Mixed-Use Property with Two
For Sale
Under Contract
$1,390,000
1600 E PASSYUNK Avenue, Philadelphia, PA 19148
Multi-Family, PHILADELPHIA, PA
Property Size3,353 SF
Lot Size0.03 Acres
Price / SF$414.55
Days on Market109
Property Features for 1600 E PASSYUNK Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active Under Contract
Size
3,353 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
9584
Utilities
Heating system
Central, Other (Heating)
Cooling system
Central Air
Building Details
Year built
1915
Number of units
3
Building materials
Masonry
Architectural style
Other
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(215) 923-7600
Listed By:
Doug Gungor · License #RS306057
(267) 455-2613
Added: May 17
Changed: Sep 2
Last Checked: Sep 2 at 1:06PM
MLS# PAPH2623044
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,353-square-foot masonry mixed-use building at 1600 E Passyunk Avenue includes a commercial ground floor, two residential levels, and an expansive basement. The storefront area has hardwood flooring, substantial lighting, a half bathroom, and large windows. The second-floor apartment is a vacant 2Bed/1Bath unit with hardwood floors, stainless steel appliances, granite countertops, and an in-unit washer and dryer. A second 2Bed/1Bath apartment occupies the third floor and includes modern finishes along with its own washer and dryer.
The property is zoned CMX 2.5 and faces the singing fountain in Passyunk Square. It is positioned near Broad Street, with I-95 and Center City approximately a 5-minute drive away. On-street parking is available. Central heating and central air conditioning serve the building, which was constructed in 1915.
The property is zoned CMX 2.5 and faces the singing fountain in Passyunk Square. It is positioned near Broad Street, with I-95 and Center City approximately a 5-minute drive away. On-street parking is available. Central heating and central air conditioning serve the building, which was constructed in 1915.
Key Highlights
- 3,353‑square‑foot mixed‑use building on 0.0266 acres
- CMX 2.5 zoning with commercial first floor and two residential units
- Two 2Bed/1Bath apartments, including one vacant second‑floor unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$52,741
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,054,820
$1.1M
Cap Rate 7%
$753,443
$753.4K
Cap Rate 9%
$586,011
$586.0K
Market Conditions
NOI Build-Up for 3,353 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$101.8K $30.36/SF
− Vacancy
−$5.9K −$1.76/SF
EGI
$95.9K $28.60/SF
− OpEx
−$43.2K −$12.87/SF
NOI
$52.7K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,054,820
Cap Rate 7%
$753,443
Cap Rate 9%
$586,011
Alternative Uses
Best Use
Apartment 5plus
$753.4K
$659.3K – $879.0K
NOI $52,741 @ 7.0% cap · market cap 3.79%
Second Best
Mixed Use
$569.1K
$497.9K – $663.9K
NOI $39,834 @ 7.0% cap · market cap 2.87%
Theoretical Best
Multifamily LT 5
$817.4K
$715.2K – $953.7K
NOI $57,219 @ 7.0% cap · market cap 4.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,211
Businesses Nearby
Explore this area
Business Placement
Demographics for 19148, PA
53,976
Population
22,944
Households
2.4
Avg Household Size
36
Median Age
39%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
12,851
Density / Sq Mi
$80,469
Median Household Income
$50,067
Median Earnings
$1,492
Median Rent
$296,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - CMX 2.5-zoned building combines street-level commercial space with two upper-floor residential units.
Where is this mixed-use property located?
The property is located at 1600 E PASSYUNK Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: 3,353‑square‑foot mixed‑use building on 0.0266 acres; CMX 2.5 zoning with commercial first floor and two residential units; Two 2Bed/1Bath apartments, including one vacant second‑floor unit
