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 DistrictRM2 - Residential Multi-Family

Building TypeAPTS 100+ UNITS MASONRY

CategoryAPARTMENTS > 4 UNITS

Year Built1967

Valuation & Sales

Market Value (TY2027)$12,864,900

Last Sale Price$1

Last Sale DateOctober 14, 2016

Taxable Land$0

Taxable Building$0

Homestead ExemptionNone

Physical Characteristics

Total Lot Area24,829 sq ft

Livable Area75,569 sq ft

Frontage204 ft

Depth116 ft

Stories11

Est. Units150 (approx.)

BedroomsN/A

BathroomsN/A

Exterior ConditionAverage

GarageN/A

Ownership

OwnerStephen Smith Towers Apar

Political Representation

City Council DistrictN/A

City Council MemberN/A

Ward6

PA House DistrictN/A

PA House RepresentativeN/A

PA Senate DistrictN/A

PA Senate RepresentativeN/A

Congressional DistrictN/A

Congressional RepresentativeN/A

Census Tract105

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

RM-2Multi-Family Residential

Zoning Envelope

Max Height: 45 ft; Per adjacent RM-1
Lot Coverage: 60%; Per adjacent RM-1
FAR: 0.7x; 70%
Max GFA: 17,380 sf
Max Units: 23; FAR-based

Mixed-Income Bonus (§14-702 — Elective, Current Law)

Available if the project provides moderate-income units under §14-702(7). Floor-area track, moderate-income tier; exempt from the §14-702(4) bonus cap (§14-702(4)(i)).

Bonus Floor Area: +6,207 sf; 25% of lot area
With All Bonuses: Max Units: 31; Base 23 + 8 Mixed-Income

What This Lot Can Hold (Current Law)

Option	Units	Floor area	Height	Cost per unit	Rent needed
By right §14-701 base zoning	23	17,380 sf	45 ft 4 stories	…	…
With the Mixed-Income bonus §14-702 Mixed-Income Housing, moderate-income tier · requires affordable units	31	23,588 sf	45 ft 4 stories	…	…

Land: — — no land price available — enter one

Use my land price:

Elective: the project must provide moderate-income units under §14-702(7).

Building Code (IBC Ch. 5)

Construction Type: Type V-A; wood frame · ~$108/sf base
Net Realizable Units: 23; 80% net-to-gross vs. 23 gross

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

StoriesFloor plate (SF)

Adjacency resolved: Standards governed by adjacent RM-1 district (§14-503(1)(b)).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:+Pencils10-yr IRR:−Doesn't Pencil

Market data: Citywide submarket

Total Dev Cost

$4.5M

$194,536/unit

Stabilized NOI

$296K

Yield on Cost

6.6%

Above 6% threshold

Equity Multiple

1.84x

23 units / Type V Wood Frame

Revenue

Gross Potential Rent$427K

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

Parking Income$8K

Effective Gross Income$404K

Development Cost

Land & Acquisition$25K

Hard Costs$3.2M

Soft Costs$1.3M

Total Development Cost$4.5M

10-yr IRR

7.0%

Below 15% threshold

Cash-on-Cash

2.9%

DSCR

1.18x

Target: 1.20x+

Year 10 NOI

$330K

Net Sale Proceeds

$2.3M

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

$436K

$3.9M total equity

4% Annual Credit

$194K

$1.7M total equity

Eligible Basis

$4.8M

100.0% applicable

Surplus (9%)

$2.3M

Fully funded

Recommendation

Only 23 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: 23 / 23

Applicable Fraction: 100.0%

Sources of Funds

LIHTC Equity (9%)

$3,922,695

Permanent Debt

$3,207,576

Total Sources$7,130,271

Surplus$2,262,433

Accessibility requirements23 units

Type A (fully adaptable)

IBC §1107.6.2.2.1 — 2% above 20 units

Type B / Fair Housing

IBC §1107.7.1 — ground-floor units only without elevator

§504 mobility-accessible

not applied — no federal assistance declared

n/a

§504 hearing / vision

not applied — no federal assistance declared

n/a

Without elevator service only ground-floor units are covered. That count is estimated by distributing units evenly across the modeled stories — replace it with a real unit schedule before relying on it.

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.