5-unit residential new construction, zoned RM1.
A 5-unit residential building is set to rise at 5012 Market St in West Philadelphia, the kind of by-right infill quietly reshaping the block. It was cleared to build in Apr 23, 2026.
The 2,405 sq ft site is zoned RM1, which supports a building on the order of 3 stories by right. Records show the parcel last traded in 2025 for $80K. The plans call for for the erection of an attached three (3) story structure of type v-b construction with basement, roof decks, and roof deck access structures for use as five (5) dwelling units (group r-2). building to be fully sprinklered per nfpa 13. all work to be done per approved plans and in accordance with 2018 ibc. separate permits required for mechanical, electrical, plumbing, fire suppression, and excavation work.
The owner of record is Nu Canvas 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, 1 other major projects have broken ground since 2022 — roughly 170 units of new supply — including the 170-unit project at 301 S 48th St. 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 75 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 75 nearby opportunities →Major (8+ unit) new-construction projects filed within a half-mile since 2022 — the density gathering around this site.