Need your help : FISHTOWN opportunity - Do you know the area?

[Michael G.]

Hello Fellow BP'ers!  I am a Brooklyn based investor currently weighing an opportunity in Fishtown. Specifically, near the Frankford Ave/Richmond St intersection.

Since I am completely unfamiliar with Philly (I've only been there a handful of times - all 12+ years ago) I'd greatly appreciate your input on this location.  

Here are some basic questions I would love to know your opinions on, if you would be so gracious, but would greatly appreciate any insights you were willing to share...

1. Solid upside for Ground-Up? (Assuming expert construction mgmt & decent cost controls)
2. Any downsides or extraordinary risks that you anticipate or forsee? (Zoning, Regulations, Taxes, etc..)
3. How does the trend in the demand curve look? Trending up? Starting to soften? Near the top, or still upside?
4. Is the market over-saturated with supply for Residential? How about commercial?  
5. What are Resi / Commercial rents per Sq/Ft or for 1 / 2 BRs in this immediate area now? Are they trending up or down? Why?
6. Vacancy rates? Trend?

Also, If there are any commercial / resi brokers here willing to chat, pls PM me with your contact info. 

Thank you all so very much!