Mixed-Use Income
For Sale
$780,000
1135 South 9th Street, Philadelphia, PA 19147
Fully renovated building with a leased first-floor storefront and separate side access to the upper apartment floors.
Property Size2,200 SF
Price / SF$354.55
Days on Market606
Property Features for 1135 South 9th Street
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi-Family / Fee Simple
Zoning
CMX2
Taxes and HOA fees
Annual Taxes
$3,036
Amenities
No
32"+ wide Doors
No Pool
Above Grade, Below Grade
Building Details
Year Built
1915
Listing Agency:
Keller Williams Realty
Listed By:
Andrew F Cheng · License #RS3263312
(267) 506-7100
Source:
Compass
Added: Jan 7, 2025
Changed: Aug 8
Last Checked: Jul 20 at 5:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty
Investment Insights
Based on property information with market context.
This mixed-use income property includes a leased first-floor storefront and finished living space on the 2nd and 3rd floors. The first floor is currently occupied by a custom t-shirt and apparel business and provides access to the basement. A side entrance leads to the 2nd and 3rd floors.
On the 2nd floor, there are two bedrooms and a full tile bathroom, along with hardwood flooring, a modern finished kitchen, and central HVAC. The 3rd floor features one bedroom and a full bathroom, with a kitchen that includes granite top surfaces, recessed lighting, and a spacious living room.
The building was fully renovated a few years ago and is described as largely maintenance free. The property is located just off Washington Ave in the Passyunk Square area, at 1135 South 9th Street, Philadelphia, PA 19147.
On the 2nd floor, there are two bedrooms and a full tile bathroom, along with hardwood flooring, a modern finished kitchen, and central HVAC. The 3rd floor features one bedroom and a full bathroom, with a kitchen that includes granite top surfaces, recessed lighting, and a spacious living room.
The building was fully renovated a few years ago and is described as largely maintenance free. The property is located just off Washington Ave in the Passyunk Square area, at 1135 South 9th Street, Philadelphia, PA 19147.
Key Highlights
- Year built 1915; fully renovated building described as maintenance free
- First‑floor storefront currently leased to a custom t‑shirt and apparel business
- Separate side entrance provides access to the 2nd and 3rd floors
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
$37,543
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
4.81%
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%
$750,860
$750.9K
Cap Rate 7%
$536,329
$536.3K
Cap Rate 9%
$417,144
$417.1K
Market Conditions
NOI Build-Up for 2,200 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
$56.8K $25.80/SF
− Vacancy
−$3.1K −$1.42/SF
EGI
$53.6K $24.38/SF
− OpEx
−$16.1K −$7.31/SF
NOI
$37.5K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$750,860
Cap Rate 7%
$536,329
Cap Rate 9%
$417,144
Alternative Uses
Best Use
Multifamily LT 5
$536.3K
$469.3K – $625.7K
NOI $37,543 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$494.4K
$432.6K – $576.8K
NOI $34,605 @ 7.0% cap · market cap 4.44%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,827
Businesses Nearby
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
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?
Duplex - Fully renovated building with a leased first-floor storefront and separate side access to the upper apartment floors.
Where is this duplex located?
The property is located at 1135 South 9th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Year built 1915; fully renovated building described as maintenance free; First‑floor storefront currently leased to a custom t‑shirt and apparel business; Separate side entrance provides access to the 2nd and 3rd floors
