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Listed by Jonathan Makar • MSC Retail, Inc.
$ 3,600,000
Est. payment /mo
New
5235-39 CHESTNUT ST Philadelphia, PA 19139
0.64 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID PAPH2635886
HOA Y/N N
Annual Tax Amount $2,557
Tax Year 2025
Lot Size 0.644 Acres
Acres 0.64
Property Sub-Type Land
Source BRIGHT
Property Description
5235 Chestnut Street offers the opportunity to acquire a multifamily development site approved for 204 residential units in West Philadelphia. The project has been designed entirely within the parameters of CMX-2.5 zoning and benefits from an issued zoning permit, completed Civic Design Review, a completed Streets Department developer-services meeting, and a clean phase 1 ERSA study.
Located in an Opportunity Zone census tract adjacent to the 52nd Street Market-Frankford Line station and the historic 52nd Street commercial corridor, the project has been planned as a transit-oriented, car-free development without structured parking requirements, creating a meaningful construction cost advantage. The unit mix emphasizes smaller, efficient layouts designed to maximize density and rent-per-square-foot performance.
The property is subject to the Mixed Income Neighborhood Overlay. The required affordable housing component consists of 41 rent-restricted units, which may be satisfied through Housing Choice Voucher tenants. Current Philadelphia Housing Authority payment standards greatly exceed traditional 40% AMI rent levels, providing additional flexibility in executing the project's affordability requirements.
With key approvals already secured and substantial predevelopment work completed, 5235 Chestnut Street provides developers with a clear path toward construction while avoiding one of the most significant risks in the Philadelphia entitlement process.
Located in an Opportunity Zone census tract adjacent to the 52nd Street Market-Frankford Line station and the historic 52nd Street commercial corridor, the project has been planned as a transit-oriented, car-free development without structured parking requirements, creating a meaningful construction cost advantage. The unit mix emphasizes smaller, efficient layouts designed to maximize density and rent-per-square-foot performance.
The property is subject to the Mixed Income Neighborhood Overlay. The required affordable housing component consists of 41 rent-restricted units, which may be satisfied through Housing Choice Voucher tenants. Current Philadelphia Housing Authority payment standards greatly exceed traditional 40% AMI rent levels, providing additional flexibility in executing the project's affordability requirements.
With key approvals already secured and substantial predevelopment work completed, 5235 Chestnut Street provides developers with a clear path toward construction while avoiding one of the most significant risks in the Philadelphia entitlement process.
Location
State PA
County Philadelphia
Area 19139 (19139)
Zoning CMX25
Exterior
Water Access N
Garage N
Building
Lot Description Irregular
Sewer Public Sewer
Water Public
Schools
School District Philadelphia City
Others
Tax ID 885691640
Ownership Fee Simple
Special Listing Condition Standard
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Miguel C Martinez
Owner | License ID: 0225072428