MLS® ID: 1002022898
305-307 S WATTS ST
Philadelphia, Pennsylvania, 19107 $450,000
Two-story loft building with parking on a double lot in Washington Square West. Existing RM-1 zoned single-family house is roughly 1400 sq ft including garage, approximately 23' ft in height, with 11' ceilings and structural steel affording an open span across both lots. Building is not finished but exterior is tight with insulated roof (complete tear-off), insulated garage door, new/newer windows and rebuilt carriage-house openings; masonry elements have been reinforced and re-pointed. Interior is framed out, clean and painted, with new sub-floor and ceiling upstairs with exposed beams and pine planks. 1st floor has been prepared for new insulated, heated slab. Keep the existing configuration, or add a 38' tall 3rd story with 42' parapet, pilot house and roof-deck as-of-right - plans included. Zoning approval has been obtained for the addition of a 3rd floor that is 18' in depth and spans the full 28' width of the building, plus a pilot house and roof-deck; building permit has been applied for and tax abatement application will be made once permit is obtained. Used as a legal duplex in the past, and previously taxed erroneously as two separate parcels, although only deeded as one; RM-1 zoning permits multi-family residences. it may be possible to build deeper and higher with a zoning variance, many variances for additional height and density have been awarded in the area recently.