5532-40 Chestnut St
Philadelphia, PA 19139
Land For Sale · 0.30 AC

This remarkable 12,980 sq. ft double property is located in a Qualified Opportunity Zone, and the CMX2 zoning permits a wide variety of uses.  The price per sq. ft for the entire lot is $308.  If affordable housing incentives and the green roof bonus are applied, this property has the potential to be developed into a mixed-use site with up to 48 units.  The current building is an active and successful auto and tag shop.  It contains two offices with separate entrances, along with the main auto service area and three half bathrooms.  The shop can easily hold eight cars, with a secure back lot that can store eight more.  The attached 22 space parking lot also supports the business.  The property passed Phase I and II environmental assessments in 2007.     As an investment or development opportunity, this lot benefits from its close proximity to Penn and Drexel, as University City’s growth market consistently expands westward.  Central to public transportation and the Septa Market-Frankford Line, it is also on the correct side of the street for easy access and pull-in from Chestnut Street.  The immediate surrounding area is bustling with highly trafficked businesses such as Wendy’s, Rite Aid, the Fresh Grocer, and Dunkin’ Donuts (all within a two block radius of the site.)  This desirable location presents a rare opportunity for profitable development in what is already an established and thriving commercial corridor of the city.