1229-1233 BELMONT AVE Philadelphia, PA 19104

DEVELOPMENT OPPORTUNITY IN PARKSIDE | 20 Unit Three Building Residential Enclave available for adaptive reuse in an underserved, yet percolating community poised for growth. This is a triple-wide very deep property 54'x181' offering three shell buildings, Zoned RM1. Proforma NOI $226,000 (28 Beds). Expenses $48,000 including 7% Mgmt. ||||| The front two buildings are three-story brick structures 21'x70' each with excellent lighting from courtyard windows throughout. An enclosed brick stair tower exists in the back of building 1233. The two-story commercial building 54'x90' in the back of the property is a solid brick and concrete clear span structure with expansive open space and columns. It offers a central rollup door, concrete floors with 12' concrete ceilings and sprinklers on both levels. Good lighting and windows exist in the front and back of this structure. The generous shape of the roof suggests that additional outdoor space can be created above ground level. This is a compelling structure that lends itself to a variety of floor plans and contemporary uses. ||||| Overall, the combined building area is 19,200 SF plus basement areas in the front buildings. So depending on the development plan, sufficient building area exists for 20 units: 8 units in the back building with 4 on each level; and 12 units in the front buildings with two units per floor, front and back. A central open area between these buildings offers the possibility of creating a gated secure courtyard leading to a proposed side entrance and staircase system located in the middle of the two front buildings. With a complete redevelopment plan, this property would be eligible for a ten-year property tax abatement. Note: The back building is presently used as an autobody repair shop on the ground level. ||||| Nice new contemporary commercial development offering charter schools, local banking, groceries, fitness, dining, and numerous personal care businesses to support modern lifestyles have opened nearby in the Parkside vicinity. And of course, there are many celebrated cultural destinations within the Belmont Plateau: like the Mann Music Center, the Please Touch Museum, the Japanese Gardens, the Horticultural Center, and the Centennial Arboretum. Furthermore, this location is steps from the Girard Avenue Corridor with excellent SEPTA transportation to Broad Street and Fishtown, and excellent SEPTA transit routes to University City and Center City destinations.