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Steel Heddle Building 2100-2120 W Allegheny Ave 257,000 SF 100% Leased Industrial Building Philadelphia, PA 19132 $3,500,000 ($13.62/SF)
Investment Highlights
- Transit-Oriented Development: Proximity to Rail, Buses, and Major Highways
- Full 10-Year Tax Abatement: Renovation Projects Pay No Taxes on the Improvements for a 10-Year Period
- Attractive Price Per Foot: Purchase Non-Combustible Construction at a Low Price Per Foot
- Qualified Opportunity Zone Investment: Both Defer and Eliminate Federal Capital Gains Taxes
- Mixed-Use Development Project: Combine Apartments, Live-Work, and Other Qualified Uses to Maximize Value
Executive Summary
Global Real Estate Advisors (GREA) is pleased to exclusively offer the opportunity to acquire the fee simple interest in the Steel Heddle Building located at 2100 W. Allegheny Avenue in the Allegheny West Neighborhood of Philadelphia (the “Project” or “Asset”). The Adaptive Reuse Project comprises 257,000 gross square feet of former industrial space, Zoned I1.
The Asset is being offered as the opportunity to develop a transformative mixed-use project in a Qualified Opportunity Zone (or “QOZ”). An incoming buyer can harness the QOZ tax benefit, combined with a multitude of available tax credits, including LIHTC and Historic, to breathe new life into the structure at an attractive going-in basis.
The Project reimagines the former Steel Heddle Manufacturing Company Complex into a combination of apartments, live-work space, and storage with ample parking. Built of non-combustible concrete and steel, the building can follow in the footsteps of many former industrial conversions by creating spaces with unmatched character. This is an opportunity to transform both the neighborhood and the real estate through a flagship development project.
Future tenants will live directly across from the Allegheny Station on the Manayunk/Norristown Regional Rail Line, for access to Center City Philadelphia and Suburban Philadelphia, while also being minutes from major highways, including I-76, I-676, and I-95, providing access for motorists to the entire Philadelphia MSA.
The Asset is being offered as the opportunity to develop a transformative mixed-use project in a Qualified Opportunity Zone (or “QOZ”). An incoming buyer can harness the QOZ tax benefit, combined with a multitude of available tax credits, including LIHTC and Historic, to breathe new life into the structure at an attractive going-in basis.
The Project reimagines the former Steel Heddle Manufacturing Company Complex into a combination of apartments, live-work space, and storage with ample parking. Built of non-combustible concrete and steel, the building can follow in the footsteps of many former industrial conversions by creating spaces with unmatched character. This is an opportunity to transform both the neighborhood and the real estate through a flagship development project.
Future tenants will live directly across from the Allegheny Station on the Manayunk/Norristown Regional Rail Line, for access to Center City Philadelphia and Suburban Philadelphia, while also being minutes from major highways, including I-76, I-676, and I-95, providing access for motorists to the entire Philadelphia MSA.
Property Facts
| Price | $3,500,000 | Rentable Building Area | 257,000 SF |
| Price Per SF | $13.62 | No. Stories | 5 |
| Sale Type | Investment | Year Built | 1919 |
| Property Type | Industrial | Clear Ceiling Height | 14’ |
| Property Subtype | Warehouse | No. Dock-High Doors/Loading | 7 |
| Building Class | C | No. Drive In / Grade-Level Doors | 3 |
| Lot Size | 1.74 AC | Opportunity Zone |
Yes
|
| Zoning | I-1 - Accommodates low-impact uses, including light industrial, fabrication, offices, and research and development. Currently has a residential variance | ||
| Price | $3,500,000 |
| Price Per SF | $13.62 |
| Sale Type | Investment |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 1.74 AC |
| Rentable Building Area | 257,000 SF |
| No. Stories | 5 |
| Year Built | 1919 |
| Clear Ceiling Height | 14’ |
| No. Dock-High Doors/Loading | 7 |
| No. Drive In / Grade-Level Doors | 3 |
| Opportunity Zone |
Yes |
| Zoning | I-1 - Accommodates low-impact uses, including light industrial, fabrication, offices, and research and development. Currently has a residential variance |
Amenities
- Air Conditioning
Utilities
- Water - City
- Sewer - City
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Walk Score®
Very Walkable (72)
Transit Score®
Excellent Transit (76)
Property Taxes
| Parcel Number | 884557110 | Improvements Assessment | $2,158,800 |
| Land Assessment | $1,584,400 | Total Assessment | $3,743,200 |
Property Taxes
Parcel Number
884557110
Land Assessment
$1,584,400
Improvements Assessment
$2,158,800
Total Assessment
$3,743,200
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