Mixed-Use Building with Rooftop
For Sale
$2,100,000
23 N High St, West Chester, PA 19380
Three-story mixed-use building with street-level commercial space and a third-floor residential apartment plus a private rooftop deck.
Property Size6,300 SF
Price / SF$333.33
Days on Market42
Property Features for 23 N High St
General Information
Standard status
Active
Size
6,300 SF
Zoning
TC
Additional Details
Multifamily Units
1
Amenities
private rooftop deck
Building Details
Year Built
1860
Stories
3
Listing Agency:
Zommick McMahon Commercial Real Estate
(610) 359-1100
Listed By:
James Pinckney · License #PENNSYLVANIAAB068954
Source:
Kandorre
Added: Jul 21
Changed: Aug 14
Last Checked: Aug 30 at 9:00PM
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 Zommick McMahon Commercial Real Estate
Investment Insights
Based on property information with market context.
This three-story mixed-use building includes street-level commercial space and upper-floor flexibility. The third floor is configured as a residential apartment, providing an owner-occupied live-work option or a standalone rental layout. A private rooftop deck is included, offering outdoor space for tenant enjoyment or future repositioning.
The property is offered for sale at 23 N High St in West Chester Borough, positioned on North High Street within the Town Center (TC) Zoning District. The building is described as being located in the heart of the borough’s town center and on a highly trafficked street.
The overall building size is listed as 3,954 SF over three floors, with a rooftop deck of approximately 650 SF.
The property is offered for sale at 23 N High St in West Chester Borough, positioned on North High Street within the Town Center (TC) Zoning District. The building is described as being located in the heart of the borough’s town center and on a highly trafficked street.
The overall building size is listed as 3,954 SF over three floors, with a rooftop deck of approximately 650 SF.
Key Highlights
- 3,954 SF, three‑story mixed‑use building built in 1860
- Street‑level commercial space plus upper‑floor flexibility for office or other uses
- Third‑floor residential apartment included
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
$99,046
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
4.72%
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%
$1,980,920
$2.0M
Cap Rate 7%
$1,414,943
$1.4M
Cap Rate 9%
$1,100,511
$1.1M
Market Conditions
NOI Build-Up for 6,300 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
$164.1K $26.04/SF
− Vacancy
−$32.0K −$5.08/SF
EGI
$132.1K $20.96/SF
− OpEx
−$33.0K −$5.24/SF
NOI
$99.0K $15.72/SF
Area
Chester County, PA
Vacancy
19.50%
Lease Rate
$26.04 /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%
$1,980,920
Cap Rate 7%
$1,414,943
Cap Rate 9%
$1,100,511
Alternative Uses
Best Use
Office B
$1.41M
$1.24M – $1.65M
NOI $99,046 @ 7.0% cap · market cap 4.72%
Second Best
Mixed Use
$1.38M
$1.21M – $1.61M
NOI $96,553 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,707 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,728
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story mixed-use building with street-level commercial space and a third-floor residential apartment plus a private rooftop deck.
Where is this mixed-use property located?
The property is located at 23 N High St West Chester, PA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 3,954 SF, three‑story mixed‑use building built in 1860; Street‑level commercial space plus upper‑floor flexibility for office or other uses; Third‑floor residential apartment included
