432 W Allegheny Ave Philadelphia, PA

Listing agency MPN Realty, Inc. v***@mpnrealty.com Show Phone

Listed by Steven Clofine · License #RS290724

Source Moodyscre

Added: Sep 22, 2023 Updated: Jul 6 at 10:02AM Checked: Jul 22 at 3:38AM

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Investment Insights

Based on property information with market context.

The property at 432 W Allegheny Avenue presents a development opportunity to add residential units to the existing 86,415 square foot building, which also includes a 2,500 square foot ancillary building. Current tenants, Acelero Learning and Legacy Furniture, provide rental income that can offset development costs for the second floor. The space occupied by Legacy Furniture can be delivered vacant if needed. A small building to the east, currently leased by a dental clinic, can be demolished to create a parking and delivery entrance for apartments above. There is parking to the east of the main building between the furniture store and the dental clinic, as well as parking to the west with 38 spaces. The zoning is ICMX, which does not allow residential development; however, the seller is willing to work with the buyer to obtain the necessary zoning variance. The seller also owns the adjoining shopping center.

Key Highlights

• Overbuild development opportunity: add residential units to an existing 86,415 SF building plus a 2,500 SF ancillary building.
• Current tenant rents from Acelero Learning and Legacy Furniture can offset development costs.
• Legacy Furniture space can be delivered vacant if necessary.

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FAQs

What type of property is this?

Shopping center - Mixed-use development opportunity with existing income and expansion potential.

Where is this shopping center located?

The property is located at 432 W Allegheny Ave Philadelphia, PA.

What is the asking price?

The asking price for this property is $7,200,000.

What are key features of this property?

This property features: Overbuild development opportunity: add residential units to an existing 86,415 SF building plus a 2,500 SF ancillary building.; Current tenant rents from Acelero Learning and Legacy Furniture can offset development costs.; Legacy Furniture space can be delivered vacant if necessary.