UPDATED:
10/16/2024 02:41 PM
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 10,000 sqft
Price per Sqft $175
Subdivision Mantua
MLS Listing ID PAPH2394438
Originating Board BRIGHT
Year Built 1915
Annual Tax Amount $1,985
Tax Year 2019
Lot Size 3,631 Sqft
Acres 0.08
Property Description
The QOZ Advantage: Investing in a Qualified Opportunity Zone provides a range of substantial financial incentives, making this property an even more compelling proposition:
Capital Gains Deferral: By investing capital gains from previous investments into this QOZ property, you can defer paying federal capital gains tax until December 31, 2026, or until you sell the property, whichever comes first.
Tax Reduction: If you hold the property for at least five years, you can reduce your deferred capital gains tax by 10%. Hold it for seven years, and that reduction increases to 15%.
Tax Exemption on Gains: Perhaps the most enticing benefit – if you hold the property for ten years, you pay zero capital gains tax on any appreciation in the property's value.
The Location: Situated within this QOZ, this property is strategically positioned to take full advantage of these financial benefits. Moreover, its location in a burgeoning West Philadelphia neighborhood ensures strong demand for development projects.
The Development Potential: With CMX-2 zoning allowing for a maximum height of 38 feet and the by-right option for up to 28 units, your development possibilities are vast. You have the flexibility to create a diverse array of projects, all while enjoying the financial advantages of the QOZ.
Why This Property:
Tax Advantages: The QOZ designation is a game-changer for your investment, potentially offering substantial savings and increased ROI.
Strategic Location: West Philadelphia's ongoing growth and revitalization make it an ideal location for development.
Versatile Potential: With the freedom to create your vision, you can tailor the property to meet various market demands.
Your Vision, Our Expertise: Our experienced team is ready to assist you in navigating the intricacies of QOZ investments and real estate development. From concept to execution, we are committed to helping you realize your vision while maximizing financial benefits.
Act Now: Opportunities like this in a QOZ are rare and time-sensitive. Secure this investment to reap not only the rewards of a promising development but also the significant financial benefits that a QOZ brings.
Location
State PA
County Philadelphia
Area 19104 (19104)
Zoning CMX2
Interior
Hot Water Electric
Heating Forced Air
Cooling Central A/C
Heat Source Electric
Exterior
Utilities Available Sewer Available, Water Available
Waterfront N
Water Access N
View Street
Roof Type Flat
Street Surface Black Top,Concrete,Paved
Accessibility No Stairs
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
High Schools Overbrook
School District The School District Of Philadelphia
Others
Tax ID 882933865
Ownership Fee Simple
SqFt Source Estimated
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
Financing Cash,Conventional,Exchange
Special Listing Condition Standard
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