432 W Allegheny Ave Philadelphia, PA 19133

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.