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Brewerytown Warehouse Conversion To Be Asks $2M

The abandoned Pyramid Electric Supply Company warehouse, a large and long vacant building at 31st and Oxford, is on the market. The asking price, $2M, might seem a bit high, but the building comes with all the zoning permits needed to develop it into 46 apartments. The warehouse was last sold in 2008 for $300K. The listing notes that the current owner "has all neccessary architectural plans for a developer to jump right into this project." The project's plans include 36 one bedroom units, ten two bedroom apartments, and 14 parking spaces.

Though it's clear that the current owner of the property stands to make quite a bit of money from selling the property with permits, its unclear whether a potential buyer would stand to make a similarly large return on investment. It's true that Brewerytown is experiencing gentrification, but it's not clear that there's a demand for a new apartment building in the neighborhood.

· 3101 W Glenwood Avenue [LoopNet]
· Major renovation of conspicuous North Philadelphia warehouse into apartments [Philadelphia Heights]