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1209 Mifflin St, Philadelphia, PA 19148
Existing improvements support commercial, residential, creative, and mixed-use concepts near neighborhood retail and dining.
Property Size2,820 SF
Price / SF$318.79
Days on Market7
Property Features for 1209 Mifflin St
General Information
Standard status
Active
Size
2,820 SF
Property subtype
INDUSTRIAL
Listing Agency:
Binswanger - Corporate
(215) 448-6053
Listed By:
Chris Pennington
(215) 448-6053
Source:
Moodyscre
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 3:26AM
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 Binswanger - Corporate
Investment Insights
Based on property information with market context.
This 2,820-square-foot flex property includes an existing structure with a configuration adaptable to commercial, residential, creative, or mixed-use plans. The property can accommodate concepts such as contractor or maker operations, design and studio work, showroom use, or a small business with an associated residential component. Renovation, repositioning, or redevelopment may be considered based on the buyer’s plan.
The property is located at 1209 Mifflin St in Philadelphia’s East Passyunk area, just off East Passyunk Avenue. Restaurants, boutiques, cafes, and other neighborhood amenities surround the site. Broad Street, public transit, Center City, and major commuter routes provide access to destinations throughout Philadelphia and the surrounding area. A dense residential setting adds established neighborhood context for a range of commercial concepts.
The property is located at 1209 Mifflin St in Philadelphia’s East Passyunk area, just off East Passyunk Avenue. Restaurants, boutiques, cafes, and other neighborhood amenities surround the site. Broad Street, public transit, Center City, and major commuter routes provide access to destinations throughout Philadelphia and the surrounding area. A dense residential setting adds established neighborhood context for a range of commercial concepts.
Key Highlights
- 2,820‑square‑foot existing structure
- Flexible configuration for commercial, residential, creative, or mixed‑use concepts
- Potential fit for contractor, designer, artist, architect, maker, showroom, or small business use
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
$37,110
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
4.13%
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%
$742,200
$742.2K
Cap Rate 7%
$530,143
$530.1K
Cap Rate 9%
$412,333
$412.3K
Market Conditions
NOI Build-Up for 2,820 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
$61.9K $21.96/SF
− Vacancy
−$12.4K −$4.41/SF
EGI
$49.5K $17.55/SF
− OpEx
−$12.4K −$4.39/SF
NOI
$37.1K $13.16/SF
Area
Philadelphia, PA
Vacancy
20.10%
Lease Rate
$21.96 /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%
$742,200
Cap Rate 7%
$530,143
Cap Rate 9%
$412,333
Alternative Uses
Best Use
Office B
$530.1K
$463.9K – $618.5K
NOI $37,110 @ 7.0% cap · market cap 4.13%
Second Best
Mixed Use
$478.6K
$418.8K – $558.4K
NOI $33,502 @ 7.0% cap · market cap 3.73%
Theoretical Best
Multifamily LT 5
$687.5K
$601.5K – $802.1K
NOI $48,123 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,026
Businesses Nearby
Under-served
Demand for This Use
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 Office in Philadelphia, PA
Questions? Ask Rey
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Similar Off Market Nearby
- Esposito's Porchetta — 1627 S 10th St, Philadelphia, PA 19148
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Frequently Asked Questions
What type of property is this?
Flex space - Existing improvements support commercial, residential, creative, and mixed-use concepts near neighborhood retail and dining.
Where is this flex space located?
The property is located at 1209 Mifflin St Philadelphia, PA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 2,820‑square‑foot existing structure; Flexible configuration for commercial, residential, creative, or mixed‑use concepts; Potential fit for contractor, designer, artist, architect, maker, showroom, or small business use
