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 TypeIND. LGHT MFG MASONRY

CategoryAPARTMENTS > 4 UNITS

Year Built2023

Valuation & Sales

Market Value (TY2027)$15,011,600

Last Sale Price$2,350,000

Last Sale DateMay 17, 2021

Taxable Land$1,501,100

Taxable Building$3,152,450

Homestead ExemptionNone

Physical Characteristics

Total Lot Area17,786 sq ft

Livable Area66,000 sq ft

Frontage85 ft

Depth165 ft

Stories5

Units0

BedroomsN/A

BathroomsN/A

Exterior ConditionCode 1

GarageN/A

Ownership

OwnerFairmount Square Llc

Political Representation

City Council DistrictN/A

City Council MemberN/A

Ward24

PA House DistrictN/A

PA House RepresentativeN/A

PA Senate DistrictN/A

PA Senate RepresentativeN/A

Congressional DistrictN/A

Congressional RepresentativeN/A

Census Tract109

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

IRMXIndustrial

Zoning Envelope

Max Height: 60 ft; 5 stories
Lot Coverage: 75%
FAR: 5.0x; 500%
Max GFA: 66,698 sf; Height-limited to 375% of lot
Max Units: 88; Height-limited

Building Code (IBC Ch. 5)

Construction Type: Type II-B; noncombustible · ~$122/sf base
Net Realizable Units: 88; 80% net-to-gross vs. 88 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:Marginal10-yr IRR:−Doesn't Pencil

Market data: Citywide submarket

Total Dev Cost

$20.7M

$234,769/unit

Stabilized NOI

$1.1M

Yield on Cost

5.1%

Below 6% threshold

Equity Multiple

2.03x

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

Revenue

Gross Potential Rent$1.6M

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

Effective Gross Income$1.5M

Development Cost

Land & Acquisition$1.6M

Hard Costs$13.6M

Soft Costs$5.5M

Total Development Cost$20.7M

10-yr IRR

8.1%

Below 15% threshold

Cash-on-Cash

2.3%

DSCR

1.18x

Target: 1.20x+

Year 10 NOI

$1.4M

Net Sale Proceeds

$11.4M

at 6.5% cap

LIHTC Screening Beta

4% + Bonds

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

$1,871K

$16.8M total equity

4% Annual Credit

$832K

$7.5M total equity

Eligible Basis

$20.8M

100.0% applicable

Surplus (9%)

$5.9M

Fully funded

Recommendation

88 units — 4% bond deal is non-competitive (automatic allocation, 25% test per OBBB). Produces $7.5M equity. 9% would produce $16.8M but requires competitive PHFA application and is impractical at this scale.

Income Averaging (IRC §42(g)(1)(C))

Compliant

Avg AMI: 51.9% (max 60%)

Affordable Units: 88 / 88

Applicable Fraction: 100.0%

Sources of Funds

LIHTC Equity (9%)

$16,843,455

Permanent Debt

$11,469,006

Total Sources$28,312,461

Surplus$5,946,934

Accessibility requirements88 units

Type A (fully adaptable)

IBC §1107.6.2.2.1 — 2% above 20 units

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

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.