2621-2667 Frankford Ave
Philadelphia, PA 19125
Woods Square · Multifamily Property For Sale · 525 Units

SEPTA’s Market-Frankford Line providing subway access to Center City within 12 minutes. In addition, the location is an easy walk to everything that the exceedingly popular Frankford/Girard Avenue corridors have to offer. This includes unparalleled access to the best of Philadelphia’s nightlife such as Frankford Hall, Fette Sau, LaColombe’s flagship location, Johnny Brenda’s, Garage, Martha, Pizza Brain, Wm. Mulherin’s Sons (named a top 50 restaurant in the US by Bon Appétit) and Suraya (voted “Best New Restaurant of 2018” by Philadelphia Magazine). In addition to the major business corridor of Frankford/Girard Avenue, the inner Kensington neighborhood is experiencing a resurgence with new bars and restaurants opening alongside established favorites like Cafe Pho Ga Thanh Thanh, Memphis Taproom, and Cook and Shaker. The demand for high-quality rental apartments in East Kensington/Fishtown is extremely strong. Occupancy in this sub-market is robust and typically in the 95% to 100% range. There is no true competitor of this size, and the neighborhood continues to experience extensive growth. Why Build the Largest Multi-Family Development in East Kensington/Fishtown? - Philadelphia Population Growth Drives Demand: According to World Population Review, “Philadelphia's estimated population of 1.556 million represents a substantial increase over the 2010 census. The city's population has been growing for 7 years straight.” - World Class Universities: University of Pennsylvania, Drexel University, Temple University, Villanova University, LaSalle University, and St. Joseph’s University are all located in the Philadelphia area. According to a Campus Philly Report (May of 2017), 67% of college students plan to stay after graduation. This strong academic base is fueling the future of Philadelphia. Temple University is just two miles from 2621-2667 Frankford Avenue, and the neighborhood is popular with students and faculty alike. - Millennials: According to Trulia (2017), “Philadelphia was ranked the number one city for millennials” - Philadelphia 10-Year Tax Abatement: City of Philadelphia allows new construction to qualify for a 10-year tax abatement - Opportunity Zone: New tax law has created the Investing in Opportunity Act known as Opportunity Zones (“O-Zones”). Since 2621-2667 Frankford Avenue is within a designated O-zone, an investor may be able to utilize realized capital gains into this project and slowly erase the tax obligations on a portion of those gains. Thus, allowing these proceeds to grow tax-free (please consult your tax advisor on the specifics). Significant zoning barriers-to-entry are a hallmark of the Philadelphia MSA. This multi-family development site offers one of the largest, unique, by-right market-rate apartment sites in the thriving East Kensington/Fishtown neighborhood of Philadelphia. A new owner can break ground in 2019.