4-Story CMX3 Mixed-Use
For Sale
$4,450,000
1227-29 N BROAD STREET, Philadelphia, PA 19122
CMX3 zoned, 4-story building with elevator and street-to-street span, suited for retail and office or mixed-use conversion.
Property Size30,852 SF
Price / SF$148.33
Days on Market1707
Property Features for 1227-29 N BROAD STREET
General Information
Standard status
Active
Size
30,852 SF
Property subtype
MixedUse
Zoning
CMX3
Additional Details
Multifamily Units
171
Taxes and HOA fees
Annual Taxes
$33,985
Building Details
Building Size
30,852 SF
Year Built
1920
Stories
4
Listing Agency:
Realty Mark Associates
Listed By:
Tahzib Bacchus · License #RS330208
(267) 689-7355
Source:
Patmckennarealtors
Added: Jan 5, 2022
Changed: Sep 4
Last Checked: Sep 8 at 10:40AM
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 Realty Mark Associates
Investment Insights
Based on property information with market context.
This 4-story commercial building totals approximately 30,000 square feet and is zoned CMX3 for mixed-use development. The property is presented in “As Is” condition, and buyers are responsible for City Certification. Building improvements include an elevator servicing all four floors and garage doors in the rear with indoor parking spaces.
The site spans full street-to-street from N Broad St to W Thompson St and is positioned near the major Broad Street and Girard Avenue intersection. The surrounding area includes major transit access, including direct access to the Broad Street subway line and the Cecil B. Moore station, described as about a 10-minute walk away. The property is also described as near Temple University, along with the Temple Sports Complex and the Howard Gittis Student Center.
For tenants, buyers, and developers, the CMX3 zoning and 4-floor configuration support flexible planning, including retail on the ground floor and office space across additional levels. With indoor parking and a rear garage-door setup, the building may accommodate a range of operating requirements while taking advantage of its transit-oriented, Temple-area setting. Nearby development activity is also highlighted in the remarks, including a mixed-use project with a Lidl grocery anchor described as steps away.
The site spans full street-to-street from N Broad St to W Thompson St and is positioned near the major Broad Street and Girard Avenue intersection. The surrounding area includes major transit access, including direct access to the Broad Street subway line and the Cecil B. Moore station, described as about a 10-minute walk away. The property is also described as near Temple University, along with the Temple Sports Complex and the Howard Gittis Student Center.
For tenants, buyers, and developers, the CMX3 zoning and 4-floor configuration support flexible planning, including retail on the ground floor and office space across additional levels. With indoor parking and a rear garage-door setup, the building may accommodate a range of operating requirements while taking advantage of its transit-oriented, Temple-area setting. Nearby development activity is also highlighted in the remarks, including a mixed-use project with a Lidl grocery anchor described as steps away.
Key Highlights
- 30,000 sq ft, 4‑story CMX3 zoned building built in 1920
- Direct access to the Broad Street subway line and Cecil B. Moore station (about 10‑minute walk)
- Garage doors in rear with indoor parking spaces
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
$394,786
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
8.87%
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%
$7,895,720
$7.9M
Cap Rate 7%
$5,639,800
$5.6M
Cap Rate 9%
$4,386,511
$4.4M
Market Conditions
NOI Build-Up for 30,000 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
$658.8K $21.96/SF
− Vacancy
−$132.4K −$4.41/SF
EGI
$526.4K $17.55/SF
− OpEx
−$131.6K −$4.39/SF
NOI
$394.8K $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%
$7,895,720
Cap Rate 7%
$5,639,800
Cap Rate 9%
$4,386,511
Alternative Uses
Best Use
Office B
$5.64M
$4.93M – $6.58M
NOI $394,786 @ 7.0% cap · market cap 8.87%
Second Best
Retail
$4.84M
$4.24M – $5.65M
NOI $339,066 @ 7.0% cap · market cap 7.62%
Theoretical Best
Multifamily LT 5
$7.31M
$6.40M – $8.53M
NOI $511,947 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
171
Residential units
Location Intelligence
Trade Area within ½ mile
2,449
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
Median Home Value
Market
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - CMX3 zoned, 4-story building with elevator and street-to-street span, suited for retail and office or mixed-use conversion.
Where is this office building located?
The property is located at 1227-29 N BROAD STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $4,450,000.
What are key features of this property?
This property features: 30,000 sq ft, 4‑story CMX3 zoned building built in 1920; Direct access to the Broad Street subway line and Cecil B. Moore station (about 10‑minute walk); Garage doors in rear with indoor parking spaces
