Three-Unit Mixed-Use
For Sale
$475,000
120 W Girard Ave, Philadelphia, PA 19123
Two remodeled one-bedroom apartments accompany an occupied commercial storefront with separate utilities and laundry hookups.
Property Size1,980 SF
Price / SF$239.90
Days on Market10
Property Features for 120 W Girard Ave
General Information
Standard status
Active
Size
1,980 SF
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Additional Details
Gross Income
$43,000
Building Details
Year Built
1927
Buildings
1
Tenancy
Multi
Listing Agency:
Re/Max One Realty
(215) 442-9388
Listed By:
Edward J. McDonald Jr. · License #RS195849L
Source:
Lgagne
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 6:47PM
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 Re/Max One Realty
Investment Insights
Based on property information with market context.
This 1,980-square-foot mixed-use property contains three units: two remodeled one-bedroom residences and one commercial storefront. The residential spaces include separate utilities and laundry hookups, while the commercial component is occupied by a long-term tenant. Built in 1927, the building combines residential and commercial uses within one asset.
The property is located at 120 W Girard Ave in Philadelphia’s Northern Liberties section. The surrounding area includes restaurants, boutiques, and cultural attractions, with access to public transportation and major highways. Its established mixed-use configuration offers separate residential accommodations alongside an existing commercial tenancy.
The property is located at 120 W Girard Ave in Philadelphia’s Northern Liberties section. The surrounding area includes restaurants, boutiques, and cultural attractions, with access to public transportation and major highways. Its established mixed-use configuration offers separate residential accommodations alongside an existing commercial tenancy.
Key Highlights
- Three‑unit configuration with two residential spaces and one commercial storefront
- Two remodeled one‑bedroom residential units
- Separate utilities and laundry hookups for the residential units
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
$31,144
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
6.56%
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%
$622,880
$622.9K
Cap Rate 7%
$444,914
$444.9K
Cap Rate 9%
$346,044
$346.0K
Market Conditions
NOI Build-Up for 1,980 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
$60.1K $30.36/SF
− Vacancy
−$3.5K −$1.76/SF
EGI
$56.6K $28.60/SF
− OpEx
−$25.5K −$12.87/SF
NOI
$31.1K $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%
$622,880
Cap Rate 7%
$444,914
Cap Rate 9%
$346,044
Alternative Uses
Best Use
Apartment 5plus
$444.9K
$389.3K – $519.1K
NOI $31,144 @ 7.0% cap · market cap 6.56%
Second Best
Mixed Use
$336.0K
$294.0K – $392.0K
NOI $23,522 @ 7.0% cap · market cap 4.95%
Theoretical Best
Multifamily LT 5
$482.7K
$422.4K – $563.1K
NOI $33,788 @ 7.0% cap · market cap 7.11%
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
3,571
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
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 - Two remodeled one-bedroom apartments accompany an occupied commercial storefront with separate utilities and laundry hookups.
Where is this mixed-use property located?
The property is located at 120 W Girard Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Three‑unit configuration with two residential spaces and one commercial storefront; Two remodeled one‑bedroom residential units; Separate utilities and laundry hookups for the residential units
