Development Site – Manayunk (Mitchell Street)
4136 Mitchell Street; Philadelphia, PA 19128
- Price$ 3,900,000
- Property TypeCommercial
- Number of Units73
- Lot Size0.61 acres
- Price/Unit$ 53,425
- Year BuiltN / A
- Site Approved for 72 Luxury Apartment Units: Break Ground Immediately
- Significant Barriers to Entry: Zoning Approvals in Manayunk are Difficult and Contentious
- The Best of Manayunk: Just Blocks Away from Main Street, Minutes from the Brand New Ivy Ridge Shopping Center and a Short Walk to the Schuylkill River Trail
- Excellent Location: 10 Minutes to Center City Philadelphia
- 10-Year Real Estate Tax Abatement for New Construction
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in 0.6± acres of ground with approval to build 72 market-rate apartment units located at 4136 Mitchell Street in the vibrant Manayunk section of Philadelphia. The project site is 26,490± square foot with approvals in place to construct a five-story building with main frontage on Mitchell Street and access to the rear from Freeland Avenue. Approvals allow for 72 market-rate apartments, 1 commercial space (Fresh Food Market), 24 bicycle parking spaces, 10 surface parking spaces, a green roof, and an interior courtyard. The plan contains 28 one bedroom units (39%) and 44 two-bedroom/two-bath units (61%). Manayunk’s occupancy is robust with occupancy rates between 95% and 100%.
Mitchell Street is strategically located just a few blocks from Manayunk’s famous Main Street which offers a vibrant nightlife and is dominated by more than 65 shops and restaurants that cater to pedestrian traffic. Young professionals favor Manayunk as the residence of choice due to its location between Center City Philadelphia and the major employment centers in Suburban Philadelphia (Bala Cynwyd, Conshohocken and King of Prussia). Manayunk offers a central location and abundance of transportation options while maintaining the pedestrian-friendly neighborhood atmosphere that millennials desire.
Manayunk is just blocks from the banks of the Schuylkill River and is five miles to Center City Philadelphia. The property is only a few minutes from Exit 338 of Interstate-76 (the Schuylkill Expressway) and US Route 1. The SEPTA Norristown Regional Rail Line (formerly the R-6) is walkable from the property and provides mass transportation access to Center City, Conshohocken and King of Prussia. There are multiple bus stops within 2 to 3 blocks with service to Center City, Roxborough, 69th Street Transportation Center and Plymouth Meeting.
The Mitchell Street development site presents an outstanding opportunity to acquire an approved development site with plans in place to start immediate construction of 72 luxury apartments with parking in the established Manayunk section of Philadelphia.
Tel: (215) 454-2852 EXT 1003
Cell: (215) 805-5011
License: PA RS277420 / NJ 0047530
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
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