$990,000

612-14 S 5th St

PHILADELPHIA PA, 19147

Description

This is a mixed-use redevelopment site located just off South Street near Historic Head House Square in Society Hill. This property sits steps away from the iconic South Street retail corridor and is nestled next to the popular Queen Village neighborhood. Bustling with shops, restaurants, bars and entertainment venues, the South Street/Headhouse District draws tens of thousands of visitors per year.The asset currently has the first floor retail space occupied by Ernesto Custom Clothiers, a long-term and landmark tenant. The upper floors are raw space and are poised for residential development. The current CMX-3 zoning allows for four residential units by-right without any parking requirement. Redevelopment projects have been highly sought after in Philadelphia and Society Hill is no exception to this trend, especially with large buildings and lot sizes that have become staples of this neighborhood. Society Hill is known for having some of the most expensive residential real estate in all of the City, so it is likely that condominiums or apartments would receive a premium for the location and proximity to Head House Square. This neighborhood has historically been one of Philadelphia~s most popular neighborhoods with overall occupancy rates above 95%. With extreme barriers to entry, there is a strong demand for new inventory. This neighborhood has seen recent successful condominium and apartment building projects attract young professionals and empty nesters who prefer living in the city. 612-614 South 5th Street offers investors and developers a unique opportunity to acquire a by-right redevelopment project with existing income in the heart of one of Philadelphia~s most sought-after neighborhoods, Society Hill.

Details

MLS#PAPH894188
Listing TypeFor Sale
StyleIndustrial
Sub-TypeResale
StatusActive
Year1900
Days On Site13

Features

SQ Feet3,900
Story(s)0
Units7
ZoningCMX3

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Area Information

StatePA
CityPHILADELPHIA
Zip Code19147
Area19146 (19146)
Listing VS Median (in 19147)
Price:
$990,000
low | high
Med:
$350,000
100% of Average
SqFt:
3,900
low | high
Med:
479
100% of Average
$ / SqFt:
$254
low | high
Med:
$183
78.038210919213% of Average
On Site:
13
low | high
Med:
64.500000
20.15503875969% of Average
Listing Updated: 05/25/2020
MLS Number: PAPH894188
Listing Provided By:
Angela M Calvanese  of  TCS MGT LLC