Score
0Philadelphia, PA
3301 W Lehigh Ave
1.0M
bd • ba • sf
This analysis was generated on 2/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$1,000,000
Price/Sq.Ft
$1,000,000
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Large Land Area: The property comprises 1,166,987 sq. ft. (26.79032 acres), providing ample space for potential expansion or alternative uses (subject to zoning and legal restrictions). This size is a significant asset in a densely populated city like Philadelphia.
• Historical Significance: The Mount Vernon Cemetery has rich historical value, serving as the final resting place for numerous famous Pennsylvanians. This can attract historical preservation organizations and heritage tourism initiatives.
• Architectural Features: The property features an impressive, gated archway and gatehouse building designed by notable architect John Notman. These architectural elements provide a unique aesthetic and historical appeal.
• Financial Support: The buyer will receive financial support through restricted plot trust funds for maintaining the Cemetery in perpetuity. This can help offset some of the ongoing maintenance costs and ensure the property's preservation.
• Proximity to Transportation: The property is located at the intersection of Ridge Avenue and W. Lehigh Avenue, offering good accessibility via major roadways and public transportation. This can be advantageous for visitors and potential development opportunities.
The Bad
• Significant Renovation Required: The gatehouse building is in shell condition, necessitating a full renovation. This will involve substantial capital expenditure and specialized expertise in historical restoration.
• Limited Immediate Income Potential: As a cemetery, the property's income potential is tied to burial plots and related services. Revitalizing these operations and attracting new clientele may take considerable time and effort.
• High Maintenance Costs: Maintaining a 26.79-acre cemetery involves ongoing expenses for landscaping, security, and preservation. These costs can be significant and may exceed the income generated by the property, especially in the short term.
• Location in Lower-Income Area: The median income in the area is $26,041, which is significantly lower than the Philadelphia average. This can impact the perceived value of the property and the ability to attract investment.
• Unknown Condition of Burial Plots: The description mentions the need to determine if any unused burial land remains. This suggests that the condition and availability of existing plots are uncertain, potentially impacting revenue projections.
The Ugly
• Court Oversight: All offers are subject to court review and approval, adding a layer of complexity and potential delays to the transaction. This process can be time-consuming and may require legal representation.
• As-Is Condition: The property is being sold in as-is, where-is condition, meaning the buyer assumes all risks and liabilities associated with its current state. This includes any environmental issues, structural problems, or legal encumbrances.
• Undisclosed Environmental Concerns: The age and use of the property as a cemetery raise potential environmental concerns related to soil contamination and groundwater pollution. Addressing these issues could require costly remediation efforts.
• High Insurance Costs: With an estimated insurance cost of $3600/year, insuring a vacant cemetery presents unique challenges due to potential liabilities and risks associated with vandalism, trespassers, and environmental hazards. This cost is likely higher than typical land insurance.
• Crime Rate: Although specific crime data is unavailable, the property's location in an area with a low median income ($26,041) suggests a potentially higher crime rate. This could necessitate increased security measures and impact the property's appeal.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• Cemetery Management Companies: With existing plot trust funds and court supervision, this property presents an opportunity for experienced cemetery operators looking to expand their portfolio and leverage established financial support.
• Historical Preservation Organizations: The site's rich history and notable architectural features, such as the John Notman gatehouse, make it ideal for organizations dedicated to preserving historical landmarks. The financial support for maintenance could be a significant advantage.
• Urban Farming/Green Space Initiatives: Given the large acreage (26.79 acres) and the property's location within Philadelphia, the land could be repurposed for urban farming, community gardens, or park space, provided zoning and legal restrictions are carefully navigated. This is best suited for organizations experienced in land repurposing and community engagement.
• Investors with Long-Term Vision: The property’s unique nature and the potential for future development (subject to zoning and regulatory approvals) may appeal to investors willing to navigate complex legal and logistical challenges for long-term gains.
Not For
• Residential Developers: The property's historical designation and existing use as a cemetery likely preclude residential development. Zoning regulations and legal restrictions would make such a conversion highly improbable.
• Short-Term Investors: Given the complexities of the property, including court oversight, historical preservation requirements, and potential environmental concerns, this investment is not suitable for those seeking quick returns.
• Buyers Seeking Low-Maintenance Properties: Maintaining a 26.79-acre cemetery requires significant resources, including landscaping, security, and historical preservation efforts. The ongoing costs and responsibilities are substantial.
• Individuals Unwilling to Navigate Legal Complexities: The sale is subject to court approval, and the property comes with specific obligations related to perpetual care and historical preservation. Buyers must be prepared to engage with legal and regulatory processes.
Demographics
Area Median Income
$26,041
Property History
Price History
Ownership Timeline
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Schools
Nearby school quality by education level
Elementary
4.0/10
AverageHigh
3.0/10
Below AverageFinancials
Monthly Costs
Market Rent (0 bed)
Get a detailed estimate on Zillow$1,081
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