Mixed-Use Development
For Sale
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432 W Allegheny Ave, Philadelphia, PA 19133
Mixed-use property with development potential in a Qualified Opportunity Zone.
Property Size88,915 SF
Price / SF$80.98
Days on Market1368
Property Features for 432 W Allegheny Ave
General Information
Standard status
Active
Size
88,915 SF
Total Parking Spaces
30
Property subtype
Retail, Industrial, Mixed Use
Zoning
ICMX
Lease Type
NNN
Investment Type
Redevelopment
Building Details
Units
3
Tenancy
Multi
Listing Agency:
MPN Realty, Inc.
(215) 413-4900
Listed By:
Veronica Blum · License #PA
Source:
Crexi
Added: Nov 30, 2022
Changed: Aug 21
Last Checked: Aug 28 at 1:32PM
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 MPN Realty, Inc.
Investment Insights
Based on property information with market context.
This 88,915 square foot mixed-use property presents a development opportunity in a Qualified Opportunity Zone. The existing 86,415 square foot building, along with a 2,500 square foot ancillary building, offers the potential to add residential units. Current tenants, Acelero Learning and Legacy Furniture, provide income to offset development costs for the building's second floor. The Legacy Furniture space can be delivered vacant if needed. A small building to the east, currently leased by a dental clinic, could be demolished to create a parking and delivery entrance for apartments above. The property is zoned ICMX, which does not currently allow residential development, but the seller is willing to work with the buyer to obtain zoning variances. The seller also owns the adjoining Plaza Allegheny shopping center. There is parking available 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. Legacy Furniture occupies 30,000 square feet with a gross annual rent of $115,000 and less than 3 years remaining on a 5-year lease. Acelero Learning occupies 14,000 square feet with an annual rent of $230,000 plus $2.50 per square foot NNN and 7 years remaining on a 10-year lease. The 72,270 square foot Industrial Commercial Mixed-Use parcel is located along Allegheny Avenue, between 2nd and 5th Streets, adjacent to the fully developed Plaza Allegheny shopping center.
Key Highlights
- QOZ (Qualified Opportunity Zone) development opportunity to add residential units to an existing large building.
- Existing income from tenants (Acelero Learning and Legacy Furniture) to offset development costs.
- Potential to deliver Legacy Furniture space vacant if needed.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,120
Businesses Nearby
Explore this area
Business Placement
Demographics for 19133, PA
24,772
Population
10,766
Households
2.3
Avg Household Size
34
Median Age
7%
College-Educated
63%
High-School Grad
1.3 sq mi
ZIP Area
19,055
Density / Sq Mi
$31,756
Median Household Income
$26,563
Median Earnings
$919
Median Rent
$85,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with development potential in a Qualified Opportunity Zone.
Where is this mixed-use property 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: QOZ (Qualified Opportunity Zone) development opportunity to add residential units to an existing large building.; Existing income from tenants (Acelero Learning and Legacy Furniture) to offset development costs.; Potential to deliver Legacy Furniture space vacant if needed.
