Restaurant with Outdoor
For Sale
$1,550,000
1359 1359-61 N 2nd St, Philadelphia, PA 19122
Equipped kitchen, multiple bars, dining space, and attic storage support a full-service restaurant layout.
Property Size3,510 SF
Price / SF$441.60
Days on Market31
Property Features for 1359 1359-61 N 2nd St
General Information
Standard status
Active
Size
3,510 SF
Restaurant
Patio
Yes
Equipment Included
Yes
Liquor License
Yes
Building Details
Year Built
1900
Listing Agency:
MSC Retail, Inc.
(215) 883-7402
Listed By:
Jacob K. Cooper · License #RS306451
Source:
Riverfoxrealty
Added: Jul 31
Changed: Aug 29
Last Checked: Aug 25 at 5:22AM
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 MSC Retail, Inc.
Investment Insights
Based on property information with market context.
This 3,510-square-foot restaurant property combines a fully equipped kitchen with multiple bars, a substantial dining area, and attic storage. The double-wide configuration provides a broad interior footprint for food-and-beverage operations, while the dedicated outdoor patio adds an additional customer area. A Pennsylvania R liquor license is included with the sale.
Built in 1900, the property is located at 1359-61 N 2nd St in Philadelphia’s Olde Kensington/Fishtown area. The existing improvements are configured for restaurant and bar use, with kitchen, service, dining, bar, patio, and storage components already in place.
Built in 1900, the property is located at 1359-61 N 2nd St in Philadelphia’s Olde Kensington/Fishtown area. The existing improvements are configured for restaurant and bar use, with kitchen, service, dining, bar, patio, and storage components already in place.
Key Highlights
- 3,510 SF restaurant property with a double‑wide configuration
- Pennsylvania R liquor license included
- Dedicated outdoor 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
$50,860
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
3.28%
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%
$1,017,200
$1.0M
Cap Rate 7%
$726,571
$726.6K
Cap Rate 9%
$565,111
$565.1K
Market Conditions
NOI Build-Up for 3,510 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
$73.7K $21.00/SF
− Vacancy
−$5.9K −$1.68/SF
EGI
$67.8K $19.32/SF
− OpEx
−$17.0K −$4.83/SF
NOI
$50.9K $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%
$1,017,200
Cap Rate 7%
$726,571
Cap Rate 9%
$565,111
Alternative Uses
Best Use
Specialty Retail
$726.6K
$635.8K – $847.7K
NOI $50,860 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$855.7K
$748.7K – $998.3K
NOI $59,898 @ 7.0% cap · market cap 3.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
1,689
Businesses Nearby
558k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 46%
Groceries 15%
Dining 14%
Home Improvements & Furnishings 10%
Walmart
Superstores
152,363 visits/mo
0.3 miles
Target
Superstores
105,271 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
49,459 visits/mo
0.3 miles
Wawa
Shops & Services
38,950 visits/mo
0.2 miles
ACME Markets
Groceries
34,436 visits/mo
0.4 miles
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
Median Home Value
Market
Vacancy Rate% for Retail in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Equipped kitchen, multiple bars, dining space, and attic storage support a full-service restaurant layout.
Where is this conventional restaurant located?
The property is located at 1359 1359-61 N 2nd St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 3,510 SF restaurant property with a double‑wide configuration; Pennsylvania R liquor license included; Dedicated outdoor patio
