892 Belmont Ave Philadelphia, PA 19104
- Commercial real estate
- 10,084 SF
Current Use by Public Records
- Commercial real estate
Property Details for 892 Belmont Ave
- Property size
- 10,084 SF
- Property type
- Commercial real estate
Description
This exceptional redevelopment opportunity encompasses two parcels totaling 10,084 square feet located at 892-894 Belmont Avenue and 4401-4427 Lancaster Avenue in Philadelphia, Pennsylvania, zip code 19104. The property is situated within a Qualified Opportunity Zone (QOZ), offering significant tax advantages for investors. The site is currently vacant and zoned CMX-2, allowing for a variety of development options, including up to 28 residential units. The asking price is $1,750,000, translating to $173.54 per square foot. This presents a unique chance to capitalize on the substantial tax benefits of a QOZ investment while simultaneously developing a property in a rapidly growing West Philadelphia neighborhood. The flexible CMX-2 zoning allows for creative development plans, catering to diverse market demands. The substantial lot size and strategic location combine to create a compelling investment opportunity with high potential for return. This fee simple ownership offers complete control and flexibility for the successful developer. The property's location within a thriving area ensures strong demand, making it an attractive proposition for both short-term and long-term investment strategies. The QOZ designation provides significant tax benefits, including capital gains deferral, reduction, and potential exemption, further enhancing the investment's appeal. This is a rare chance to acquire a substantial development site in a prime location with significant tax advantages.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Longitude
- -75.211436786382
- Latitude
- 39.969409077442
