Trophy Commercial Real Estate, LLC ("Trophy") is pleased to present the exclusive offering of 701 W York Street, a 43,035 SF adaptive reuse project in Philadelphia. This property is a vacant former church under conversion into a 40-unit multifamily development. Ownership has completed extensive structural and framing upgrades, including the installation of steel beams and reinforced concrete dividers, offering investors a robust foundation on which to complete and stabilize the project.

The property is fully entitled, with Building Permits approved for Level III interior alterations. It is offered “as-is” at $3,500,000 | 81 PSF. This represents an opportunity to acquire a partially completed project with significant upside through completion, lease-up, and subsequent refinancing.

Investment Highlights:

• Adaptive Reuse Conversion – Vacant church building being redeveloped into 40 market-rate residential units.

• Partially Complete Construction – Framing, steel reinforcement, and core structural work already complete.

• Durability – Significant capital already invested in steel and reinforced systems, exceeding standard stick construction.

• Tax Abatement – Reported full 10-year Philadelphia tax abatement, enhancing long-term returns.

• Scale – 43,035 SF footprint across multiple levels; flexible for diverse unit layouts.

• Attractive Basis – Asking price of $3.5M ($81SF | $87,500/unit - shell), positioned below or in line with comparable adaptive reuse trades.

• Location – Infill Philadelphia location with strong connectivity, dense housing demand, and proximity to Temple University, Center City, and major transit.

Property Overview

• Address: 701 W York Street, Philadelphia, PA 19133

• Building Area: 43,035 SF

• Units: 40 residential apartments (mix of 1BR and 2BR layouts)

• Lot: 14,212 sf

• Zoning: RM-1

• Permit: Philadelphia L&I Building Permit CP-2021-006468 (Level III alterations).

• Tax Abatement: Reported full 10-year abatement under prior program.

• Ownership: 701WYORK, LLC

• Current Status: Vacant, steel & framing complete; interior build-out remaining

Project Details & Construction Status

• Steel Beams & Joists: Installed to replace dated supports and exceed city code standards.

• Framing & Dividers: Upgraded and reinforced.

• Concrete Supports: Additional pours completed to enhance structural integrity.

The property is designed for 40 multifamily units. While the exact mix varies, architectural plans suggest a combination of one- and two-bedroom apartments, optimized for efficient layouts with modern kitchens, bathrooms, and in-unit laundry.

Asking Price: $3,500,000

$/SF: $81

$/Unit: ~$87,500