Mixed-Use Restaurant and
For Sale
$1,500,000
1637 PASSYUNK AVENUE, Philadelphia, PA 19148
Three connected properties along East Passyunk include restaurant space, operating support areas, and multiple residential units.
Property Size3,503 SF
Price / SF$428.20
Days on Market75
Property Features for 1637 PASSYUNK AVENUE
General Information
Standard status
Active
Size
3,503 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$6,863
Amenities
Wall Air Conditioning
3
Flat
Parking.
Public, On Street.
18.00 x 60.00
Urban.
Building Details
Year Built
1915
Listing Agency:
Century 21 Advantage Gold-South Philadelphia
(610) 842-4635
Listed By:
Albert Perry · License #AB066001
(610) 842-4635
Source:
Xome
Added: May 28
Changed: Aug 8
Last Checked: Aug 9 at 5:26AM
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 Advantage Gold-South Philadelphia
Investment Insights
Based on property information with market context.
This for-sale mixed-use package includes 1637 E Passyunk Ave, 1632 S Jessup Street, and 1639 E Passyunk Ave, built to support a restaurant operation with residential income above. 1637 E Passyunk Ave features first-floor restaurant seating, two bathrooms, and a private basement area, with a residence above spanning the second and third floors. That upper-level layout includes three bedrooms and two full baths, and offers the potential to be reconfigured into two separate units.
1632 S Jessup Street historically functioned as the restaurant’s operational kitchen and adds additional support space, with an upper level that includes a private chef’s kitchen, dining area, and its own bathroom. 1639 E Passyunk Ave provides additional restaurant or commercial seating on the first floor, along with two bathrooms and a private basement. The upper floors include three apartments: two 2-bedroom units and one 1-bedroom unit. Ownership is within the Passyunk Avenue Business Improvement District (B.I.D.).
1632 S Jessup Street historically functioned as the restaurant’s operational kitchen and adds additional support space, with an upper level that includes a private chef’s kitchen, dining area, and its own bathroom. 1639 E Passyunk Ave provides additional restaurant or commercial seating on the first floor, along with two bathrooms and a private basement. The upper floors include three apartments: two 2-bedroom units and one 1-bedroom unit. Ownership is within the Passyunk Avenue Business Improvement District (B.I.D.).
Key Highlights
- Three connected properties: 1637 E Passyunk Ave, 1632 S Jessup St, and 1639 E Passyunk Ave along East Passyunk
- 1637 E Passyunk Ave includes restaurant seating, 2 bathrooms, and a basement; second/third floors feature 3BR and 2 full baths (potential 2 units)
- 1632 S Jessup St served as the restaurant operational kitchen with upper‑level private chef’s kitchen, dining area, and its own bathroom
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
$55,100
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
3.67%
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%
$1,102,000
$1.1M
Cap Rate 7%
$787,143
$787.1K
Cap Rate 9%
$612,222
$612.2K
Market Conditions
NOI Build-Up for 3,503 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
$106.4K $30.36/SF
− Vacancy
−$6.2K −$1.76/SF
EGI
$100.2K $28.60/SF
− OpEx
−$45.1K −$12.87/SF
NOI
$55.1K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,102,000
Cap Rate 7%
$787,143
Cap Rate 9%
$612,222
Alternative Uses
Best Use
Apartment 5plus
$787.1K
$688.8K – $918.3K
NOI $55,100 @ 7.0% cap · market cap 3.67%
Second Best
Specialty Retail
$725.1K
$634.5K – $846.0K
NOI $50,758 @ 7.0% cap · market cap 3.38%
Theoretical Best
Multifamily LT 5
$854.0K
$747.2K – $996.3K
NOI $59,778 @ 7.0% cap · market cap 3.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,211
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19148, PA
53,976
Population
22,944
Households
2.4
Avg Household Size
36
Median Age
39%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
12,851
Density / Sq Mi
$80,469
Median Household Income
$50,067
Median Earnings
$1,492
Median Rent
$296,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Three connected properties along East Passyunk include restaurant space, operating support areas, and multiple residential units.
Where is this conventional restaurant located?
The property is located at 1637 PASSYUNK AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Three connected properties: 1637 E Passyunk Ave, 1632 S Jessup St, and 1639 E Passyunk Ave along East Passyunk; 1637 E Passyunk Ave includes restaurant seating, 2 bathrooms, and a basement; second/third floors feature 3BR and 2 full baths (potential 2 units); 1632 S Jessup St served as the restaurant operational kitchen with upper‑level private chef’s kitchen, dining area, and its own bathroom
