304 Cherry St Philadelphia, PA 19106
- Parking lots & garages
- 180 SF
Current Use by Public Records
- Parking lots & garages
Property Details for 304 Cherry St
- Property size
- 180 SF
- Zone code
- CMX3
- Property type
- Parking lots & garages
- APN
- 88-8-0595-80
- APU
- 888059580
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Longitude
- -75.1456
- Latitude
- 39.953
- CBSA code
- 37980
- CBSA name
- PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
