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 WAREHOUSE MASONRY

CategoryINDUSTRIAL

Year Built1940

Valuation & Sales

Market Value (TY2027)$768,100

Last Sale Price$1

Last Sale DateFebruary 1, 1995

Taxable Land$153,600

Taxable Building$614,500

Homestead ExemptionNone

Physical Characteristics

Total Lot Area18,600 sq ft

Livable Area17,700 sq ft

Frontage120 ft

Depth155 ft

StoriesN/A

Units0

BedroomsN/A

BathroomsN/A

Exterior ConditionAverage

GarageN/A

Ownership

OwnerMitchell Edward Sr

Political Representation

City Council DistrictN/A

City Council MemberN/A

Ward29

PA House DistrictN/A

PA House RepresentativeN/A

PA Senate DistrictN/A

PA Senate RepresentativeN/A

Congressional DistrictN/A

Congressional RepresentativeN/A

Census Tract137

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: 38 ft; Per adjacent RSA-5
Lot Coverage: 75%; Per adjacent RSA-5
FAR: 5.0x; 500%
Max GFA: 41,850 sf; Height-limited to 225% of lot
Max Units: 55; Height-limited

Building Code (IBC Ch. 5)

Construction Type: Type V-B; wood frame · ~$108/sf base
Net Realizable Units: 55; 83% net-to-gross vs. 55 gross

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

StoriesFloor plate (SF)

Abutting residential (RSA-5): Height constrained at shared boundary.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:Marginal

Market data: Citywide submarket

Total Dev Cost

$10.7M

$194,811/unit

Stabilized NOI

$680K

Yield on Cost

6.3%

Above 6% threshold

Equity Multiple

2.48x

55 units / Type V Wood Frame

Revenue

Gross Potential Rent$1.0M

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

Effective Gross Income$955K

Development Cost

Land & Acquisition$183K

Hard Costs$7.5M

Soft Costs$3.0M

Total Development Cost$10.7M

10-yr IRR

10.7%

Below 15% threshold

Cash-on-Cash

2.8%

DSCR

1.18x

Target: 1.20x+

Year 10 NOI

$892K

Net Sale Proceeds

$7.2M

at 6.5% cap

LIHTC Screening Beta

9% Credit

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

$1,033K

$9.3M total equity

4% Annual Credit

$459K

$4.1M total equity

Eligible Basis

$11.5M

100.0% applicable

Surplus (9%)

$5.0M

Fully funded

Recommendation

55 units — 9% credit is the viable path. Produces $9.3M equity. Bond issuance costs make 4% uneconomical at this scale. 60 units is the practical max for 9% deals.

Income Averaging (IRC §42(g)(1)(C))

Compliant

Avg AMI: 51.8% (max 60%)

Affordable Units: 55 / 55

Applicable Fraction: 100.0%

Sources of Funds

LIHTC Equity (9%)

$9,297,936

Permanent Debt

$7,348,700

Total Sources$16,646,636

Surplus$4,984,490

Accessibility requirements55 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.