2964 Richmond StPhiladelphia, PA 19134

Property Details for 2964 Richmond St

Year built

1915

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.09 AC

Property size (Sq ft)

2,752 SF

Zone code

CMX2

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

87-1-5316-20

APU

871531620

Description

This exceptional mixed-use development opportunity in Philadelphia's vibrant Port Richmond neighborhood presents a fully approved project ready for immediate construction. The property includes a building permit and comprehensive plans for eleven residential units – ten one-bedroom and one two-bedroom – alongside a substantial 1,385 square foot ground-floor commercial space. Situated on a 0.09-acre lot on a busy commercial street, this location offers unparalleled access to local amenities, including popular restaurants such as Tacconelli's Pizzeria, Mercer Cafe, Gaul & Co. Malt House, The Green Rock Tavern, and nearby grocery options like Riverwards Produce and Stock's Bakery. The development's design incorporates practical and sustainable features, such as dedicated bike storage, commercial storage, and designated trash areas, enhancing both resident and business appeal. The strategic location ensures easy access to public transportation, further increasing its attractiveness. This turnkey project offers a compelling investment opportunity with significant potential for strong returns. Detailed financial projections and additional information are available upon request. The asking price is $699,000.

• CAP approach

  CAP return

  Valuation

  6%

  $628,364

  6.5%

  $580,029

  7%

  $538,598

• Comparable approach

  Method

  Valuation

  Relative Method

  $359,576

  Geo Method

  $359,576

• Alternative Use

  Use

  Valuation

  Residential

  $719,235

  Hospitality

  $658,816

  Educational

  $548,127

  Medical

  $566,978

  Retail

  $852,642

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9804

Longitude

-75.1071

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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