GREA extends to qualified investors the opportunity to acquire the fee simple interest in the site at 4726-4748 Spruce Street/301 South 48th Street located in the Walnut Hill section of University City in Philadelphia, Pennsylvania. Zoned CMX-3, the property allows for the “by-right” construction of 170 apartment units, 22,982± square feet of commercial space, and 39 on-site parking spaces. 

Currently, there is no obligation to include affordable units at the site. Under a new mixed-income housing zoning bonus, developers are able to get more floor area, height, and/or dwellings if they add affordable units to the project or pay into a fund that supports affordable housing. Prospective buyers should consult with zoning and planning specialists for updated legislation and guidelines to receive the max FAR.  

The Walnut Hill section of University City boasts one of the highest occupancy rates in the City of Philadelphia with averages over 95%. The 24,860± square foot site offers a strategic location on the prominent southeast corner of 48th and Spruce Streets. A new owner will have the opportunity to configure the ±30,000 square feet of commercial space and lease it to benefit not only the tenants of the building but residents in the immediate area. There are roughly 5,165 people in the Walnut Hill neighborhood of which ±80% rent versus own. These residents are students and young professionals who would benefit from new commercial tenants in an area that is in need of cafes, restaurants, craft breweries, and essential retailers. 

The popular University City section of Philadelphia is well-served with world-class medical facilities and universities. University City features:

• $3.5B New, Recently Completed, or Planned Real Estate Projects
• 85K+ Jobs
• 5M SF of Office Spaces; Over 90% Occupancy Rates
• 3x Median Home Values Over the Past Decade
• $1.85B R&D Expenditures Among Institutions of Higher Education
• 44% National Institutes of Health Investments in Entire State

4726-4748 Spruce Street allows for a “by-right” project with flexibility in design in one of the most livable, walkable, and bikeable areas in the City of Philadelphia.

* JV Opportunities Available. The seller is willing to build/develop the project up to turn-key-ready condition for a qualified buyer. Contact the listing agent for details.