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 DistrictRM1 - Residential Multi-Family

Building TypeAPTS 5-50 UNITS MASONRY

CategoryAPARTMENTS > 4 UNITS

Year Built1899

Valuation & Sales

Market Value (TY2027)$4,266,200

Last Sale Price$4,843,304

Last Sale DateJune 6, 2024

Taxable Land$853,200

Taxable Building$3,413,000

Homestead ExemptionNone

Physical Characteristics

Total Lot Area11,310 sq ft

Livable Area32,338 sq ft

Frontage148 ft

Depth188 ft

Stories4

Est. Units15 (approx.)

BedroomsN/A

BathroomsN/A

Exterior ConditionAverage

GarageN/A

Ownership

Owner2327 Fitzwater Street Llc

Political Representation

City Council DistrictN/A

City Council MemberN/A

Ward30

PA House DistrictN/A

PA House RepresentativeN/A

PA Senate DistrictN/A

PA Senate RepresentativeN/A

Congressional DistrictN/A

Congressional RepresentativeN/A

Census Tract13

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-1Multi-Family Residential

Zoning Envelope

Max Height: 38 ft; 3 stories
Lot Coverage: 75%
FAR: —
Max GFA: 25,448 sf
Max Units: 24; Coverage × height

What This Lot Can Hold (Current Law)

Option	Units	Floor area	Height	Cost per unit	Rent needed
By right §14-701 base zoning	24	25,448 sf	38 ft 3 stories	$294k–$328k land $27k–$60k	$2,060–$2,290 0.95×–1.06× area
With the Mixed-Income bonus §14-702 Mixed-Income Housing, moderate-income tier · requires affordable units	30	25,448 sf	38 ft 3 stories	$235k–$262k land $21k–$48k	$1,760–$1,970 1.01×–1.13× area

Break-even density: Pencils at the area's rents by right (24 units), but only if land comes in at the low end of its range.

Beyond current law (hypothetical)

4 stories, same footprint	40 units	4 stories	$1,720–$1,870 0.99×–1.08× area
5 stories, same footprint	50 units	5 stories	$1,880–$2,000 1.08×–1.15× area
Rezoned to RM-4	52 units	5 stories	$1,680–$1,780 1.07×–1.14× area
6 stories, same footprint	60 units	6 stories	$1,860–$1,970 1.07×–1.13× area

It would pencil 4 stories, same footprint (40 units, 4 stories), but only if land comes in at the low end of its range.

Not current law. "Same footprint" adds floors to the densest legal option, up to six stories, the most wood over a podium allows before concrete. Rezonings use that district's best current-law option on this lot. Construction above four stories is priced at 1.13× wood frame for wood over a podium and 1.28× for concrete.

Rent needed vs. what the area pays

By right

$2,060–$2,290 vs $2,170

With the Mixed-Income bonus

$1,760–$1,970 vs $1,740

4 stories, same footprint

$1,720–$1,870 vs $1,740

5 stories, same footprint

$1,880–$2,000 vs $1,740

Rezoned to RM-4

$1,680–$1,780 vs $1,560

6 stories, same footprint

$1,860–$1,970 vs $1,740

what a new building here gets LIHTC rent cap, 60% AMI ($1,540) pencils only if land is cheap doesn't

Bars are the monthly rent per market-rate unit each option needs to pencil, from the low to the high end of the land price. The market tick is Zillow's rent for the area with the new-building premium. Zillow rents trail the market and blend all bedroom sizes, while rent needed uses this building's own units, so the comparison is approximate on the market side. Light rows are hypothetical, not current law.

Cost per unit by building height

$333k

$311k

$300k

$330k

$325k

$362k

$359k

stories

land construction (darker = podium, concrete or steel) soft costs taller than current law allows

4 to 5 stories: +$31k per unit (+10%), where the building becomes podium type and an elevator.
6 to 7 stories: +$36k per unit (+11%), where the building becomes concrete or steel.

The same footprint and unit sizes, one story taller each time, with land at $981k for the whole lot (the middle of the range above). Units and floor area scale with stories from the by-right building, so light columns show what a taller building would cost, not what zoning would allow. Planning-level only, like the pro forma.

Land: $597,240–$1,365,120 — the city's assessed land value, 0.7×–1.6×, where half of recent lot sales landed against it. The assessment is a fixed share of total value, not a land price; enter a better figure if you have one

Use my land price:

Cost per unit is land, construction and soft costs from the pro forma at each option's units, floor area and construction type, divided by its units. Rent needed is the average monthly rent per market-rate unit for a 6.0% yield on cost, the pro forma's "pencils" line, against what a new building in the area would get (neighborhood rent with the new-building premium, at delivery). On the Mixed-Income option the affordable units stay at their 60% AMI rent. Planning-level only, like the pro forma.

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

Building Code (IBC Ch. 5)

Construction Type: Type V-B; wood frame · ~$108/sf base
Net Realizable Units: 24

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:+Pencils10-yr IRR:−Doesn't Pencil

Market data: Citywide submarket

Total Dev Cost

$7.3M

$305,152/unit

Stabilized NOI

$448K

Yield on Cost

6.1%

Above 6% threshold

Equity Multiple

1.76x

24 units / Type V Wood Frame

Revenue

Gross Potential Rent$626K

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

Effective Gross Income$579K

Development Cost

Land & Acquisition$904K

Hard Costs$4.6M

Soft Costs$1.8M

Total Development Cost$7.3M

10-yr IRR

6.5%

Below 15% threshold

Cash-on-Cash

2.7%

DSCR

1.18x

Target: 1.20x+

Year 10 NOI

$507K

Net Sale Proceeds

$3.6M

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

$630K

$5.7M total equity

4% Annual Credit

$280K

$2.5M total equity

Eligible Basis

$7.0M

100.0% applicable

Surplus (9%)

$2.6M

Fully funded

Recommendation

Only 24 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: 52.5% (max 60%)

Affordable Units: 24 / 24

Applicable Fraction: 100.0%

Sources of Funds

LIHTC Equity (9%)

$5,666,778

Permanent Debt

$4,854,987

Total Sources$10,521,765

Surplus$2,621,944

Accessibility requirements24 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.