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Agent PHL Sells Development Site In Philadelphia For $3M

Property Image
SOLD
$3,000,000
Ryan McManus
RC

Pennsylvania

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Development Site
Sold 07/06/2023
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Property Image
SOLD

Agent PHL Sells Development Site In Philadelphia For $3M

2400 East Venango Street Philadelphia, Pennsylvania 19134, USA

See Similar Deals
Development Site
Sold 07/06/2023
Ryan McManus
RC
the dealplayerscompscontact
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Summary

PENNSYLVANIA
Asset Type:Development Site
Transaction Type:Sale

An affordable housing development site located at 2400 East Venango Street in Philadelphia has been sold for $3,000,000. The property features 30 new residences consisting of 3-bedroom, 3-bathroom townhomes with garage parking. The development site spans a total of 38,000 square feet, resulting in a price per buildable square foot (PPBSF) of $79. Situated in a convenient location near transportation and amenities, this project aims to address the demand for affordable housing in the area.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $3,000,000
  • BSF: 38,000
  • PPBSF: $79
  • Address: 2400 East Venango Street, Philadelphia
  • Market: Philadelphia

Ryan McManus from Compass and Rich Cassell from Keller Williams served as the brokers involved in this sale transaction. Their expertise and representation were instrumental in the successful completion of this deal.

Players

Ryan McManus
Ryan McManus
13 deals$66.4M volume(610) 606-1095
BROKER
RC
Keller Williams Realty
Rich Cassell
1 deal$3M volume
BROKER

Details

SOLD
IMAGE: Ryan McManus & Rich Cassell DATE: 07/06/2023 ADDRESS: 2400 East Venango Street MARKET: Philadelphia ASSET TYPE: Development Site BROKERS: Ryan McManus - Compass; Rich Cassell - Keller Williams SALE PRICE: $3,000,000 BSF: 38,000 ~ PPBSF: $79 NOTE: Agent PHL has announced the sale of 2400 East Venango Street in Philadelphia, a development featuring 30 new residences of 3-bedroom, 3-bathroom townhomes with garage parking. The project addresses the demand for affordable housing in the area and benefits from its convenient location near transportation and amenities.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$160,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,658.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,221.53
Annual Debt Service$170,658.37