Updated Sep 9, 2024
Agent PHL Sells Development Site In Philadelphia For $3M
2400 East Venango Street Philadelphia, Pennsylvania 19134, USA
$3,000,000
Building Size
—
Asset Type
Development Site
Closing
Jul 6, 2023
About this deal
AI
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.
On the Map
$3,000,000
Development Site
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Players
Philadelphia Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93