48-unit residential new construction, zoned RM1.
A 48-unit residential building is set to rise at 5139 Wayne Ave in Germantown, a mid-scale addition to one of the city's busier development corridors. It was cleared to build in Jun 28, 2021.
The 12,278 sq ft site is zoned RM1, which supports a building on the order of 4 stories by right. Records show the parcel last traded in 2024 for $1.1M. The plans call for for the erection of a four (4) story detached structure with green roof as per approved plans. for use as forty eight (48) dwelling units. structure to be fully sprinklered in accordance with nfpa 13. **separate permits required for mep and fire suppression work.** **2018 ibc** amendment 11/27/23 for partition layout changes, elevator shaft, structural changes and other minor modification as per approved plans. amendment 4/15/25 to change special inspection agency and dprc, remove 4th floor deck, modify layout, structural changes, exterior wall opening changes. .
The owner of record is Ob Investment Group LLC. The project's plan drawings are on file — worth a look for anyone underwriting the surrounding block.
It isn't rising in isolation. Within a half-mile, 4 other major projects have broken ground since 2022 — roughly 225 units of new supply — including the 49-unit project at 328-30 W Queen Ln, the 40-unit project at 5230-32 Germantown Ave, the 46-unit project at 5322 Germantown Ave. That kind of concentration is exactly what pulls land values, and buyer attention, toward a block.
We'll update this page as the project progresses — leasing, retail tenants, renderings, and construction milestones as they surface. The relevant question for investors and agents: what are the surrounding parcels worth to a builder now that this is coming?
📄 View the project's plan drawings (PDF)As this density arrives, InvestPHL is tracking 44 under-built parcels within a half-mile that a developer could still acquire and build — each carrying a builder's max bid. Addresses and figures are members-only.
Unlock the 44 nearby opportunities →Major (8+ unit) new-construction projects filed within a half-mile since 2022 — the density gathering around this site.