PA > Philadelphia
Philadelphia, PA 19139,5235-39 CHESTNUT ST
Philadelphia, PA 19139,5235-39 CHESTNUT ST
Philadelphia, PA 19139,5235-39 CHESTNUT ST
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Simone Velvel

Simone Velvel

+1(703) 507-7614
$5,100,000
Est. payment /mo
0.64 Acres Lot
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UPDATED:

01/24/2025 03:23 PM

Key Details

Property Type Vacant Land

Sub Type Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID PAPH2410760

HOA Y/N N

Originating Board BRIGHT

Annual Tax Amount $2,557

Tax Year 2025

Lot Size 0.644 Acres

Acres 0.64

Property Sub-Type Land

Property Description

Presenting 5235 Chestnut Street, an entitled development site for a transit-oriented, 204-unit multifamily development in the heart of West Philadelphia, located within a Qualified Opportunity Zone.

This development will be a game-changer for this part of West Philadelphia, offering new apartment units in a high-demand area of the city, with easy access to transit and access to the historic 52nd Street Commercial Corridor, known as “West Philadelphia's Main Street”. This exciting offering is a great opportunity for developers and investors to build a first-class apartment development on a long-vacant parcel.

This development is located within the Mixed Income Neighborhood Overlay, a zoning overlay that requires new construction residential projects to have 20% of units be rent restricted based on a set of specific criteria. This allows this project to be accessible to tenants of different income backgrounds and be a new development that contributes to housing affordability in the community. It also provides opportunities for a developer to pursue certain financial benefits/incentives, including low-income housing tax credits.

The property comes with approved zoning permits and plans and is ready for the right builder to get started and bring this part of West Philadelphia into its next exciting chapter!

Location

State PA

County Philadelphia

Area 19139 (19139)

Zoning CMX25

Exterior

Water Access N

Garage N

Building

Lot Description Irregular

Sewer Public Sewer

Water Public

Schools

School District Philadelphia City

Others

Tax ID 885691640

Ownership Fee Simple

SqFt Source Estimated

Special Listing Condition Standard

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Bright MLS (BMLS)
Listed by Dennis J Carlisle • OCF Realty LLC - Philadelphia
agent-avatar

"Simone's passion for real estate and her love for "The DMV" are a perfect match. She has made it her mission to help local residents sell their homes quickly and at the best possible prices. Equally, she takes immense pride in assisting homebuyers in finding their perfect piece of paradise in DC, Maryland and Virginia. "

+1(703) 507-7614

simone@thevelvelgroup.com

11003 Glueck Lane, Kensington, Maryland, 20895, USA

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5235-39 CHESTNUT ST

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