514-18 W Berks Street

Immersed in the rich history of the Kensington area, 514-18 W Berks Street is situated within a neighborhood that has played a significant role in Philadelphia's industrial and cultural development. Once a hub for ship and boat building, Kensington transitioned to become a center for iron, steel, textile, and carpet manufacturing during the Industrial Revolution. The influence of English immigrants, renowned for their weaving expertise, contributed to the area's growth. Despite facing deindustrialization in the mid-20th century, Kensington has experienced a resurgence in recent years, with abandoned buildings being revitalized by young entrepreneurs. Today, the neighborhood thrives with a vibrant mix of culture and heritage, reflecting the resilience and pride of its residents as they continue to nurture and elevate their community. Source: Realty, Inc. is pleased to present the exclusive sale of 514-18 Berks Street, a development opportunity in the West Kensington neighborhood of Philadelphia. The seller has obtained zoning approval for a 4-story building, with twelve residential units. The site is very well-located along the Berks Street commercial corridor, among several multi-family and mixed-use developments, and in close proximaty to Temple Univesity. The Property is located in a Qualified Opportunity Zone (QOZ), which provides an immediate benefit to investors of deferring payment of capital gains tax that would be paid, until 2026. More information is located on page 5 of the OM. The properties are situated in a Mixed Income Overlay District, which provides for affordable housing requirements.