Philadelphia Flex Property For
For Sale
$3,360,000
1400-18 South Front Street, Philadelphia, PA 19147
Single-tenant flex property in Philadelphia with a strong tenant.
Property Size14,180 SF
Price / SF$236.95
Days on Market274
Property Features for 1400-18 South Front Street
General Information
Standard status
Active
Size
14,180 SF
Property subtype
Industrial
Building Details
Building Size
14,180 SF
Year Built
1930
Listing Agency:
Metro Commercial - PA
(917) 842-1899
Listed By:
Michael Gorman
(917) 842-1899
Source:
Metrocommercial
Added: Nov 21, 2025
Changed: Aug 21
Last Checked: Aug 22 at 5:05AM
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 Metro Commercial - PA
Investment Insights
Based on property information with market context.
This single-tenant flex property is strategically located in Philadelphia. The property features a predominantly single-story design with a partial second floor, providing additional office and storage space. The tenant, Rhubarb Hospitality Collection (RHC), operates under a triple-net (NNN) lease with over four years of term remaining and 3% annual rental escalations. The tenant has operated within this location for over 10 years. The property has a maximum ceiling height of 16 feet and features three loading doors, including one drive-in door and two dock-high doors. The zoning is classified as I-2, Medium Industrial, with 12% of the flex property being office space and the remainder warehouse space. The property is situated at the corner of Front Street and Reed Street, offering visibility and accessibility within the Pennsport neighborhood. The surrounding area is experiencing redevelopment, with multiple projects underway, including two mixed-use residential developments totaling more than 300 units and a 32,000 square foot LIDL grocery store slated for delivery within two years. The location benefits from regional connectivity, being seconds from I-95 with over 119,200 vehicles per day, and within two miles of I-676 and I-76, providing access to an additional 294,000 daily vehicles. The property size is 14,180 square feet.
Key Highlights
- NNN lease with Rhubarb Hospitality Collection provides stable, hands‑off income.
- Strategic location in a densely populated, affluent Philadelphia trade area with high household incomes.
- Excellent regional connectivity: seconds from I‑95 and within two miles of I‑676 and I‑76.
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
$149,315
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
4.44%
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%
$2,986,300
$3.0M
Cap Rate 7%
$2,133,071
$2.1M
Cap Rate 9%
$1,659,056
$1.7M
Market Conditions
NOI Build-Up for 14,180 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
$255.2K $18.00/SF
− Vacancy
−$25.5K −$1.80/SF
EGI
$229.7K $16.20/SF
− OpEx
−$80.4K −$5.67/SF
NOI
$149.3K $10.53/SF
Area
Philadelphia, PA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,986,300
Cap Rate 7%
$2,133,071
Cap Rate 9%
$1,659,056
Alternative Uses
Best Use
Flex RnD
$2.13M
$1.87M – $2.49M
NOI $149,315 @ 7.0% cap · market cap 4.44%
Second Best
Warehouse
$2.07M
$1.81M – $2.42M
NOI $145,041 @ 7.0% cap · market cap 4.32%
Theoretical Best
Multifamily LT 5
$3.46M
$3.02M – $4.03M
NOI $241,980 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,513
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Single-tenant flex property in Philadelphia with a strong tenant.
Where is this flex space located?
The property is located at 1400-18 South Front Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $3,360,000.
What are key features of this property?
This property features: NNN lease with Rhubarb Hospitality Collection provides stable, hands‑off income.; Strategic location in a densely populated, affluent Philadelphia trade area with high household incomes.; Excellent regional connectivity: seconds from I‑95 and within two miles of I‑676 and I‑76.
