Redevelopment Site in
1221-27 N 17th Street, Philadelphia, PA 19121
New
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Redevelopment site in Philadelphia's Francisville neighborhood.
Type:Mixed Use, Land, Special Purpose
Property size:
14,646 SFPrice / SF:
$191/SF- Added:
- May 26, 2026
- Days on Market:
- 6
- Last Refresh:
- May 27 at 8:27 am
Property Features for 1221-27 N 17th Street
General Information
- Standard status
- Active
- Size
- 14,646 SF
- Property subtype
- Mixed Use, Land, Special Purpose
Listing agent Jacob Cooper License #PA RS306451
Listing office MSC Retail (215) 883-7402
Listing date May 26, 2026
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of MSC Retail
HighLights
- Located in a Federal Opportunity Zone and qualifies for Philadelphia's 10‑year tax abatement, offering significant financial incentives.
- Prime redevelopment site in Francisville, a highly active residential and mixed‑use submarket of Philadelphia.
- Existing 17,000 SF former convent is well‑suited for adaptive reuse, featuring a reinforced concrete frame, three stair towers, and a full elevator.
- Excellent natural light throughout the convent due to the L‑shaped floor plate and abundant windows.
- Includes a 5,000 SF surface parking lot and approximately 1,800 SF of one‑story garage structures, in addition to the convent.
- Transit‑accessible location within walking distance to grocers, retail, and the Broad Street Line.
Overview
The property, located at 1221 N 17th Street & 1621-37 W Flora Street in Philadelphia's Francisville neighborhood, is a redevelopment site comprising 14,646 square feet. Francisville is recognized as one of North Philadelphia's most active submarkets for residential and mixed-use investment. The property is situated within a designated Federal Opportunity Zone and qualifies for the City of Philadelphia's 10-year tax abatement on new improvements. The site includes a 17,000 square foot brick-and-concrete former convent, a 5,000 square foot surface parking lot, and approximately 1,800 square feet of one-story garage structures. The convent is suitable for adaptive reuse, featuring a facade in excellent condition, a new TPO roof installed in 2020, a reinforced concrete frame, three stair towers, and a full elevator serving basement to roof. The L-shaped floor plate has windows every three to seven feet on all exposures, providing natural light. The property is within walking distance of multiple grocers, neighborhood retail, and the Broad Street Line, positioning it as a transit-accessible redevelopment opportunity.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $316.4k | $21.60 |
| − Vacancy | −$38.0k | −$2.59 |
| EGI | $278.4k | $19.01 |
| − OpEx | −$104.4k | −$7.13 |
| NOI | $174.0k | $11.88 |
14,646 SF · lease $21.60/SF/yr · vacancy 12.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$2.49M
$2.17M – $2.90M
NOI $173,994 @ 7.0% cap · market cap 6.21%
Second Best
Retail
$2.36M
$2.07M – $2.76M
NOI $165,532 @ 7.0% cap · market cap 5.91%
Theoretical Best
Multifamily LT 5
$3.57M
$3.12M – $4.17M
NOI $249,932 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Commercial land
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Delaware
- State
- Pennsylvania
- Longitude
- -75.1719714
- Latitude
- 39.9359295
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Redevelopment site in Philadelphia's Francisville neighborhood.
Where is this mixed-use property located?
The property is located at 1221-27 N 17th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Located in a Federal Opportunity Zone and qualifies for Philadelphia's 10‑year tax abatement, offering significant financial incentives.; Prime redevelopment site in Francisville, a highly active residential and mixed‑use submarket of Philadelphia.; Existing 17,000 SF former convent is well‑suited for adaptive reuse, featuring a reinforced concrete frame, three stair towers, and a full elevator.
