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 DistrictCMX4 - Center City Commercial Mixed-Use

Building TypePKG LOT NON COMMERCIAL

CategoryVACANT LAND

Year BuiltN/A

Valuation & Sales

Market Value (TY2027)$8,490,000

Last Sale Price$2,400,000

Last Sale DateDecember 26, 1986

Taxable Land$0

Taxable Building$0

Homestead ExemptionNone

Physical Characteristics

Total Lot Area56,600 sq ft

Livable AreaN/A

Frontage283 ft

Depth200 ft

StoriesN/A

UnitsN/A

BedroomsN/A

BathroomsN/A

Exterior ConditionN/A

GarageN/A

Ownership

OwnerDrexel University

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 Tract90

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

CMX-4Commercial Mixed-Use

Zoning Envelope

Max Height: No limit
Lot Coverage: 90%
FAR: 5.0x; 500%
Max GFA: 283,000 sf
Max Units: 377; 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: +84,900 sf; 150% of lot area
With All Bonuses: Max Units: 490; Base 377 + 113 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	377	283,000 sf	—	…	…
With the Mixed-Income bonus §14-702 Mixed-Income Housing, moderate-income tier · requires affordable units	490	367,900 sf	—	…	…

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 IV-B; mass timber · ~$138/sf base
Stories to Realize FAR: ~6; No height cap — FAR ÷ coverage
Net Realizable Units: 377; 80% net-to-gross vs. 377 gross

Realizing this zoning envelope needs about 6 stories — above the 4-story wood-frame limit — so it requires Type IV-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

$91.1M

$241,639/unit

Stabilized NOI

$4.7M

Yield on Cost

5.1%

Below 6% threshold

Equity Multiple

1.27x

377 units / Type I/II Concrete/Steel

Revenue

Gross Potential Rent$7.0M

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

Effective Gross Income$6.5M

Development Cost

Land & Acquisition$25K

Hard Costs$65.2M

Soft Costs$25.9M

Total Development Cost$91.1M

10-yr IRR

2.6%

Below 15% threshold

Cash-on-Cash

2.3%

DSCR

1.18x

Target: 1.20x+

Year 10 NOI

$5.0M

Net Sale Proceeds

$32.0M

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

$8,933K

$80.4M total equity

4% Annual Credit

$3,970K

$35.7M total equity

Eligible Basis

$99.3M

100.0% applicable

Surplus (9%)

$31.9M

Fully funded

Recommendation

377 units — 4% bond deal is non-competitive (automatic allocation, 25% test per OBBB). Produces $35.7M equity. 9% would produce $80.4M but requires competitive PHFA application and is impractical at this scale.

Income Averaging (IRC §42(g)(1)(C))

Compliant

Avg AMI: 52% (max 60%)

Affordable Units: 377 / 377

Applicable Fraction: 100.0%

Sources of Funds

LIHTC Equity (9%)

$80,400,870

Permanent Debt

$50,815,919

Total Sources$131,216,789

Surplus$31,931,455

Accessibility requirements377 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

377

§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.