Frankford Avenue has seen an explosion of development over the last several years. We have seen multiple condo and apartment buildings rise, with a few currently under construction. A 30-unit mixed-use building is wrapping up at Frankford and Belgrade. Across the street, a 24-unit building with retail is beginning to rise. Just north of these two projects, an 11-unit mixed-use building is under construction.
Across the street from the 11-unit project, a 4-address parcel just hit the market under two separate listings:
- 1538 Frankford Ave: a three story single family home
- 1540 Frankford Ave: looks to be a single family home
- 1542 Frankford Ave: a 6 unit building
- 1544 Frankford Ave: a garage with storage space on the 2nd floor
1538-40 Frankford Ave. is for sale for $1.4 million and 1542-44 Frankford is listed at $1.35 million. Both lots are zoned CMX-2 which will allow a fairly dense commercial mixed-use project by right. Together, the lots total nearly 5,900 square feet. It is likely that one developer will purchase both lots and pursue demolition.
The properties are about 25 feet from Suraya, the Lebanese restaurant that has gotten a ton of accolades since it opened in late 2017. It is also near a ton of other amenities. With all of the construction going on at this stretch of Frankford Ave. and with condos in the area selling for high prices, we expect these properties to sell. Although $2.75 million seems like a high price, someone may be able to make the numbers work. What do you hope to see happen to this property?
UPDATE 6/18/19 – this property is under contract
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