Three-Story Storefront
For Sale
$589,900
124 W GIRARD AVENUE, Philadelphia, PA 19123
Gutted interior provides flexibility for a new commercial build-out on a high-activity Philadelphia corridor.
Property Size2,724 SF
Days on Market364
Property Features for 124 W GIRARD AVENUE
General Information
Standard status
Active
Size
2,724 SF
Property subtype
MixedUse
Property Condition
Severity
Major Repairs Needed
Evidence
gutted
Taxes and HOA fees
Annual Taxes
$6,320
Building Details
Building Size
2,724 SF
Year Built
1920
Stories
3
Listing Agency:
Realty Mark Associates
Listed By:
Roberto F Neris · License #RS299462
(215) 669-4273
Source:
Patmckennarealtors
Added: Sep 6, 2025
Changed: Aug 28
Last Checked: Sep 4 at 9:45AM
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 three-story storefront property at 124 W Girard Avenue was built in 1920 and is currently gutted, allowing a future owner to plan the interior around a new commercial build-out. The building is positioned for either an owner-operated business or a rehabilitate-and-lease strategy, as supported by the existing storefront configuration and unfinished interior.
The property sits on Girard Avenue near the Fishtown and Northern Liberties border in Philadelphia. The surrounding area includes ongoing new construction, while the street is described as busy with pedestrian activity. Its address is 124 W Girard Avenue, Philadelphia, PA 19123.
The property sits on Girard Avenue near the Fishtown and Northern Liberties border in Philadelphia. The surrounding area includes ongoing new construction, while the street is described as busy with pedestrian activity. Its address is 124 W Girard Avenue, Philadelphia, PA 19123.
Key Highlights
- Three‑story storefront property
- Gutted interior ready for commercial build‑out
- Built in 1920
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
$30,787
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
5.22%
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%
$615,740
$615.7K
Cap Rate 7%
$439,814
$439.8K
Cap Rate 9%
$342,078
$342.1K
Market Conditions
NOI Build-Up for 2,724 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
$49.0K $18.00/SF
− Vacancy
−$5.1K −$1.85/SF
EGI
$44.0K $16.15/SF
− OpEx
−$13.2K −$4.84/SF
NOI
$30.8K $11.30/SF
Area
Philadelphia, PA
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$615,740
Cap Rate 7%
$439,814
Cap Rate 9%
$342,078
Alternative Uses
Best Use
Retail
$439.8K
$384.8K – $513.1K
NOI $30,787 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$664.1K
$581.1K – $774.8K
NOI $46,485 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,571
Businesses Nearby
64k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 26%
Groceries 11%
Electronics 6%
McDonald's
Dining
23,463 visits/mo
0.1 miles
Fine Wine & Good Spirits
Groceries
6,966 visits/mo
0.1 miles
Wells Fargo
Shops & Services
5,966 visits/mo
0.2 miles
Jeni's Splendid Ice Creams
Dining
5,149 visits/mo
0.1 miles
The UPS Store
Shops & Services
4,184 visits/mo
0.2 miles
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 Retail in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Gutted interior provides flexibility for a new commercial build-out on a high-activity Philadelphia corridor.
Where is this storefront property located?
The property is located at 124 W GIRARD AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: Three‑story storefront property; Gutted interior ready for commercial build‑out; Built in 1920
