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    304 Cherry St Philadelphia, PA 19106

    Sponsored
    For Sale
    $1,200,000

    Historic Philly Redevelopment Opportunity

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use property at 304 Cherry St, Philadelphia, PA 19106, is offered at $1,200,000. Currently housing six individually-owned condominium parking spaces (100% occupancy, month-to-month leases), this CMX-3 zoned lot presents a prime redevelopment opportunity. Approved zoning permits from 2015 exist for the construction of two six-story single-family homes, each with one covered parking space. These documents are available upon request. Alternatively, the seller will provide a consolidated deed, allowing for development of the entire parcel as a single project. The favorable CMX-3 zoning allows for commercial mixed-use development as of right. Note that any new development would require resubmission of architectural drawings to the City of Philadelphia for approval. Prospective buyers are encouraged to consult with an architect to explore development possibilities. The property includes six existing parking spaces. This is a unique chance to capitalize on the vibrant Old City location and its flexible zoning potential.

    Property Features for 304 Cherry St

    General Information

    Property type
    Mixed-use properties

    HighLights

    • $1,200,000 asking price.
    • Mixed‑use development opportunity in Philadelphia's Historic Old City.
    • Currently six individually‑owned condominium parking spaces, 100% occupied, month‑to‑month tenancy.
    • CMX‑3 zoning permits mixed‑use development.
    • Prior approval existed for two six‑story single‑family homes, each with one parking space (buyer would need to reapply for permits).
    • For sale by owner.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.145317228538
    Latitude
    39.953147163509

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    FAQs

    What type of property is this?
    Mixed-use property - Historic Philly Redevelopment Opportunity
    Where is this mixed-use property located?
    The property is located at 304 Cherry St Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: $1,200,000 asking price.; Mixed-use development opportunity in Philadelphia's Historic Old City.; Currently six individually-owned condominium parking spaces, 100% occupied, month-to-month tenancy.
    Request Owner's contact information
    304 Cherry St Philadelphia, PA 19106
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    Philadelphia, PA 19106
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    304 Cherry St Philadelphia, PA 19106
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