Mixed-Use Building With Three
For Sale
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128 E Gay Street, West Chester, PA 19380
Town Center - Retail Overlay mixed-use building with retail space, three apartment units, and on-site parking.
Property Size3,672 SF
Price / SF$367.65
Days on Market62
Property Features for 128 E Gay Street
General Information
Standard status
Active
Size
3,672 SF
Property subtype
Mixed Use
Zoning
Town Center - Retail Overlay
Occupancy
100%
Building Details
Units
4
Tenancy
Multi
Listing Agency:
Avison Young - Property Managment
Listed By:
Tommy Ciccarone · License #PA RS324250
(610) 999-5800
Source:
Crexi
Added: Jul 21
Changed: Sep 19
Last Checked: Sep 19 at 9:34AM
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 Avison Young - Property Managment
Investment Insights
Based on property information with market context.
128 E. Gay Street is a mixed-use investment in the heart of West Chester, featuring 3,672 square feet of retail space complemented by three residential apartment units. The mix supports day-to-day street-level storefront activity while providing multiple residential units on site.
The property is located within the Town Center - Retail Overlay District and is positioned in a walkable downtown setting. On-site parking is included, supporting tenant and visitor access in a central retail corridor with convenient proximity to shops, restaurants, and amenities.
This configuration offers a practical layout for buyers seeking a combined retail-and-residential use in a defined downtown overlay district, with both commercial visibility and on-site residential income.
The property is located within the Town Center - Retail Overlay District and is positioned in a walkable downtown setting. On-site parking is included, supporting tenant and visitor access in a central retail corridor with convenient proximity to shops, restaurants, and amenities.
This configuration offers a practical layout for buyers seeking a combined retail-and-residential use in a defined downtown overlay district, with both commercial visibility and on-site residential income.
Key Highlights
- 3,672 square feet of retail space
- Three residential apartment units
- Located in the Town Center - Retail Overlay District
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
$56,277
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
4.17%
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%
$1,125,540
$1.1M
Cap Rate 7%
$803,957
$804.0K
Cap Rate 9%
$625,300
$625.3K
Market Conditions
NOI Build-Up for 3,672 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
$105.3K $28.68/SF
− Vacancy
−$15.3K −$4.16/SF
EGI
$90.0K $24.52/SF
− OpEx
−$33.8K −$9.20/SF
NOI
$56.3K $15.33/SF
Area
Chester County, PA
Vacancy
14.50%
Lease Rate
$28.68 /SF/Yr
Expense Ratio
37.50%
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%
$1,125,540
Cap Rate 7%
$803,957
Cap Rate 9%
$625,300
Alternative Uses
Best Use
Mixed Use
$804.0K
$703.5K – $938.0K
NOI $56,277 @ 7.0% cap · market cap 4.17%
Second Best
Multifamily LT 5
$602.8K
$527.5K – $703.3K
NOI $42,196 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$1.11M
$974.2K – $1.30M
NOI $77,932 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,540
Businesses Nearby
Explore this area
Business Placement
Demographics for 19380, PA
50,692
Population
21,490
Households
2.4
Avg Household Size
43
Median Age
64%
College-Educated
97%
High-School Grad
30.5 sq mi
ZIP Area
1,662
Density / Sq Mi
$122,876
Median Household Income
$69,599
Median Earnings
$1,820
Median Rent
$530,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Town Center - Retail Overlay mixed-use building with retail space, three apartment units, and on-site parking.
Where is this mixed-use property located?
The property is located at 128 E Gay Street West Chester, PA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 3,672 square feet of retail space; Three residential apartment units; Located in the Town Center - Retail Overlay District
