Built-
DOM17
Compass TypeLand
MLS TypeLand / Fee Simple
Lot Size0.02 AC
Taxes$1,165 / year
Condo/Co-op Fees-
HOA Fees-
CountyPhiladelphia County

Listing Agent

Contact Agent(s)

Property Details for 2023 Frankford Avenue

Municipality
PHILADELPHIA
Ownership
Fee Simple
County Name
PHILADELPHIA PA

Description

Introducing 2023 Frankford AVE: a boutique new development in Fishtown with zoning approvals in place to build 8 apartments over retail on the hippest street in Philly. Buy and build. Frankford AVE is home to Fishtowns thriving commercial corridor and food scene with some of the most notable bars, restaurants, shops and studios in Philadelphia. The 4 storey 10,000 SF development consists of seven (7) 1 bedroom apartments, a 2 bedroom bilevel apartment with flex space and a double wide bilevel commercial... space with 1300 SF on the 1st floor and 1200 SF in the basement. Activate the street level and make a new Fishtown landmark standout on the avenue by curating the next hot restaurateur or retailer. The 3 consolidated parcels run street to street with open air and egress running front to back along the ground floor. MEPs, CDs, building permits in progress and can be included with accepted offer. Minimize soft costs from the outset. Also minimize hard costs with efficiently designed 4 storey stick built construction. Apply for the coveted and diminishing full 10 year tax abatement once building permits are obtained, and pay taxes on just the assessed land value for a 10 year period commencing upon the closing of the completed asset. This program is being reduced by the city and the rush is on to secure zoning approved projects such as this which qualify for the full abatement, significantly increasing the developments bottom line and investment return. Pro forma 6 per cent cap rate. 1bd pro forma rent is 1600 per month. 2bd pro forma rent is 2400 per month. Retail pro forma rent is 3000 per month NNN. This is the most sought after residential location amongst YPs and millennials for 2020+ seeking new construction rental housing. Rental demand and growth is at an all time high and Fishtown was recently hailed as the hottest area in America by Forbes magazine. No need for parking because the Septa Market Frankford El train (Berks Station) is just a 5 minute walk. Prime submarket for merchant developers to build, rent, stabilize and sell upon completion. Out of town investors are circling this area en masse. Inquire within for pro forma financials, floorplans + more.

Location

Listing Agent

  1. Ryan McManus

    Listing Agent

    Compass

Building Information for 2023 Frankford Avenue

Lot Size0.02 AC

Payment Calculator

$4,593 per month

30 year fixed, 3.51% Interest

Principal and Interest

$4,496

Property Taxes

$97

HOA Dues

$0

Similar Homes

Property Information for 2023 Frankford Avenue

Interior / Building / Parking / Property Information
    Interior Features
  • Central Air: No
    Parking Information
  • Garage: No
    Location Information
  • Cross Street: NORRIS
  • Directions: USE GPS
  • Historic: No
  • Location Type: Urban
  • MLS Area: 19125 (19125)
  • Federal Flood Zone: N
  • Sub System Locale: BRIGHT_MAIN
  • System Locale: BRIGHT
  • Tidal Water: No
  • Water View: No
  • Water Access: No
  • Water Oriented: No
  • Waterfront: No
    School Information
  • School District Name: THE SCHOOL DISTRICT OF PHILADELPHIA
  • School District County ID: 300200397108
    Building Information
  • Construction Completed: No
  • New Construction: No
    Green Information
  • Clean Green Assessed: No
    Association Information
  • Condo Coop Association: No
  • HOA: No
    Property Information
  • Property Type: Land
  • Additional Parcels: Yes
  • Addl Parcels Descrp: 2023 frankford, 2025 frankford, 2024 sepviva have been consolidated
  • Horse: No
  • Land Use Code: LB0
  • Lot Dimensions Source: Plans
  • Lot Size Dimensions: 32.00 x 120.00
  • Lot Size Source: Plans
  • Lot Size Units: Square Feet
  • Lot SQFT: 968
  • Lot Size Acres: .02
  • Navigable Water: No
  • Zoning: CMX2
  • Zoning Dscrp: ZONING APPROVED TO BUILD 9 APARTMENTS PLUS RETAIL
    Utilities Information
  • Sewer Septic: Public Sewer
  • Water Source: Public
Room Information
    Basement
  • Below Grade Unfin Area Units: Square Feet
Tax / Assessment / Sale Information
    Tax / Assessment Information
  • Agricultural Tax Due: No
  • City Town Tax: $526
  • School Tax: $639
  • Tax Annual Amount: $1,165
  • Tax Lot: 74
  • Tax Year: 2020
  • Tax ID Number: 884346345
  • Year Assessed: 2020
  • Improvement Assessed Value: $24,770
  • Tax Assessed Value: $83,200
    Sale Information
  • Inclusions: Zoning permit
  • Possession: Immediate
  • Prospects Excluded: No
  • Sale Type: Standard
  • Vacation Rental: No

Property History for 2023 Frankford Avenue

DateEvent & SourcePriceAppreciation
Jan 8, 2020Listed (Active)

BRIGHT #PAPH861416

$1,250,000
DateEvent & SourcePrice
01/08/2020
Listed (Active)

BRIGHT #PAPH861416

$1,250,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 2023 Frankford Avenue

AllElementaryMiddleHigh
SchoolTypeGradesDistanceRating
Bethel Baptist AcademyPrivateK-120.0 mi
NR
St Laurentius SchoolPrivatePK-80.2 mi
NR
Hackett Horatio B SchoolPublicPK-50.2 mi
3
Penn Treaty Middle SchoolPublic6-120.5 mi
1

Bethel Baptist Academy

K-12, 0.0 mi, Private

NR

St Laurentius School

PK-8, 0.2 mi, Private

NR

Hackett Horatio B School

PK-5, 0.2 mi, Public

3

Penn Treaty Middle School

6-12, 0.5 mi, Public

1

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

2023 Frankford Avenue is a 0.02 ac of land for sale in Philadelphia, PA 19125. This property was listed for sale on January 8, 2020 by Compass at $1,250,000. Nearby schools include The Workshop School, Bethel Baptist Academy and Roosevelt Theodore Middle School. 2023 Frankford Avenue is a 0-bed, 0-bath, 0.02 ac of land on a 968 sq. ft. / 0.02 acres lot.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. No financial or legal advice provided. Equal Housing Opportunity.
The data relating to real estate for sale on this Virtual Office Website is provided in part, by BRIGHT through a licensing agreement. This website may reference real estate listing(s) held by a brokerage firm other than Compass. The information provided by this website is for the personal, non-commercial use of consumers with whom Compass has first established a broker-consumer relationship (as defined by applicable state law) and may not be used for any purpose other than to identify prospective properties such persons may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be verified through personal inspection by and/or with appropriate professionals. The data contained herein is copyrighted by BRIGHT and is protected by all applicable copyright laws. Any unauthorized dissemination of this information is in violation of copyright laws and is strictly prohibited. © 2020 BRIGHT MLS, All Rights Reserved. All rights reserved.