Investor alert: this prime redbrick commercial property in booming Brewerytown is located on one of Philadelphia's prime retail corridors, Girard Avenue. Hundreds of apartments and dozens of new residences are being built and sold in this area in addition to the diverse collection of retailers supporting the new residents. This 2681 SF 3-story building features a Southern-exposed storefront plus room for 3 apartments on floors 2/3. Build two studio apartments and rent for 1100/month each; build a 2bd/2ba apartment and rent for 1600/month. The storefront should rent for 25/PSF. This large 1626 SF lot is about 16' x 102'. The CMX2.5 zoning designation is highly coveted by investors and developers; build an additional 1-2 stories on top of the existing structure for more height (55’ allowable by code) and density. Join the likes of destination establishments like Rybrew (restaurant), Crime & Punishment Brewing Co (gastropub), Steelworks Strength Systems (crossfit/gym), Green Eggs Café (brunch), Cycle Brewerytown (spin studio), Pizza Dads (pizza) + more along the vibrant commercial strip. This is a fast-growing area popular with millennials. Property values are rapidly rising in Brewerytown. Acquire 2531 Girard, perform a full gut renovation and recognize an ARV (after renovation value) of 875,000, a 6.7-cap investment. Property being sold as-is. Owner will consider acting as general contractor on future renovation. Apply for 10yr tax abatement before starting construction.
