Redevelopment Site in
For Sale
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1221-27 N 17th Street, Philadelphia, PA 19121
Redevelopment site in Philadelphia's Francisville neighborhood.
Property Size14,646 SF
Price / SF$191.18
Days on Market150
Property Features for 1221-27 N 17th Street
General Information
Standard status
Active
Size
14,646 SF
Property subtype
Land
Zoning
RM1
Investment Type
Redevelopment
Building Details
Year Renovated
2020
Buildings
1
Stories
3
Listing Agency:
MSC Retail
Listed By:
Jacob Cooper · License #PA RS306451
(215) 813-3784
Source:
Crexi
Added: May 26
Changed: Oct 12
Last Checked: Oct 20 at 6:37PM
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
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Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$173,994
Cap Rate
6.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,479,880
$3.5M
Cap Rate 7%
$2,485,629
$2.5M
Cap Rate 9%
$1,933,267
$1.9M
Market Conditions
NOI Build-Up for 14,646 SF
Gross rent
$316.4K $21.60/SF
− Vacancy
−$38.0K −$2.59/SF
EGI
$278.4K $19.01/SF
− OpEx
−$104.4K −$7.13/SF
NOI
$174.0K $11.88/SF
Area
Philadelphia, PA
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,479,880
Cap Rate 7%
$2,485,629
Cap Rate 9%
$1,933,267
Alternative Uses
Best Use
Mixed Use
$2.49M
$2.17M – $2.90M
NOI $173,994 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
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 authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
3,572
Businesses Nearby
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Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
Median Home Value
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Frequently Asked Questions
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.
