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- LoopNet Team
5101 Westminster Ave
Philadelphia, PA 19131
Multifamily Redevelopment Opportunity · Land For Sale
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0.59 AC
PROPERTY FACTS
DESCRIPTION
The offering consists of 25,000sf of property zoned RM2. The current building on the property was operated as a 65 Room Hotel hotel until February of 2019. The offering presents the opportunity to acquire the property and re-envision the site once famously known as The Blue Moon Hotel. The owner is currently in the process of having the taxes reassessed for an estimated total of $685,000 The property site is centrally located in the Mill Creek section of West Philadelphia. The current building is roughly 12,000± sf and needs a full rehab. The need for accessible multifamily housing in this section of Philadelphia is in high demand with little to no new and affordable units coming online. Take advantage of the opportunity to redevelop an existing building in a high barrier to entry neighborhood with tremendous upside potential.
