“This presents an opportunity to build a product that’s not necessarily in that submarket right now,” McManus said. “There’s not a mass concentration of new construction apartment buildings being built like there are in some other neighborhoods like Kensington and Fishtown and even parts of University City core.”
Read MoreThe $2.6 million list price equates to about $30,200 per buildable unit.
“[The property] is priced exactly to the market in this current environment,” McManus said. “It’s a turnkey development site, buy and build.”
Approved plans for the property call for balconies, amenity space, a gym and 24 parking spots. Since approvals are already in place, McManus said the land is more valuable.
Read MoreMore construction could be coming to Philadelphia's hotly pursued Northern Liberties neighborhood…“This is really just buy and build,” said Ryan McManus of Agent PHL, the property’s listing agent. “It’s a turnkey development site.”
Read MoreThe new 55-unit project, located between Girard Station and Berks Station on the Market-Frankford Line, will span six floors and have almost 2,600 square feet of ground-floor commercial space. McManus said it is "where everybody wants to live, a marquee location."
Read MoreThe property has been on and off the market since its original listing, but now an undisclosed owner-operator is closing in on buying the space, said listing agent Ryan McManus of Agent PHL. The property spans close to 8,200 square feet and is listed for $2.25 million. McManus said the building is a turnkey restaurant, but also said that its CMX-2.5 zoning designation allows for up to 18 residential units to be built on the site. McManus said the historic designation "throws a wrench" into how potential buyers view the property.
Read MoreExterior work is nearing completion at 1805 North Howard Street, a six-story, 45-unit multi-family building under construction in Fishtown, Kensington. Permits list a project area of 36,802 square feet, Bottos Construction Inc. as the contractor, and a construction cost of $8 million. The project sits very close to 1BRKS, a new development that will bring well over 100 residential units and ample commercial space, and is poised to become a local destination.
Read MoreWhile residential development is happening throughout the city, the most active neighborhoods continue to be Northern Liberties, Fishtown and Kensington, McManus said. One emerging neighborhood where there’s been an uptick in activity is Paradise Hills, which is off Kelly Drive and bound by Allegheny Avenue and Ridge Avenue.
Read MoreAgent PHL powered by Compass is thrilled to announce the sale of 2020 Locust Street, a turnkey investment property in the coveted Rittenhouse Square submarket of Philadelphia. The Building was delivered 100% leased and occupied at the time of sale with 6 apartments and 1 commercial unit.
Read MoreOn South 12th Street next to the historic Camac Baths building, a developer recently received a permit to build a tower with 448 dwellings. On 22nd Street
Read MoreRyan McManus of Agent PHL is marketing 12 townhouses that are under construction. Each is 2,150 square feet with four bedrooms, three full bathrooms, furnished basement and roof deck for Argo Property Group in Brewerytown. Called Brewers Mill, each townhouse started at $425,000 and two properties went under contract at full price. An appraisal came back at $450,000, McManus said.
Read MoreThe more common $80 a square foot that raw land in Kensington sells for is a reflection of the rents apartments are getting and how much houses are trading for, but prices much higher than that aren’t achievable, said Ryan McManus of Agent PHL, a Philadelphia real estate firm involved in transactions in the neighborhood.
Read More“There’s a critical under supply in the $400,000 to $750,000 range at the top for the first-time home buyer and those who want to move up,” said Ryan McManus, a real estate agent with Compass familiar with the Fishtown, Kensington, East Falls and other parts of the city. “Developers are getting cheaper land than they can buy in the core and building there.”
Read MoreInside this early-20th-century shell lives an ultra-stylish modern townhouse that's a vision in black and white.
Read MoreA yeasty mix of established residents and newer arrivals have caused a lot of ferment in this historic North Philly neighborhood.
Read MoreMost Popular Realtor.com Homes
Read MoreArtist's rendering of apartment building planned at 2601 Poplar St. with "opportunity-zone" funding, as seen from corner of Poplar and Taney Streets.
Read MoreA proposed 130-unit apartment building at the corner of 26th and Poplar streets was made possible by the joint Opportunity Zone fund created by a local wealth management firm and real estate lender.
Read MoreA construction crew works near the intersection of Broad Street and Girard Avenue, with City Hall in the distance. Experts expect more construction to occur on North Broad as a result of the new Opportunity Zones located along the corridor.
Read MoreKensington's Inevitable Development Boom Is Beginning
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