3314 Fairmount Avenue 20

Philadelphia, PA
$ 3,200,000 Beds 0 Baths 0
Monthly Estimate* How much can I afford?

On behalf of ownership, welcome to The Mount, a Qualified Opportunity Zone multifamily development site in the University City submarket of Philadelphia, Pennsylvania. Conceived as a by right development, this is a turnkey construction project to build 90 units over retail with parking, the ultimate urban luxury. Located within close proximity to world class Drexel University, the pro forma rental projections for the favorable mix of one and two bedroom apartments are conservative for year one, and can be significantly increased in year two. Units can also be geared towards market rate apartments for millennials and YPs as well as local residents in search of high design housing with parking. The conceptual plans call for a 79,000+ SF 5 storey structure with 4,500 SF of commercial space and 25 surface level parking spaces, bike storage, lobby, elevator service and package room. Average apartment size is 740 SF and average projected rent is 1425/mo. 62 one bedroom units and 28 two bedroom units. Defer capital gains through the Qualified Opportunity Zone (QOZ) program and reinvest in the community at the same time. This project will benefit from the full 10 year tax abatement if purchased and permitted by this time next year (December 2020). After December 2020 this project will no longer be eligible for the full 10 year tax abatement; the abatement has historically been shown to drastically improve the profitability of the investment return and makes the development significantly more feasible to accomplish. Short walk to amenities such as The Philadelphia Zoo, Philadelphia Museum of Art, Fairmount Park, Boathouse Row, Schuylkill River Trail, Drexel Park and all of the prime shops and restaurants in University City. Upper floor units should have city skyline views, as well as Art Museum, park and river vistas. A second downtown is fast rising in this University City submarket, with multi billions worth of real estate development and investment actively taking place on projects such as Schuylkill Yards innovation district, Amtraks 30th Street Master Plan, and the continued efforts of University of Pennsylvania and Drexel University cultivating top talent for the local Philadelphia workforce, along with world class institutions University of Pennsylvania Hospital (HUP) and Childrens Hospital of Philadelphia (CHOP) continuing to hire and retain highly skilled/paid employees from all over the USA. Sale notes: zoning permit expected to be filed Q1 2020. Slight demo required. Price also includes the parcel at 3308 Fairmount AVE. Lot size is 17,700+ SF irregular shape that runs street to street from Fairmount AVE to Melon ST. Offering memorandum available upon request along with construction and rental pro forma, Phase 1 Environmental report, plans and survey.

Contingent

  • Price
  • $ 3,200,000
  • Lot Size
  • 0.41 Acres
  • Bedrooms
  • 0
  • Full Bathrooms
  • 0
  • Half Bathrooms
  • 0
  • City, Zip
  • Philadelphia
  • County
  • PHILADELPHIA
  • Style
  • Vacant
  • Area
  • 19104
  • MLS#
  • PAPH858420
  • Zip
  • 19104
Listing Provided by: Compass Pennsylvania, LLC

Features

General

Additional Parcels Y/N Yes
Association Y/N No
Condo/Coop Association Y/N No
County PHILADELPHIA
Current Use Vacant
Days on Market 29
High School District THE SCHOOL DISTRICT OF PHILADELPHIA
Historic Y/N No
MLS Area 19104 (19104)
Ownership Fee Simple
Possession Immediate
Price Per Sq Ft 179.92
Property SubType Land
Property Type Land
Real Estate Owned Y/N No
Sewer Public Sewer
Subdivision Name UNIVERSITY CITY
Tax Annual Amount 0.0
Tax Lot 56
Tax Year 2020
Vacation Rental Y/N No
Water Access Y/N No
Zoning IRMX

Exterior Features

Lot Dimensions 85.40 x 165.00
Lot Size Acres 0.41
Lot Size Source Estimated
Lot Size Square Feet 17786.00
Navigable Water Y/N No
Water Oriented Y/N No
Water Source Public
Water View Y/N No
Waterfront Y/N No

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Affordability Calculator

$3,068

Per Month

Based on the average sale price from the Ashburn, VA office

  • Monthly Principal & interest $1,939
  • Monthly Property Taxes $1,062
  • Monthly Home Insurance $67
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Default based on a 30-year fixed rate of 4.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA, or jumbo loans.

Schools

Elementary School Unknown Elementary School
Middle School Unknown Middle School
High School Unknown High School

Price History

12/19/2019 Listed $3,200,000

Property vs Zip Code Average in 19104

Price
AVG $310K
$3.2M
Visits
AVG 77
120
Walkscore
AVG 84
78
Data Provided by Walkscore ® not using MLS data

Map

3314 Fairmount Avenue 20 Philadelphia, PA is a Single Family Home for sale at $3200000 and a lot size of 0.41 Acres Acre(s). 3314 Fairmount Avenue 20 Philadelphia has 0 bedrooms, 0 baths . The property's zip code is 19104 which is in Philadelphia, PA

*Information deemed reliable but not guaranteed.

Financial calculator disclaimer: Default based on a 30-year fixed rate of 4.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

All information deemed reliable, but not guaranteed, and should be independently verified. The real estate information and related content displayed on this site is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.