432 W Allegheny Ave, Philadelphia, PA 19133 For Sale

QOZ OPPORTUNITY: 432 W Allegheny Avenue is a overbuild development opportunity to add residential units to the existing 86,415 SF building plus 2,500 SF ancillary building. The rents from the current tenants, Acelero Learning and Legacy Furniture, would be used to offset costs while developing the second floor of the building. If necessary, the space occupied by Legacy Furniture can be delivered vacant. The small building to the east, currently leased by a dental clinic, can be demolished for a parking and delivery entrance to be developed for apartments above. ICMX zoning which doesn’t allow residential development. Seller will work with Buyer to gain approvals for zoning variance. The Seller owns the adjoining shopping center. PARKING: There parking to the east of the main building between the furniture store and the dental clinic and parking to the west with 38 space.

EXISITING INCOME:

Legacy Furniture - 30,000 SF $115,000/yr gross (less than 3 yrs left on a 5-year lease)

Acelero Learning - 14,000 SF $230,000/yr + $2.50 PSF NNN (7 yrs left on a 10-yr lease)

THE SITE: 432 W Allegheny Avenue is a 72,270 SF Industrial Commercial Mixed-Use parcel located along Allegheny Avenue between the highly developing neighborhood along Allegheny from 2nd Street to 5th Street. The site is adjacent to Plaza Allegheny, which is a fully developed neighborhood shopping center.