5456 Walnut St Philadelphia, PA 19139

Property Details for 5456 Walnut St

Year built

1925

Property size

21,390 SF

Property type

Retail properties

Property subtype

Mixed-use properties

Description

This exceptional redevelopment opportunity presents a 21,390 square foot building situated on a 10,785 square foot lot in Philadelphia's vibrant Walnut Street corridor. The property, built in 1925, is currently zoned CMX-2, offering a 38-foot height restriction, but with potential for rezoning to CMX-2.5, allowing for a 55-foot height restriction. The existing structure features eight 24-inch full-span ironwork girders, providing unique design possibilities. This Qualified Opportunity Zone (QOZ) property also benefits from eligibility for a Philadelphia Tax Abatement and New Market Tax Credits (NMTC), offering significant tax advantages for investors. The asking price is $1,250,000, translating to $58.44 per square foot for the building and $115.90 per square foot for the land. The property's strategic location boasts excellent public transportation and proximity to University City and Center City, making it ideal for a variety of mixed-use developments, including residential, retail, or storage. The existing building has two stories and a ceiling height exceeding 12 feet. The property's potential for mixed-income housing development offers further incentives, with potential for bonus units and increased building square footage. This is a rare chance to capitalize on multiple tax benefits while contributing to the revitalization of a thriving West Philadelphia neighborhood. The property's versatility allows for diverse development plans, catering to various needs and maximizing investment returns.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Longitude

-75.2314

Latitude

39.9576