5532-40 CHESTNUT STREET

PHILADELPHIA, PA, 19139

$3,999,000

$999 per ft²
$3,999,000
$999 per ft²
Active
Active
 - For Sale
carpenters-square
4,000 ft²
property_type
Commercial
calendar
Built 1960
This remarkable 12,980 sq. ft double property is located in a Qualified Opportunity Zone, and the CMX2 zoning permits a wide variety of uses.  The price per sq. ft for the entire lot is $308.  If affordable housing incentives and the green roof bonus are applied, this property has the potential to be developed into a mixed-use site with up to 48 units. The current building is an active and successful auto and tag shop.  It contains two offices with separate entrances, along with the main auto service area and three half bathrooms.  The shop can easily hold eight cars, with a secure back lot that can store eight more.  The attached 22 space parking lot also supports the business.  The property passed Phase I and II environmental assessments in 2007. As an investment or development opportunity, this lot benefits from its close proximity to Penn and Drexel, as University City’s growth market consistently expands westward.  Central to public transportation and the Septa Market-Frankford Line, it is also on the correct side of the street for easy access and pull-in from Chestnut Street.  The immediate surrounding area is bustling with highly trafficked businesses such as Wendy’s, Rite Aid, the Fresh Grocer, and Dunkin’ Donuts (all within a two block radius of the site.)  This desirable location presents a rare opportunity for profitable development in what is already an established and thriving commercial corridor of the city.
MLS® ID:
PAPH2092700
Updated:
9/30/22

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Cooling
Central A/C
Heating
90 Forced Air

Exterior/Building Features

Lot Size
0.3 acres lot
Sewer
Public Sewer

School Information

School District
THE SCHOOL DISTRICT OF PHILADELPHIA

Other Property Details

Area Name
19139 (19139)
Taxes
$2530.00
Tax Frequency
per YEAR
Garage
No
Parking
Fenced, Paved Parking, Private, Security/Monitored
View
N
County
PHILADELPHIA
Water Source
Public
Pool
No
Zoning
CMX2

Property History

Date
Event
Price
Value
5/3/22
Price Change
$3,999,000
-20%
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