Shell Restaurant
For Sale
$995,000
4348 Main St, Philadelphia, PA 19127
Three-floor restaurant building in shell condition with existing food service infrastructure, suited for an owner-operator concept.
Property Size5,000 SF
Price / SF$199
Days on Market79
Property Features for 4348 Main St
General Information
Standard status
Active
Size
5,000 SF
Building Details
Year Built
1900
Stories
3
Listing Agency:
Mallin Panchelli Nadel Realty Inc
(215) 413-4900
Listed By:
Veronica Gintel Blum · License #RS290724
Source:
Kandorre
Added: Jun 12
Changed: Aug 23
Last Checked: Aug 28 at 12:36PM
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 Mallin Panchelli Nadel Realty Inc
Investment Insights
Based on property information with market context.
4348-50 Main Street is a restaurant building offering approximately 5,000 square feet of usable space over three floors. The property was previously operated as Hikaru sushi and utilized the entire building. The space is currently in shell condition, though several pieces of restaurant infrastructure remain intact, providing a starting point for a new food and beverage operator.
Located in the Manayunk neighborhood of Philadelphia, the building sits prominently along the Main Street commercial corridor surrounded by restaurants, bars, coffee shops, and specialty retail. The property also falls within the Manayunk Main Street Historical District. Manayunk Development Corp has several fully funded revitalization projects in progress, including streetscape lighting and an $18 million canal reinvigoration project with toe path improvements. The City of Philadelphia also provides funding intended to help businesses improve the exterior of their commercial storefronts.
This configuration makes the property practical for an owner-operator looking to implement a restaurant concept in an active dining and retail corridor, while the existing restaurant infrastructure can help reduce buildout scope from a blank-slate shell. For buyers considering alternative uses, the building may also be evaluated for redevelopment opportunities consistent with the stated mixed-use or multifamily direction referenced in the remarks.
Located in the Manayunk neighborhood of Philadelphia, the building sits prominently along the Main Street commercial corridor surrounded by restaurants, bars, coffee shops, and specialty retail. The property also falls within the Manayunk Main Street Historical District. Manayunk Development Corp has several fully funded revitalization projects in progress, including streetscape lighting and an $18 million canal reinvigoration project with toe path improvements. The City of Philadelphia also provides funding intended to help businesses improve the exterior of their commercial storefronts.
This configuration makes the property practical for an owner-operator looking to implement a restaurant concept in an active dining and retail corridor, while the existing restaurant infrastructure can help reduce buildout scope from a blank-slate shell. For buyers considering alternative uses, the building may also be evaluated for redevelopment opportunities consistent with the stated mixed-use or multifamily direction referenced in the remarks.
Key Highlights
- 3,500? 5,000 sf of usable space over three floors (former Hikaru sushi), located on the Main Street commercial corridor in Manayunk
- In shell condition with existing restaurant infrastructure still intact
- Zoned CMX‑2.5
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
$72,450
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
7.28%
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%
$1,449,000
$1.4M
Cap Rate 7%
$1,035,000
$1.0M
Cap Rate 9%
$805,000
$805.0K
Market Conditions
NOI Build-Up for 5,000 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
$105.0K $21.00/SF
− Vacancy
−$8.4K −$1.68/SF
EGI
$96.6K $19.32/SF
− OpEx
−$24.2K −$4.83/SF
NOI
$72.5K $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%
$1,449,000
Cap Rate 7%
$1,035,000
Cap Rate 9%
$805,000
Alternative Uses
Best Use
Specialty Retail
$1.04M
$905.6K – $1.21M
NOI $72,450 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.22M
$1.07M – $1.42M
NOI $85,324 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,360
Businesses Nearby
21k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 86%
Dining 14%
7-Eleven
Shops & Services
8,360 visits/mo
0.3 miles
Sunoco
Shops & Services
4,903 visits/mo
0.3 miles
Insomnia Cookies
Dining
3,023 visits/mo
0.1 miles
Extra Space Storage
Shops & Services
1,795 visits/mo
0.4 miles
Enterprise Rent-A-Car
Shops & Services
1,568 visits/mo
0.4 miles
Demographics for 19127, PA
6,929
Population
3,496
Households
2
Avg Household Size
29
Median Age
77%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
11,548
Density / Sq Mi
$99,792
Median Household Income
$73,061
Median Earnings
$1,765
Median Rent
$298,900
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?
Conventional restaurant - Three-floor restaurant building in shell condition with existing food service infrastructure, suited for an owner-operator concept.
Where is this conventional restaurant located?
The property is located at 4348 Main St Philadelphia, PA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 3,500? 5,000 sf of usable space over three floors (former Hikaru sushi), located on the Main Street commercial corridor in Manayunk; In shell condition with existing restaurant infrastructure still intact; Zoned CMX‑2.5
