432 Allegheny AvePhiladelphia, PA 19133

Property Details for 432 Allegheny Ave

Year built

1920

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.02 AC

Property size (Sq ft)

86,415 SF

Zone code

ICMX

Property type

Industrial properties

Property subtype

Other warehouses

APN

88-4-6058-02

APU

884605802

Description

This Philadelphia, PA property at 432 W Allegheny Ave offers a unique redevelopment opportunity. The 88,915 square foot mixed-use building currently houses two tenants: Acelero Learning (14,000 sq ft, $230,000/year + $2.50 PSF NNN, 7 years remaining on a 10-year lease) and Legacy Furniture (30,000 sq ft, $115,000/year gross, less than 3 years remaining on a 5-year lease). The property sits on a 72,270 square foot lot and includes 30 parking spaces. The ICMX zoning currently permits industrial and commercial uses; however, the seller will assist the buyer in obtaining necessary zoning variances for residential development, allowing for an overbuild opportunity to add residential units to the existing structure. The adjacent smaller building (currently leased to a dental clinic) could be demolished to create additional parking and access for the proposed residential development. The asking price is $8,000,000 ($89.97/sq ft, $2,666,666.67/unit). The property's location within a developing neighborhood and proximity to Plaza Allegheny shopping center adds significant value. This is a prime investment opportunity with existing income streams to offset development costs. The sale is offered as a NNN lease with multi-tenancy.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.999

Longitude

-75.1374

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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