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    3528 Mount Vernon St Philadelphia, PA 19104

    Sponsored
    For Sale
    $900,000

    Prime Philadelphia land, 18-unit potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 3,900 square foot lot at 3528 Mt Vernon St, Philadelphia, PA 19104, presents a remarkable multifamily development opportunity. Located in the desirable University City submarket, this property is situated within a Qualified Opportunity Zone (QOZ), offering significant tax advantages. The permitted RSA5 zoning allows for the construction of an approximately 19,500 square foot building, projected to house 18 units with a total of 46 beds. This development site benefits immensely from its proximity to the vibrant "Eds and Meds" economic engine driving Philadelphia's growth. Major institutions like the University of Pennsylvania and Drexel University, along with the Science Center, Schuylkill Yards, and Amtrak's 30th Street Station master plan, are all within close proximity, ensuring robust rental demand for years to come. The location is also ideal for serving students, young professionals, and academics. World-class healthcare systems, including Penn Presbyterian, HUP, and CHOP, further enhance the area's appeal. A significant advantage is the eligibility for a 10-year tax abatement, allowing for tax payments based on the assessed land value rather than the improved structure's value for a decade. This presents a compelling investment opportunity with strong potential for substantial returns. The asking price for this prime development site is $900,000.

    Property Features for 3528 Mount Vernon St

    General Information

    Property type
    Land

    HighLights

    • 3,900 SF lot in Qualified Opportunity Zone (QOZ).
    • Located in University City's "Eds and Meds" corridor, near Penn and Drexel Universities.
    • 18‑unit multifamily development site permitted.
    • $900,000 asking price.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1943962
    Latitude
    39.9643043

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    FAQs

    What type of property is this?
    Land - Prime Philadelphia land, 18-unit potential.
    Where is this land located?
    The property is located at 3528 Mount Vernon St Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $900,000.
    What are key features of this property?
    This property features: 3,900 SF lot in Qualified Opportunity Zone (QOZ).; Located in University City's "Eds and Meds" corridor, near Penn and Drexel Universities.; 18-unit multifamily development site permitted.
    Request Owner's contact information
    3528 Mount Vernon St Philadelphia, PA 19104
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    Philadelphia, PA 19104
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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
    3528 Mount Vernon St Philadelphia, PA 19104
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