• Units
• Unknown Sq Ft
• 13,072 Sq Ft
• Unknown Cap Rate

Description

DEVELOPMENT OPPORTUNITY IN THE HEART OF UNIVERSITY CITY: 4021-25 Market Street & 4024-26 Filbert Street.

The property consists of three parcels, all with two-story buildings plus basements, which are interconnected by various stairwells and doorway openings throughout each building. The Market Street parcels contain 60’ of frontage, and stretch from Market Street to Filbert Street, with garage access in the rear. The Filbert Street property runs about half the length of the block towards Market Street. The property is currently being leased by a furniture store on a month-to-month basis with 30 day notice to vacate.

Zoning for the properties is CMX-4, which allows for development such as Multi-Family, Adult & Child Care,
Community Centers, Government Administration, Business and Professional Offices, Retail and Restaurant Uses, and Research & Development businesses. The properties are also located in a Qualified Opportunity Zone, which provides an immediate benefit to investors of deferring payment of capital gains tax that would be paid until 2026.

The SEPTA Market-Frankford subway line runs along Market Street with a station located at 40th Street, just half a block away from the subject properties. It is the busiest SEPTA route, averaging 170,000 boardings per day. The subway runs east and west from the 69th Street Transportation Center through Center City, and then north and south from N. Front Street in Olde City to the Frankford Transit Center in North Philadelphia. The properties are situated in a Mixed Income Overlay District.

PROPERTY OVERVIEW: large open floor plan, 16' ceiling heights, QOZ, rear loading off of Filbert St, large basement, wide staircases, 60' of frontage on Market St. Pedestrian and biker friendly with access to Market Street bike lane.

NEIGHBORS INCLUDE:
Penn Medicine, University of Pennsylvania, Drexel University, HUB on Chestnut, The Radian, Shoppes
at Penn, Ronald McDonald House, Distrito, Rosa’s Fresh Pizza, Hai Street Kitchen & Co., City Tap House,
Smokey Joe’s, Hip City Veg, Rite Aid.