Mixed-Use Duplex with Street
For Sale
$475,000
535 E Girard Ave, Philadelphia, PA 19125
Fully occupied duplex with a street-level leased commercial unit and an upper-level bi-level one-bedroom apartment.
Property Size1,879 SF
Price / SF$252.79
Days on Market51
Property Features for 535 E Girard Ave
General Information
Standard status
Active
Size
1,879 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
1
Building Details
Year Built
1915
Listing Agency:
JG Real Estate LLC
Listed By:
James Armstrong · License #RS346266
(215) 380-2909
Source:
Upgradebymichaud
Added: Jul 24
Changed: Sep 10
Last Checked: Sep 11 at 5:04PM
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 JG Real Estate LLC
Investment Insights
Based on property information with market context.
Situated at 535 E Girard Ave in Philadelphia, this well-maintained mixed-use duplex offers two income-producing units with separate access. Unit #1 is a street-level commercial space currently leased to a nail salon. The layout features hardwood floors, exposed brick, large front windows, a raised front entry, additional rooms toward the rear, a generously sized bathroom with storage shelving, and direct access to a small back patio. An unfinished basement provides substantial storage space.
Unit #2 is an upper-level bi-level one-bedroom apartment with its own private entrance. The home includes exposed brick, hardwood floors, high ceilings, and oversized windows for natural light. The main level offers a spacious living area and an eat-in kitchen with ample cabinetry, gas range, dishwasher, and in-unit laundry. The upper level includes a bedroom with soaring ceilings and a large walk-in closet, plus a generously sized bathroom with modern finishes.
The property is back on the market after a buyer was unable to secure loan approval and is fully occupied, with consistent rental income supported by separate commercial and residential entrances.
Unit #2 is an upper-level bi-level one-bedroom apartment with its own private entrance. The home includes exposed brick, hardwood floors, high ceilings, and oversized windows for natural light. The main level offers a spacious living area and an eat-in kitchen with ample cabinetry, gas range, dishwasher, and in-unit laundry. The upper level includes a bedroom with soaring ceilings and a large walk-in closet, plus a generously sized bathroom with modern finishes.
The property is back on the market after a buyer was unable to secure loan approval and is fully occupied, with consistent rental income supported by separate commercial and residential entrances.
Key Highlights
- Fully occupied mixed‑use duplex with a leased street‑level commercial unit and an upper‑level bi‑level 1‑bedroom apartment
- Commercial unit #1 on Girard Ave is leased to a nail salon and includes hardwood floors, exposed brick, and large front windows
- Commercial unit layout includes a raised front entry, additional rear rooms, a generously sized bathroom with storage shelving, and direct access to a small back patio
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
$32,065
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
6.75%
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%
$641,300
$641.3K
Cap Rate 7%
$458,071
$458.1K
Cap Rate 9%
$356,278
$356.3K
Market Conditions
NOI Build-Up for 1,879 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
$48.5K $25.80/SF
− Vacancy
−$2.7K −$1.42/SF
EGI
$45.8K $24.38/SF
− OpEx
−$13.7K −$7.31/SF
NOI
$32.1K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$641,300
Cap Rate 7%
$458,071
Cap Rate 9%
$356,278
Alternative Uses
Best Use
Multifamily LT 5
$458.1K
$400.8K – $534.4K
NOI $32,065 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$422.2K
$369.5K – $492.6K
NOI $29,556 @ 7.0% cap · market cap 6.22%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,561
Businesses Nearby
Explore this area
Business Placement
Demographics for 19125, PA
25,325
Population
13,055
Households
1.9
Avg Household Size
34
Median Age
64%
College-Educated
94%
High-School Grad
1.4 sq mi
ZIP Area
18,089
Density / Sq Mi
$110,842
Median Household Income
$62,656
Median Earnings
$1,743
Median Rent
$373,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Fully occupied duplex with a street-level leased commercial unit and an upper-level bi-level one-bedroom apartment.
Where is this duplex located?
The property is located at 535 E Girard Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Fully occupied mixed‑use duplex with a leased street‑level commercial unit and an upper‑level bi‑level 1‑bedroom apartment; Commercial unit #1 on Girard Ave is leased to a nail salon and includes hardwood floors, exposed brick, and large front windows; Commercial unit layout includes a raised front entry, additional rear rooms, a generously sized bathroom with storage shelving, and direct access to a small back patio
