5220-24 Chester Ave
New Construction | Tax Abatement | 15 Residences + Commercial | $317K Projected NOI
Marketing description
Asking Price: $5,300,000
16 Total Units | Mixed-Use | New Construction
10 Year Tax Abatement Approved
5220–24 Chester Avenue presents the opportunity to acquire a newly constructed mixed-use investment property consisting of fifteen residential units and one bi-level commercial space in Philadelphia's rapidly evolving Kingsessing neighborhood. Delivered in 2026, the Property combines modern construction, curated amenities, and efficient operations within a boutique-scale residential community designed to appeal to today's renter demographic.
The residential component consists of five one-bedroom units and ten two-bedroom/two-bath units, offering a weighted mix of larger floor plans that support tenant retention and broad market appeal. Residents benefit from modern finishes, individually metered utilities, elevator access, fitness and wellness amenities, resident lounge space, and dedicated bike storage. Private outdoor space is offered in 60% of units.
Located approximately 1.6 miles from University City, the Property provides convenient access to Penn Medicine, CHOP, the University of Pennsylvania, Drexel University, and one of the region's largest employment centers. The surrounding corridor has experienced significant public and private investment, including improvements to Kingsessing Recreation Center, growing commercial activity, and continued residential reinvestment throughout the neighborhood.
Comparable newly constructed communities within the surrounding market have achieved asking rents ranging from approximately $2.02 to more than $2.45 per square foot. At approximately $2.06 per square foot, the Property is competitively positioned while offering a compelling combination of new construction quality, modern amenities, and relative affordability.
The Property is currently in lease-up and is being offered with an approved Philadelphia 10-year tax abatement (commencement pending), providing investors the opportunity to acquire a newly delivered asset with significant operational efficiencies, attractive long-term fundamentals, and future rental growth potential.
Investment highlights
- New Construction Mixed-Use Asset Completed in 2026
- 15 Residential Units + 1 Bi-Level Commercial Space
- Projected Stabilized NOI: Approximately $317,000
- Approved Philadelphia 10-Year Tax Abatement (Commencement Pending)
- Boutique Residential Community with Only 15 Units
- Individually Metered Water & Electric Utilities
- Fitness Center, Resident Lounge & Bike Storage Amenities
- 1.6 Miles from University City & Major Employment Centers
- Transit-Oriented Location Near SEPTA Trolley & Regional Rail
- Competitive Rent Positioning Relative to Comparable New Construction Assets
- Lease-Up Underway with Active Residential Leasing Activity
- Replacement Cost Support at Current Pricing
- Opportunity for Future Rental Growth in an Established Growth Corridor
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