2254 60 N 3rd Street , Philadelphia, PA 19133

Property Description

Unique corner development site in Norris Square with approved zoning plans and permits for 27 residential units + 1 commercial unit building located in a Qualified Opportunity Zone (QOZ). Approved zoning plans include a unit mix of 17 - 2bd/2ba, 10 - 1bd/1ba, and 1 commercial space. Located just 1 block from N American St and across the street from Casiano Field this is an ideal investment opportunity for a developer looking to build quickly since the heavy lifting zoning prerequisites have already been completed and approved. 2200 Block of N American St was purchased by Forman Arts Initiative and is under construction for a large Arts campus just one block away. New construction properties are on N 3rd St and surrounding in all directions. The building is designed to be fully detached with approximately 27,540 SF and has 3 street frontages so windows are on all 4 sides for maximum light exposure . The units are all generously sized so no studio or micro units jammed in here. Estimated gross annual rents are over $550,000. The area has already experienced exponential growth over the last decade and has a strong rental demand as well as accessibility to Fishtown and public transportation making this a strong long term investment opportunity especially if you take advantage of the QOZ aspect. The existing masonry and steel building has high ceilings with two overhead doors and is 6,120 SF. Use or lease the existing building if you choose not to build immediately since the zoning permit is active through Feb 2029. By-right zoning plan alternate has been drawn for 32 residential units (12 - 2bd/2ba, 12 - 1bd/1ba, 8 - studios, 1 - commercial).

Property Features

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