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1801 N Howard Street is an existing structure, roughly 30,000 Sq Ft, and is constructed of Brick with an exterior ﬁre escape, internal stair tower and an elevator shaft. The property is currently licensed for 13 residential units and generates over $220,000 a year in gross rents when fully leased. The current units are large some as big as 6,000 Sq Ft, the zoning in place allows for an increased unit count WITHOUT a variance, and due to the nature of the redevelopment will still qualify for the FULL 10 year tax abatement even after the end of December 2020. The seller has had plans drawn which are ready for zoning permit approval and illustrate the ability to increase unit count. The property has been nominated for a municipal historic designation, and this would allow developers to receive tax credits for the renovation should they desire to put the property on the national historic registry, tax credits can be applied to the new owners tax liabilities year over year or sold on a secondary market. The property also falls within one of Philadelphia’s Qualiﬁed Opportunity Zones. 1801 N Howard is less than one block from the Berks Avenue Station stop on the Market-Frankford Line which runs into Center City and University City. The property is perfectly situated to take advantage of all that Fishtown’s resurgence has to offer while presenting developers with a multitude of opportunities to maximize value. The property will be delivered with clean environmental reports, and can be delivered fully leased.
|5 days ago||Listing updated with changes from the MLS|
|4 months ago||Status changed to Active Under Contract|
|6 months ago||Status changed to Active|
|6 months ago||Price changed to $3,950,000|
|6 months ago||Listing first seen online|