Cedar Park/Univ City Redevelopment
4820 Chester Avenue Philadelphia, PA 19143
- Price$ 475,000
- Property TypeCommercial
- NeighborhoodCedar Park
- Number of Units-
- Lot Size0.09 acres
- Year Built1925
- Outstanding Value-Add, Redevelopment Opportunity: Sub-Market Occupancy Over 98%
- University City: Most Livable, Walkable and Bikeable Area of Philadelphia
- Outstanding Rental Pool: 54% of Residents Over 25 have a Bachelor’s or Advanced Degree
- Close Proximity to Public Transit: Adjacent to 49th & Chester Avenue Trolley Station
- Garage Parking: As-Is Garage Fits 2 Cars
- Neighborhood Amenities: Near Kingsessing and Clark Parks
- Corner Lot: Large Corner Lot Provides High Visibility
- World Class Medical Facilities & Universities: University of Pennsylvania, Drexel University, the University of the Sciences, Penn Medicine and the Children’s Hospital of Philadelphia
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in the property at 4820 Chester Avenue, an exciting value-add, redevelopment opportunity in the University City section of Philadelphia. This highly sought-after area is home to some of the top rated educational and medical institutions in the world – the University of Pennsylvania, the University of the Sciences, Drexel University, the Hospital of University of Pennsylvania (Penn Medicine), and the Children’s Hospital of Philadelphia (CHOP).
4820 Chester Avenue was built in 1925 and consists of a three-story structure with a free-standing garage located on the prominent corner at 49th Street and Chester Avenue. Currently, it is zoned RTA-1 and is used for group living with a communal kitchen/dining area with eight rooms. In addition, the property has a two-car garage and on-site parking for two additional vehicles. Only one tenant is left in the building and ownership is in the process of terminating their housing.
The property offers an outstanding value-add, redevelopment opportunity. A new owner could redevelop the property as:
- Single Family Residence: does not require zoning approval;
- Two-Family Residence: requires a use registration permit; or
- Multi-Family Residence: requires a variance
If a new owner receives a zoning variance for a multi-family residence, the footprint of the existing building could accommodate 7 apartment – (4) one-bedroom/one-bath and (3) two-bedroom/one-bath. In addition, the new owner can apply for a 10-year real estate tax-abatement for improvements made during the reposition to greatly increase their return on investment. Further, the property has the potential to be the premier apartment building in the desirable Southwest Philadelphia/Cedar Park/Clark Park section of University City and command the highest rents of this highly-sought after sub-market. The University City area has outstanding occupancy of 98% to 100%. The Southwest/Cedar Park/Clark Park section is unique in the sub-market because most of its rental housing stock consists of converted single-family homes and only a few vintage apartment complexes. Although occupancy is nearly 100% in this area, rental rates are almost 300% less than the new construction just eight blocks away in the campus section of University City.
4820 Chester Avenue is the perfect project for someone who is confident in University City’s initiative to continue to grow and be a world leader in medicine and education. With the ability to create residential units in a very hot apartment market, this project is ideal for developers of all sizes.
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
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