The 400 block of Memphis St in Fishtown has really changed over the last ten years with vacant lots and a 1 story warehouse making way for a bunch of single family homes. We also saw the warehouse at 410 Memphis St converted into the The Chesterman, a 57 unit residential building.
The block continues to improve. Developers purchased a series of garages at 438-48 Memphis St in December of 2017 for $1.1 million. The developers are pursuing a 5-story building with 20 residential units on floors 2-5, ground floor commercial space, and parking in the basement. The development team has already demolished the garages that were on the 7,500 square foot lot and have proceeded with construction. There was a rendering on the sale listing for the lot, but we are not sure if the new owners have decided to switch things up. Has anyone seen any more recent renderings?
We believe the residential units will be an easy sell (or rent) in such a prime location. However, we aren’t sure how commercial space will do on this quiet block. The project is right off of Frankford Ave and a short walk to Palmer Park, Philly Style Bagels, Steap and Grind, Wine Social, Suraya, and many more amenities. It is also close to the Berks El stop, which could help attract a business to open their office in the commercial space. We look forward to seeing what opens here and hope the developers build out a quality commercial space.
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property