237 S 48TH ST + 4710 LOCUST ST

Multifamily redevelopment opportunity in University City / Walnut Hill, Philadelphia, near Penn Medicine, CHOP, the University of Pennsylvania, and Drexel University.MPN Realty, Inc. is pleased to present the exclusive sale of 237 S. 48th Street & 4710 Locust Street, the former site of Admiral Court & Dorset Court - a two-building apartment community that formerly contained 104 units. The site is now proposed (based on preliminary by-right review) for a ±160-unit multifamily redevelopment involving adaptive reuse of the original Dorset Court building. Buyer is responsible for obtaining zoning permits and building plans, and for confirming allowable density and massing. Following the demolition of the original Admiral Court building due to fire damage, and the partial renovation of the ±48,000 Sq Ft Dorset Court building, the property presents a rare redevelopment opportunity on approximately 36,000 square feet of combined land area. The site is zoned RM-1 (Multifamily Residential), offering a strong foundation for a high-density residential project in one of Philadelphia’s most supply-constrained rental markets. The property is located in the Walnut Hill neighborhood of University City, one of the region’s strongest residential submarkets, driven by the continued expansion of Penn Medicine, Children’s Hospital of Philadelphia (CHOP), the University of Pennsylvania, Drexel University, and numerous life sciences, research, and technology employers. The location offers excellent connectivity via SEPTA’s Market-Frankford Line, multiple trolley routes, and major thoroughfares including I-76, providing convenient access to Center City and the broader Philadelphia region. The City of Philadelphia offers a 10-year property tax abatement for residential new construction (Ordinance 961) and renovations (Ordinance 1456-A). The property is located in a census tract identified as potentially eligible under proposed Opportunity Zone successor legislation (‘QOZ 2.0’). Additionally, the property falls within Philadelphia’s Mixed Income Neighborhood (MIN) Overlay, making it particularly well-suited for affordable and workforce housing development. Opportunities to acquire nearly an acre of multifamily-zoned land in University City are exceptionally scarce. 237 S. 48th Street & 4710 Locust Street represent a compelling opportunity for developers seeking to capitalize on one of Philadelphia’s most dynamic and resilient rental markets.