Retail Storefront with Basement
For Sale
$600,000
128 SOUTH STREET #A, Philadelphia, PA 19147
First-floor storefront with basement office space, currently operating as a nail salon.
Property Size2,020 SF
Price / SF$297.03
Days on Market70
Property Features for 128 SOUTH STREET #A
General Information
Standard status
Active
Size
2,020 SF
Property subtype
Commercial
Building Details
Year Built
2006
Listing Agency:
Premium Realty Castor Inc
(267) 475-4714
Listed By:
Donald Zhang
(267) 475-4714
Source:
Cummingsrealtors
Added: Jun 22
Changed: Aug 28
Last Checked: Aug 29 at 9:41AM
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 Premium Realty Castor Inc
Investment Insights
Based on property information with market context.
Available for sale is a commercial property with a first-floor front store and a basement. The first-floor storefront is currently operating as a nail salon, while the basement can be used as office space.
The building is located on South Street in Philadelphia, near Headhouse Square and within the Queen Village area. Nearby points of interest mentioned include South Street, the Headhouse farmer’s market, Ritz movie theaters, and Penn’s Landing.
This configuration provides a street-level retail presence with additional enclosed space in the basement suitable for office use.
The building is located on South Street in Philadelphia, near Headhouse Square and within the Queen Village area. Nearby points of interest mentioned include South Street, the Headhouse farmer’s market, Ritz movie theaters, and Penn’s Landing.
This configuration provides a street-level retail presence with additional enclosed space in the basement suitable for office use.
Key Highlights
- Commercial space built in 2006 at 128‑30 South St, Philadelphia, PA 19147
- Includes a 1st‑floor front store with basement level that can be used as office space
- 1st‑floor storefront currently operates as a nail salon
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
$26,582
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
4.43%
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%
$531,640
$531.6K
Cap Rate 7%
$379,743
$379.7K
Cap Rate 9%
$295,356
$295.4K
Market Conditions
NOI Build-Up for 2,020 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
$44.4K $21.96/SF
− Vacancy
−$8.9K −$4.41/SF
EGI
$35.4K $17.55/SF
− OpEx
−$8.9K −$4.39/SF
NOI
$26.6K $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%
$531,640
Cap Rate 7%
$379,743
Cap Rate 9%
$295,356
Alternative Uses
Best Use
Office B
$379.7K
$332.3K – $443.0K
NOI $26,582 @ 7.0% cap · market cap 4.43%
Second Best
Retail
$326.1K
$285.4K – $380.5K
NOI $22,830 @ 7.0% cap · market cap 3.81%
Theoretical Best
Multifamily LT 5
$492.4K
$430.9K – $574.5K
NOI $34,471 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,978
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
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?
Storefront property - First-floor storefront with basement office space, currently operating as a nail salon.
Where is this storefront property located?
The property is located at 128 SOUTH STREET #A Philadelphia, PA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Commercial space built in 2006 at 128‑30 South St, Philadelphia, PA 19147; Includes a 1st‑floor front store with basement level that can be used as office space; 1st‑floor storefront currently operates as a nail salon
