Mixed-Use Retail and Studio
4028 Market Street Philadelphia, PA 19104
For Sale
$725,000
Mixed-use property with a vacant first-floor store plus four modern studio apartments with separate utilities.
Property Size2,711 SF
Price / SF$267.43
Days on Market1513
Property Features for 4028 Market Street
General Information
- Standard status
- Active
- Size
- 2,711 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1915
Listing Agency:
Century 21 Forrester Real Estate
(267) 688-1449
Listed By:
Michael A Giangiordano II · License #RS338459
(267) 688-1449
Source:
Compass
Added: Jun 3, 2022
Changed: Jul 22
Last Checked: Jul 23 at 9:55AM
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 Century 21 Forrester Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property includes one commercial store on the first floor and four modern studio apartments. The apartments are described as updated with hardwood floors and updated baths and kitchens, and each unit has its own central air and heat. Hot water is provided via separate hot water tanks in the basement per unit. Utilities are separate for the apartments except for cold water and sewer, which the owner pays for the building. A shared, coin-operated laundry room serves the apartments in the common hallway, and there is rear yard access from the first-floor rear.
The first-floor store is currently vacant. Basement access is restricted and off limits to tenants, with access only through bilco doors on the front sidewalk. Rental income includes Unit 1R leased through December 2025 and Units 2F, 2R, and 3 at the rents stated in the listing, with Unit 3 on a month-to-month basis.
The first-floor store is currently vacant. Basement access is restricted and off limits to tenants, with access only through bilco doors on the front sidewalk. Rental income includes Unit 1R leased through December 2025 and Units 2F, 2R, and 3 at the rents stated in the listing, with Unit 3 on a month-to-month basis.
Key Highlights
- Mixed‑use building built in 1915 with 1 commercial store and 4 studio apartments
- First‑floor store is currently vacant; rear of the first floor has access to the yard
- All units have separate utilities except cold water/sewer; owner pays cold water/sewer for the building
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $69.9k | $25.80 |
| − Vacancy | −$3.9k | −$1.42 |
| EGI | $66.1k | $24.38 |
| − OpEx | −$19.8k | −$7.31 |
| NOI | $46.3k | $17.06 |
2,711 SF · lease $25.80/SF/yr · vacancy 5.51% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$660.9K
$578.3K – $771.1K
NOI $46,263 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$609.2K
$533.0K – $710.7K
NOI $42,643 @ 7.0% cap · market cap 5.88%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Glamhairus Beauty Salon
Hair Salon
FAQs
What type of property is this?
Mixed-use property - Mixed-use property with a vacant first-floor store plus four modern studio apartments with separate utilities.
Where is this mixed-use property located?
The property is located at 4028 Market Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Mixed‑use building built in 1915 with 1 commercial store and 4 studio apartments; First‑floor store is currently vacant; rear of the first floor has access to the yard; All units have separate utilities except cold water/sewer; owner pays cold water/sewer for the building
