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    Opportunity Zone Multifamily Development Site Title is generated by Realmo AI

    3528 Mt Vernon St, Philadelphia, PA 19104

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    Prime development site near University City with tax abatement eligibility.

    Type:Land
    Added:
    Aug 8, 2024
    Days on Market:
    669
    Last Refresh:
    May 12 at 9:50 pm

    Property Features for 3528 Mt Vernon St

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    PHL

    Listing agent PHL License #Pennsylvania RS316262

    Listing office The Oceanside Realty Team

    Listing date Aug 8, 2024

    Source Crexi

    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 The Oceanside Realty Team

    HighLights

    • Prime QOZ (Opportunity Zone) location in University City, Philadelphia.
    • 10‑year tax abatement eligibility.
    • Multifamily development opportunity with 18 units (46 beds) in a proposed 19,500 SF structure.
    • Strong rental demand due to proximity to universities (Penn and Drexel) and healthcare systems (Penn Presbyterian, HUP, and CHOP).
    • Surrounded by billions of dollars in active developments (Science Center, Schuylkill Yards, Amtrak’s 30th Street Station master plan).
    • Suitable for student housing, young professionals, academics, and post‑graduates.

    Overview

    This property at 3528 Mount Vernon is a prime opportunity zone multifamily development site located in the University City submarket of Philadelphia, Pennsylvania. The site is suitable for a proposed 19,500 square foot structure with 18 units, containing 46 beds. The location benefits from robust rental demand and proximity to the 'Eds and Meds' economic engine, with billions of dollars invested in active developments nearby. These include the Science Center, Schuylkill Yards, Amtrak’s 30th Street Station master plan, and expansion efforts from the University of Pennsylvania and Drexel University. The property can be positioned for student housing, young professionals, academics, and post-graduates. Penn Presbyterian, HUP, and CHOP healthcare systems operate nearby. The property is eligible for a 10-year tax abatement, allowing the owner to pay taxes on the assessed land value rather than the assessed value of the future improved structure.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.194305
    Latitude
    39.964252

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    FAQs

    What type of property is this?
    Commercial land - Prime development site near University City with tax abatement eligibility.
    Where is this commercial land located?
    The property is located at 3528 Mt Vernon St Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: Prime QOZ (Opportunity Zone) location in University City, Philadelphia.; 10‑year tax abatement eligibility.; Multifamily development opportunity with 18 units (46 beds) in a proposed 19,500 SF structure.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    PHL
    Real Estate License ID: Pennsylvania RS316262
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

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