Queen Village Retail
For Sale
Contact for pricing
701 E Passyunk Ave, Philadelphia, PA
Retail space in high-profile Queen Village location for sale.
Property Size5,042 SF
Lot Size0.07 Acres
Price / SF$307.42
Days on Market1180
Property Features for 701 E Passyunk Ave
General Information
Standard status
Active
Size
5,042 SF
Lot size
0.07 Acres
Property subtype
RETAIL
Listing Agency:
Equity CRE
(610) 645-7700
Listed By:
David Goodman · License #RS315630
(484) 417-2219
Source:
Moodyscre
Added: Jun 12, 2023
Changed: Aug 10
Last Checked: Sep 2 at 5:12PM
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 Equity CRE
Investment Insights
Based on property information with market context.
This property is located in the high-profile Queen Village neighborhood. The building offers approximately 5,042 square feet of space on the main floor and mezzanine levels, with an additional full basement. Including the basement, the total area is approximately 11,946 square feet. The property is zoned CMX2, which allows for a variety of uses. The property was previously used as a bank and a restaurant.
Key Highlights
- High profile Queen Village location
- Boasting ±5,042 SF on the main floor & mezzanine, plus a full basement (±11,946 SF including basement)
- CMX2 zoning allows for a variety of uses
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
$73,059
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
4.71%
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%
$1,461,180
$1.5M
Cap Rate 7%
$1,043,700
$1.0M
Cap Rate 9%
$811,767
$811.8K
Market Conditions
NOI Build-Up for 5,042 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
$105.9K $21.00/SF
− Vacancy
−$8.5K −$1.68/SF
EGI
$97.4K $19.32/SF
− OpEx
−$24.4K −$4.83/SF
NOI
$73.1K $14.49/SF
Area
Philadelphia, PA
Vacancy
8.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,461,180
Cap Rate 7%
$1,043,700
Cap Rate 9%
$811,767
Alternative Uses
Best Use
Specialty Retail
$1.04M
$913.2K – $1.22M
NOI $73,059 @ 7.0% cap · market cap 4.71%
Second Best
Retail
$814.1K
$712.3K – $949.8K
NOI $56,986 @ 7.0% cap · market cap 3.68%
Theoretical Best
Multifamily LT 5
$1.23M
$1.08M – $1.43M
NOI $86,041 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,041
Businesses Nearby
91k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 55%
Dining 19%
Hotels & Casinos 16%
Shops & Services 8%
Whole Foods Market
Groceries
37,607 visits/mo
0.5 miles
Philadelphia Marriott Old City
Hotels & Casinos
14,972 visits/mo
0.5 miles
ACME Markets
Groceries
12,615 visits/mo
0.2 miles
Kung Fu Tea
Dining
7,072 visits/mo
0.5 miles
TD Bank
Shops & Services
6,416 visits/mo
0.2 miles
Market
Vacancy Rate% for Retail in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Retail space in high-profile Queen Village location for sale.
Where is this bank located?
The property is located at 701 E Passyunk Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: High profile Queen Village location; Boasting ±5,042 SF on the main floor & mezzanine, plus a full basement (±11,946 SF including basement); CMX2 zoning allows for a variety of uses
