What You Should Know

An AI-generated overview of this parcel — zoning context, recent activity, and what matters most for redevelopment.

Zoning & Land Use

Zoning DistrictIRMX - Industrial Residential Mixed-Use

Building TypeAPT 2-4 UNITS 3 STY MASON

CategoryMULTI FAMILY

Year Built2006 (est.)

Valuation & Sales

Market Value (TY2027)$939,200

Last Sale Price$1,160,000

Last Sale DateSeptember 29, 2020

Taxable Land$187,800

Taxable Building$651,400

Homestead Exemption$100,000

Physical Characteristics

Total Lot Area1,842 sq ft

Livable Area3,756 sq ft

Frontage37 ft

Depth50 ft

Stories3

Est. Units3 (approx.)

Bedrooms5

Bathrooms2

Exterior ConditionAbove Average

Garage0

Ownership

OwnerBodegas Rod Jeffrey Velasco

Political Representation

City Council DistrictN/A

City Council MemberN/A

Ward5

PA House DistrictN/A

PA House RepresentativeN/A

PA Senate DistrictN/A

PA Senate RepresentativeN/A

Congressional DistrictN/A

Congressional RepresentativeN/A

Census Tract376

Activity Timeline

Nearby Activity

Comparable Sales

Two different questions, answered together: what this property is worth as built, and what the land underneath it is worth on its own. Not an appraisal.

Building value

Arm's-length sales of similar nearby homes — prices the structure.

Land value

Vacant-land and teardown sales — prices the lot on its own.

Sale-by-sale detail

Buildable CapacityBeta

Limited data — special district

IRMXIndustrial

Zoning Envelope

Max Height: 60 ft; 5 stories
Lot Coverage: 75%
FAR: 5.0x; 500%
Max GFA: 6,908 sf; Height-limited to 375% of lot
Max Units: 9; Height-limited

Building Code (IBC Ch. 5)

Construction Type: Type II-B; noncombustible · ~$122/sf base
Net Realizable Units: 9; 80% net-to-gross vs. 9 gross

Realizing this zoning envelope needs about 5 stories — above the 4-story wood-frame limit — so it requires Type II-B (noncombustible or mass timber). Zoning permits the density; the building code raises the hard cost to reach it.

Model a specific massing to see the construction type it requires (zoning capacity above is unchanged):

StoriesFloor plate (SF)

By-right capacity based on Philadelphia Zoning Code §14-701. Actual development potential may vary based on overlays, variances, setbacks, parking requirements, and site conditions.Utilization and redevelopment potential data will be available after the next data update.

Bonuses and Policy ScenariosBeta

Toggle a bonus or policy scenario to see how it affects feasibility. Selections here update the Pro Forma card below, including its Excel export. Not law today scenarios are hypothetical only — not something available under current Philadelphia zoning code.

Select a scenario above to compare against the base case

3D Massing

Development Pro FormaBeta

Yield on cost:−Doesn't Pencil10-yr IRR:−Doesn't Pencil

Market data: Citywide submarket

Total Dev Cost

$2.3M

$254,249/unit

Stabilized NOI

$110K

Yield on Cost

4.8%

Below 6% threshold

Equity Multiple

1.90x

9 units / Type III/IIA (5-over-1 podium)

Revenue

Gross Potential Rent$170K

Blended Market Rent (at delivery)$2.56/sf/mo

Effective Gross Income$158K

Development Cost

Land & Acquisition$218K

Hard Costs$1.5M

Soft Costs$592K

Total Development Cost$2.3M

10-yr IRR

7.3%

Below 15% threshold

Cash-on-Cash

2.1%

DSCR

1.18x

Target: 1.20x+

Year 10 NOI

$145K

Net Sale Proceeds

$1.2M

at 6.5% cap

LIHTC Screening Beta

Not Applicable

Screening-level LIHTC feasibility based on the market-rate pro forma above. Not a substitute for a qualified LIHTC consultant.

Income Mix Preset

30/50/60% AMI — strong PHFA scoring

Affordable %

Investor $/Credit

Grants / Subsidies

Receives federal assistanceHOME, CDBG, HOPWA, HTF, project-based vouchers. Triggers §504 (5% accessible + 2% hearing/vision). The credit alone does not.Elevator buildingBrings every unit into Type B scope instead of the ground floor only. Defaulted from the modeled story count.

Prevailing wageApplies once a project receives $100K+ in city financial assistance (e.g. City Gap Financing, the typical LIHTC subsidy source).Land Bank disposition ($1 nominal)Models this parcel as if acquired via the Land Bank at nominal cost — not yet an active City program for LIHTC deals.

9% Annual Credit

$202K

$1.8M total equity

4% Annual Credit

$90K

$0.8M total equity

Eligible Basis

$2.2M

100.0% applicable

Surplus (9%)

$0.5M

Fully funded

Recommendation

Only 9 units — PHFA minimum for 9% is 25 units. Too small for bond-financed 4% deal as well.

Income Averaging (IRC §42(g)(1)(C))

Compliant

Avg AMI: 52.2% (max 60%)

Affordable Units: 9 / 9

Applicable Fraction: 100.0%

Sources of Funds

LIHTC Equity (9%)

$1,819,656

Permanent Debt

$1,186,338

Total Sources$3,005,994

Surplus$541,076

Accessibility requirements9 units

Type A (fully adaptable)

IBC §1107.6.2.2.1 — 2% above 20 units

none

Type B / Fair Housing

IBC §1107.6.2.2.2 — elevator brings all units into scope

§504 mobility-accessible

not applied — no federal assistance declared

n/a

§504 hearing / vision

not applied — no federal assistance declared

n/a

Zoning Flags

!Zoning uncertainty — review before PHFA application

!Low confidence in capacity calculation — manual zoning review required

QCT/DDA 130% basis boost not yet implemented — check HUD QCT map manually.

100% affordable — eligible for landscape buffer exemption (§14-705(1)), reducing site costs.