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514-18 West Berks St 0.06 Acres of Commercial Land Offered at $550,000 in Philadelphia, PA 19122
INVESTMENT HIGHLIGHTS
- Fully approved development site for a 4-story, 12-unit multifamily building.
- Prime Norris Square location near Temple University and major transit routes.
- Strong neighborhood growth with numerous new residential and mixed-use projects nearby.
- Located in a Qualified Opportunity Zone with significant tax incentives.
- Situated in a Mixed Income Overlay District, supporting affordable housing initiatives.
- Excellent frontage and visibility along Berks Street commercial corridor.
EXECUTIVE SUMMARY
PROPERTY FACTS
| Price | $550,000 | Property Subtype | Commercial |
| Sale Type | Investment | Proposed Use | Multifamily |
| No. Lots | 1 | Total Lot Size | 0.06 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Zoning | CMX-2 - Commercial mixed-use | ||
| Price | $550,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Multifamily |
| Total Lot Size | 0.06 AC |
| Opportunity Zone |
Yes |
| Zoning | CMX-2 - Commercial mixed-use |
1 LOT AVAILABLE
Lot
| Price | $550,000 | Lot Size | 0.06 AC |
| Price Per AC | $8,556,449.23 |
| Price | $550,000 |
| Price Per AC | $8,556,449.23 |
| Lot Size | 0.06 AC |
2,800 SF
DESCRIPTION
514-18 W Berks Street presents a fully approved development opportunity in the heart of Norris Square, Philadelphia. This 2,800 SF site offers zoning approval for a four-story building with twelve residential units, making it an ideal investment for developers seeking a shovel-ready project. Located within a Qualified Opportunity Zone (QOZ), the property provides significant tax advantages, including the ability to defer capital gains taxes until 2026, enhancing long-term investment returns. The site benefits from its strategic position along the Berks Street commercial corridor, surrounded by a mix of multifamily and mixed-use developments, and is just minutes from Temple University. The CMX-2 zoning and Mixed Income Overlay District designation allow for flexible design and affordable housing compliance. With street frontage of 60 feet and an irregular lot shape, the property offers excellent visibility and accessibility. Norris Square is a rapidly evolving neighborhood with strong residential demand, supported by nearby retail, dining, and cultural amenities. The area is well-connected to major thoroughfares and public transit, ensuring convenient access to Center City and beyond. This is a rare chance to acquire a prime development site in one of Philadelphia’s most dynamic growth corridors.
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $352,400 | Total Assessment | $352,400 |
PROPERTY TAXES
