3428 N 18th St
- 43-Unit Development Opportunity | Preliminary plans show a four-story, 43-unit multifamily building totaling approximately 35,761 GSF with 18 parking spaces, 15 bicycle spaces, rooftop deck, and amenity areas
- Basis | Offered at $1,000,000 for a development site with in-place income
- In-Place Income | 40 self-storage units totaling 8,910 RSF with 100% occupancy, generating approximately $66,077 in annual rental income
- Zoning / Development Potential | Zoned RSA-3 with a clear path to multifamily development
- Qualified Opportunity Zone (QOZ) | Located within a QOZ, offering potential federal tax advantages for investors
- Clean & Executable | Phase I environmental completed with no issues identified and preliminary plans in place
Property Description
SCOPE Commercial Real Estate Services, LLC (“SCOPE”) is pleased to present the opportunity to acquire 3428 N 18th Street, “The Oasis,” a multifamily development site with in-place income located in the Nicetown–Tioga neighborhood of Philadelphia. The Property represents a hybrid investment opportunity, offering current rental income alongside a clear path to redevelopment. Currently operating as North Philly Self-Storage, the asset consists of 40 self-storage units totaling approximately 8,910 rentable square feet and generating approximately $66,077 in annual rental income with full occupancy. The Property is positioned for the development of a four-story, 43-unit multifamily building totaling approximately 35,761 gross square feet. Preliminary architectural plans have been completed, which show 18 on-site parking spaces, 15 bicycle spaces, rooftop amenity areas, and common space, with a unit mix consisting of studios, one-bedroom, and two-bedroom apartments. These plans provide a defined framework for future development while allowing an investor to finalize approvals and tailor the project to their specifications. Situated on a ±19,881 square foot (0.42-acre) parcel, the Property is positioned on a quiet residential block and set back from the street, offering a unique sense of separation from surrounding traffic while remaining accessible to the broader corridor. The surrounding area is experiencing ongoing new construction and redevelopment activity and is located within close proximity to major demand drivers including Temple University, Temple Health, and other employment centers. The Property is located within a Qualified Opportunity Zone (QOZ), which may provide potential federal tax incentives for investors. In addition, a Phase I environmental report has been completed with no issues identified. With in-place income, preliminary plans, and a clear path toward redevelopment, 3428 N 18th Street presents a well-defined opportunity for investors seeking both current cash flow and future development potential.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,000,000 |
| No. of Units: | 43 |
| Lot Size: | 0.46 Acres |
| Opportunity Zone: | No |
| Price per unit: | $23,256 |
| Property Website | Click Here |
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