Corner Mixed-Use Development
2254 North 3rd Street Philadelphia, PA 19133
2254 North 3rd Street, Philadelphia, PA, 19133
$940,000
For Sale
$940,000
Approved plans call for 27 residential units plus 1 commercial unit, with a Qualified Opportunity Zone designation.
Property Size6,120 SF
Price / SF$153.59
Days on Market85
Property Features for 2254 North 3rd Street
General Information
- Standard status
- Active
- Size
- 6,120 SF
- Property subtype
- Land / Fee Simple
Listing agency
KW Empower
(267) 987-4443
Listed by
Christopher K Somers · License #RS278328
(267) 987-4443
Source
Compass
Added: Apr 29 Updated: Jul 10 at 1:50PM Checked: Jul 21 at 6:39AM
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 KW Empower
Investment Insights
Based on property information with market context.
The property is a corner development site in Norris Square with approved zoning plans and active permits for a detached, multi-frontage building. The approved plan includes 27 residential units and 1 commercial unit, with a unit mix of 17 two-bedroom/two-bath, 10 one-bedroom/one-bath, and 1 commercial space. The site also includes an existing masonry and steel building totaling approximately 6,120 SF, featuring high ceilings and two overhead doors. By-right plans are supported by an alternate zoning plan for 32 residential units, including studios, one-bedroom/one-bath, and two-bedroom/two-bath layouts.
The project is described as located about one block from N American St and across the street from Casiano Field. The property is also positioned near an arts campus under construction at 2200 Block of N American St, with additional new construction noted along N 3rd St and surrounding blocks. The listing notes access to Fishtown and public transportation.
For developers, the heavy zoning prerequisites are reported as completed and approved, with permits indicated as active through February 2029. For operators who choose not to build immediately, the existing building may be used or leased while the approved entitlement remains in place.
The project is described as located about one block from N American St and across the street from Casiano Field. The property is also positioned near an arts campus under construction at 2200 Block of N American St, with additional new construction noted along N 3rd St and surrounding blocks. The listing notes access to Fishtown and public transportation.
For developers, the heavy zoning prerequisites are reported as completed and approved, with permits indicated as active through February 2029. For operators who choose not to build immediately, the existing building may be used or leased while the approved entitlement remains in place.
Key Highlights
- Approved corner development site in Norris Square in a Qualified Opportunity Zone (QOZ)
- Permits approved for 27 residential units plus 1 commercial unit, including 17 two bed/2 bath, 10 one bed/1 bath, and 1 commercial space
- Designed to be fully detached with approx. 27,540 SF and 3 street frontages with windows on all 4 sides
Local Financial Insights For Retail
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 | $110.2k | $18.00 |
| − Vacancy | −$11.3k | −$1.85 |
| EGI | $98.8k | $16.15 |
| − OpEx | −$29.6k | −$4.84 |
| NOI | $69.2k | $11.30 |
6,120 SF · lease $18.00/SF/yr · vacancy 10.30% · expense 30.00%
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.20M – $1.60M
NOI $96,265 @ 7.0% cap · market cap 10.24%
Second Best
Retail
$988.1K
$864.6K – $1.15M
NOI $69,169 @ 7.0% cap · market cap 7.36%
Theoretical Best
Multifamily LT 5
$1.49M
$1.31M – $1.74M
NOI $104,437 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Denbo Nancy J ...
Physician
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FAQs
What type of property is this?
Apartment building - Approved plans call for 27 residential units plus 1 commercial unit, with a Qualified Opportunity Zone designation.
Where is this apartment building located?
The property is located at 2254 North 3rd Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $940,000.
What are key features of this property?
This property features: Approved corner development site in Norris Square in a Qualified Opportunity Zone (QOZ); Permits approved for 27 residential units plus 1 commercial unit, including 17 two bed/2 bath, 10 one bed/1 bath, and 1 commercial space; Designed to be fully detached with approx. 27,540 SF and 3 street frontages with windows on all 4 sides
