39.98975 -75.11844

2850-56 FRANKFORD AVE, Philadelphia, PA 19134

305034274 39.98975 -75.11844 230 /listing/305034274-150271943/2850-56-frankford-ave-philadelphia-pa-19134 False 0 1400000.0 12564 105 PAPH2003307 False
  • $1,400,000
  • 12,564 sqft
  • 0.45 lot
  • Est payment $7515.5/mo

Property & Neighborhood Info

Courtesy Of Compass Pennsylvania, LLC

Multi Family in PHILADELPHIA

2850-56 Frankford Avenue is a 19,529 square foot ICMX parcel with a fully leased 5-unit apartment building, a fully-leased commercial building / warehouse, 24 storage garages (23 currently leased), and a large surface parking lot. The property is rented below market rate. Rents could be increased with the building in its current condition or could be pushed even higher with cosmetic renovations. A residential mixed-use project could also be developed on the parcel with a variance. The site sits blocks away from a massive amount of development in the Fishtown neighborhood and surrounding area and is prime for appreciation over the coming years. The apartment building is a stately brick structure with 3,462 square feet of interior space. The building includes two 2-bedroom apartments and three 1-bedroom apartments. Rents are currently under market value and could be significantly increased with light interior cosmetic renovations. The main section of the warehouse is currently leased to a church at below market value. Two additional commercial spaces fronting Frankford Avenue contain private basements and are rented drastically below market values (currently rented at $250 / month per space). With the installation of glass storefronts on the commercial spaces and light renovations to the interiors, the income from these spaces could easily quadruple. The 24 storage garages at the back of the complex have extremely high historical occupancy rates and are currently rented below market value (between $60 and $75 per unit). The current rents could be increased without any capital expenditures or more modern storage units could be constructed to drastically increase rents. More storage units could also be added within the parking lot behind the warehouse to increase income. Reach out for the full offering memorandum (OM).

Courtesy Of Compass Pennsylvania, LLC
  1. 12,564 Sq. Ft.
  2. 0.45 Lot

Main Features

  • Listing Status: Active
  • Year Built: 1940
  • School District: THE SCHOOL DISTRICT OF PHILADELPHIA
  • County: PHILADELPHIA
  • Taxes: $6,053.00
  • Tax Year: 2019
  • Units: 4
  • MLS Number:PAPH2003307

Additional Features

  • Air Conditioning:
    • Yes
  • Cooling:
    • Central A/C
  • Cooling Fuel:
    • Electric
  • Water Heater:
    • Natural Gas
  • New Construction:
    • No
  • Roof:
    • Unknown
  • Water Source:
    • Public
  • Foundation:
    • Stone
  • Waterfront:
    • No
  • Heating:
    • Baseboard - Hot Water
    • Forced Air
  • Heating Fuel:
    • Electric
    • Natural Gas
  • Sewer:
    • Public Sewer
  • Utilities:
    • Sewer Available
    • Water Available
  • Municipality:
    • PHILADELPHIA
  • Road Frontage:
    • 87
  • Water Access:
    • No
  • List Type (Exclusive):
    • Exclusive Right
  • Rental Features:
    • No
  • Assessment Year:
    • 2019
  • Historic YN:
    • No
  • MLSSystem ID:
    • BRIGHT
  • Possession:
    • Immediate
  • Price Per SQFT:
    • 111.43
  • Sourced By:
    • Bright MLS
  • Unit 1 Bed Total Units:
    • 3
Neighborhood info courtesy of Homes.com © 2022

What's My Mortgage?

$38,769.95*
*Estimated monthly payment is a starting point to help assist you with your home search. To find out more about mortgage pre-qualification, click here.
David Lloyd
David Lloyd
NVAR Life Member Top Producer
4701 Old Dominion Drive Arlington VA 22207
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39.98975 -75.11844

2850-56 FRANKFORD AVE Philadelphia, PA 19134

305034274 39.98975 -75.11844 230 /listing/305034274-150271943/2850-56-frankford-ave-philadelphia-pa-19134 False 0 1400000.0 12564 105 PAPH2003307 False
  • $1,400,000
  • 12,564 sqft
  • 0.45 lot
  • Est payment $7515.5/mo