As Pennsport continues to boom, developers have been building up Dickinson Narrows just to the west of the neighborhood. V2 Properties in particular has done a ton of work in this area, with projects on Mercy, Dudley, Emily, and Hoffman Streets, among others. On the 400 block of Hoffman Street, we see one such property which sold last year for $280K.
Around the corner from this home, we noticed a "For Sale" sign on a row of buildings on 5th Street. Considering all the construction that's happened in the area in recent years, we thought it might represent a development opportunity for somebody.
You can see, there are three buildings in a row which look alike, so we figured that all are available. We also suspected that the vacant lot at the corner, now housing a storage container, was also available. Checking the listings, we discovered that the corner isn't actually available and the buildings available for sale aren't actually an opportunity after all. 1907-1911 S. 5th St. were a development opportunity less than a year ago, when we believe a developer purchased them along with another building half a block away for a combined $350K. Now, each of the buildings are listed for $280K, or the package can be yours for $1.12M.
These buildings are duplexes and triplexes, all occupied, so the prices actually do make some sense. But for a developer that was looking to do a larger project on 5th Street with up to four new homes, it seems that ain't gonna happen.
Speaking of larger projects, you may remember there's a five-unit project that recently got built on the 500 block of Hoffman Street. One of those homes has sold, one is under agreement, and the remaining homes are still available at prices ranging from $330K to $340K. This gives you a pretty good indication of what new homes could have sold for on 5th Street, perhaps it'll be a good starting point if the folks that own the vacant lot decide they'd like to sell.