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- LoopNet Team
234 W Chelten Ave
Philadelphia, PA 19144
Land For Sale
·
0.55 AC
Investment Highlights
- Development Opportunity: 0.55+/- Acre Site in High-Density Area Zoned CMX-2.5
- Strategic Location: Convenient to Center City Philadelphiaand Surrounding Suburbs
- Tax Abatement: 10-Year Abatement for New Construction Improvements
- Transit-Oriented: Proximity to SEPTA Regional Rail and Bus Routes
Property Facts
| Property Type | Land | Proposed Use | Multifamily |
| Property Subtype | Residential | Total Lot Size | 0.55 AC |
| Zoning | CMX2.5 | ||
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Multifamily |
| Total Lot Size | 0.55 AC |
| Zoning | CMX2.5 |
Description
A 24,000± square foot parcel zoned CMX-2.5 in the Germantown section of Philadelphia. This is truly a transit-oriented opportunity as several bus routes and SEPTA Regional Rail (Germantown Station; Chestnut Hill East Line) are within blocks. Germantown is a historic neighborhood in Philadelphia filled with historic sites and cobblestone roads that has gained prominence by offering convenient access to Center City Philadelphia as well as proximity to recreational activities along the Schuylkill River and Fairmount Park. The retail corridor on Chelten Avenue has seen an influx of new tenants, and is home to many national brands including Dunkin, KFC, Rite Aid, Planet Fitness, IGA, PNC Bank, and Walgreens. In addition, Germantown Cricket Club and Drexel University College of Medicine are a 10± minute walk from the site. Further, Germantown Friends School, William Penn Charter School, the Philadelphia Regional Office of Veterans Administration, and Thomas Jefferson University-East Falls Campus are just a short commute via car or public transit. The Germantown neighborhood in Philadelphia has seen a recent boom in development including apartment projects, such as Alden Park, Rittenhouse Hill, and Chelten Lofts. In addition, the new Wayne Junction Mixed-Use project is about a mile of the subject property. Ken Weinstein, president of Philly Office Retail and owner of The Trolley Car Diner, has invested roughly $12 million to revitalize the area. In total, 122,581 square feet of old buildings and vacant lots will be redeveloped to create new office space, apartments and a vintage trolley-car style dinner in the area. 234-236 West Chelten Avenue offers a unique opportunity to acquire just over a half acre parcel in Germantown that has proximity to major public transportation hubs and a neighborhood retail corridor.
