Looking to Invest in mixed use property in Philadelphia

[Steven Rasovsky]

Looking to make moves on property (4-5 bed + commercial unit ground floor) in Brewerytown in the ballpark of 60-70k. Strategy is to buy, renovate, rent out. 

Anyone interested in this space and want to chat? 

[Paulette Midgette]

Hello @Troy Sheets and @Steven Rasovsky,

There have been a number of local news reports lately about the proposed/planned future for Lower North Philly which includes Brewerytown.   There are so many vacant and dilapidated properties in this area, there is a school of thought that is gaining traction to turn much of  the area over for open spaces, such as, parks, side yards, and farming.  The Philadelphia Housing Authority also released a plan recently to acquire a large portion of the Sharswood neighborhood (right next to Brewerytown)  for relocation of their headquarters from Center City and to develop the rest of the space for residential and commerical use.  Brewerytown is certainly changing but I am not sure into what.  With it's proximity to the Parkway and a short bus ride or drive to Center City I believe it is an area to watch. 

As an FYI.  I  had relatives who lived in Brewerytown and the surrounding areas.  Recently my cousins' home was taken by the City through Eminent Domain to make way for a new housing development. 

It looks to me that the direction City Planners are moving towards are walkable neighborhoods.  Everything you need, restaurants, entertainments, shopping, etc. will be accessible within a short walk from your front door.  I think a commercial building with rental units make sense in Brewerytown because I think the demand for commercial space will pick up.  I am just not sure the time is right to pick up a commercial space with rentals right now.  My sense from having grown up in the area and knowing the neighbor is that most renters prefer single family homes.  I don't believe there is enough turnover in the neighborhood to attract renters above a storefront.

Below is a link to an article that talks about the future of Lower North Philadelphia.

Also @Steven Rasovsky, if you are not set on staying in proximity to Center City Philadelphia, take a look in the Germantown/ Mt. Airy sections of the city.  These areas are 25-30 minutes outside of Center City but have easy access to public transportation and there is a demand for commercial units in these areas.  Many of which have apartments them.  Oh yeah, there is a small artist community in the area as well.

http://planphilly.com/articles/2013/07/17/more-vacant-property-than-can-be-filled-in-lower-north-Philadelphia