871 N Preston StDelivered

Preston Rentals LLC is putting up a nine-unit, four-story building at 871 N Preston Street in Powelton, cleared to build as of late May and now under construction. The project maxes out the RSA5 zoning envelope on a 2,640-square-foot lot, with roof decks and access structures adding to the residential footprint. The building will be fully sprinklered and comes with amended standpipe requirements that were revised in late December.

The site sits squarely in the middle of a Powelton development wave that's added more than 160 units within a half-mile over the past few years. Nearby comparables include a nine-unit project at 865 N 40th, a ten-unit building at 4129 Ogden, and a twelve-unit structure at 748 N 40th—all signaling steady investor appetite for mid-rise, by-right rental product in the blocks surrounding Drexel's campus. The larger 16-unit building at 4000-18 Parkside and a twelve-unit project at 3900 Aspen round out a cluster that's gradually thickening the neighborhood's housing stock without requiring zoning relief.

Preston Rentals picked up the parcel this year, moving quickly from acquisition to construction in a market where by-right sites have become increasingly valuable. The four-story typology—compact, flexible, and straightforward to finance—has become the default play for smaller operators working RSA5 corridors. As long as land pencils and rents hold, parcels like this one will keep flipping from underutilized lots to new rental stock, particularly in blocks where student and young-professional demand remains reliable.