Corner Conventional Restaurant
For Sale
$375,000
3231 Ridge Ave, Philadelphia, PA 19132
Restaurant property includes the adjoining 3233 Ridge Ave address for the entire corner.
Property Size1,800 SF
Price / SF$208.33
Days on Market19
Property Features for 3231 Ridge Ave
General Information
Standard status
Active
Size
1,800 SF
Zoning
residential/commercial
Additional Details
Road Access
Yes
Land Use
commercial, residential
Building Details
Year Built
1940
Listing Agency:
Opulent Realty Group LLC
(609) 678-0032
Listed By:
Stanton Bizzell · License #9484072
Source:
Kandorre
Added: Aug 13
Changed: Aug 24
Last Checked: Aug 30 at 8:19PM
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 Opulent Realty Group LLC
Investment Insights
Based on property information with market context.
This conventional restaurant property is located at 3231 Ridge Ave in Philadelphia, Pennsylvania, with the current use identified as a restaurant. The listing also includes 3233 Ridge Ave, covering the entire corner identified in the property information.
The property is described as residential/commercial zoning per owner. The offering may also support consideration of future development alongside continued restaurant use, subject to applicable approvals.
The property is described as residential/commercial zoning per owner. The offering may also support consideration of future development alongside continued restaurant use, subject to applicable approvals.
Key Highlights
- Includes 3233 Ridge Ave for the entire corner
- Current use identified as a restaurant
- Residential/commercial zoning per owner
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
$26,082
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
6.96%
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%
$521,640
$521.6K
Cap Rate 7%
$372,600
$372.6K
Cap Rate 9%
$289,800
$289.8K
Market Conditions
NOI Build-Up for 1,800 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
$37.8K $21.00/SF
− Vacancy
−$3.0K −$1.68/SF
EGI
$34.8K $19.32/SF
− OpEx
−$8.7K −$4.83/SF
NOI
$26.1K $14.49/SF
Area
Philadelphia, PA
Vacancy
8.00%
Lease Rate
$21.00 /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%
$521,640
Cap Rate 7%
$372,600
Cap Rate 9%
$289,800
Alternative Uses
Best Use
Specialty Retail
$372.6K
$326.0K – $434.7K
NOI $26,082 @ 7.0% cap · market cap 6.96%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$438.8K
$384.0K – $512.0K
NOI $30,717 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
25k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 41%
Dining 30%
Shops & Services 18%
Apparel 6%
Save-A-Lot
Groceries
10,220 visits/mo
0.4 miles
KFC
Dining
7,611 visits/mo
0.3 miles
U-Haul Moving & Storage of Strawberry Mansion
Shops & Services
2,225 visits/mo
0.5 miles
Dollar General
Shops & Services
2,210 visits/mo
0.5 miles
Rainbow
Apparel
1,544 visits/mo
0.4 miles
Demographics for 19132, PA
33,926
Population
17,402
Households
1.9
Avg Household Size
37
Median Age
13%
College-Educated
83%
High-School Grad
2.2 sq mi
ZIP Area
15,421
Density / Sq Mi
$30,974
Median Household Income
$30,300
Median Earnings
$1,055
Median Rent
$73,000
Median Home Value
Market
Vacancy Rate% for Retail in Philadelphia, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property includes the adjoining 3233 Ridge Ave address for the entire corner.
Where is this conventional restaurant located?
The property is located at 3231 Ridge Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Includes 3233 Ridge Ave for the entire corner; Current use identified as a restaurant; Residential/commercial zoning per owner
