3528 Mount Vernon St Philadelphia, PA 19104

Property Details for 3528 Mount Vernon St

Property type

Commercial real estate

Description

This exceptional 3,900 square foot lot at 3528 Mt Vernon St, Philadelphia, PA 19104, presents a remarkable multifamily development opportunity. Located in the desirable University City submarket, this property is situated within a Qualified Opportunity Zone (QOZ), offering significant tax advantages. The permitted RSA5 zoning allows for the construction of an approximately 19,500 square foot building, projected to house 18 units with a total of 46 beds. This development site benefits immensely from its proximity to the vibrant "Eds and Meds" economic engine driving Philadelphia's growth. Major institutions like the University of Pennsylvania and Drexel University, along with the Science Center, Schuylkill Yards, and Amtrak's 30th Street Station master plan, are all within close proximity, ensuring robust rental demand for years to come. The location is also ideal for serving students, young professionals, and academics. World-class healthcare systems, including Penn Presbyterian, HUP, and CHOP, further enhance the area's appeal. A significant advantage is the eligibility for a 10-year tax abatement, allowing for tax payments based on the assessed land value rather than the improved structure's value for a decade. This presents a compelling investment opportunity with strong potential for substantial returns. The asking price for this prime development site is $900,000.