Invest in QOZ area!
Extraordinary opportunity to own three properties in downtown center city Allentown, PA. These properties are ideal for an investor/developer interested in developing and renovating cash flow properties in a QOZ (Qualified Opportunity Zone). All properties are zoned B-2 Central Business. The properties will only be sold as a package deal.
The property addresses are as follows:
-32 S. 9th Street- an attractive 2 1/2 story building with lots of potential. The structure is 3,438 SF with office/retail on the ground floor and apartments above. Conceptual plans show 32 S 9th Street as a one-bedroom, studio, full bathroom, and a full kitchen. The third floor also features a one-bedroom studio with a full kitchen, bathroom, and closet.
-34A South 9th Street consists of living area, dining room, and (1) bedroom. 34 S 9TH Street features a living and dining room, (2) two-bedroom, and one bathroom.
- 41 S. 9th Street- a single family three story stucco single family. Property is a spacious 3,075 SF and includes an attached private garage and full basement.
What is a QOZ? According to the IRS:
A Qualified Opportunity Zone (QOZ) is an economic development program where new investments made, under certain conditions, may be eligible for preferential tax treatment. The QOZ program provides a tax incentive for investors to re-invest their unrealized capital gains into Qualified Opportunity Funds dedicated to investing into QOZs designated by Pennsylvania’s Governor. Downtown Allentown has three census tracts that have been designated for a Qualified Opportunity Zone, and all three of these investment properties are in this QOZ zone.
Downtown Allentown, PA, has been burgeoning in recent years due to another economic program called the Neighborhood Improvement Zone (NIZ). The NIZ legislation created in 2009 has inspired major developers such as City Center Investment Corp. to invest approximately $800M into major development projects that have helped with the transformation of Downtown Allentown. Recent mixed-use projects such as Five City Center, 520 Loft, Tower 6, and a newly proposed 120 unit apartment community at 9th and Hamilton Street have added to this outstanding City's growth. The following properties offered for sale are located within a block of these significant developments.
Buildings are located in a qualified opportunity zone that offers Tax advantage tailored to investors to defer taxes by reinvesting capital gains from an asset sale into a qualified opportunity fund during the 180-day period. For more information, go to https://lehighvalley.org/qoz.
Plans are only for information purposes and should be approved by the City of Allentown before any work is performed. The Plans are based on adaptive reuse totaling six units.