Corner Storefront with Upper
For Sale
$794,900
1701 N 3RD STREET, Philadelphia, PA 19122
Corner storefront includes upper units, with one currently leased and one vacant.
Property Size2,556 SF
Days on Market53
Property Features for 1701 N 3RD STREET
General Information
Standard status
Active
Size
2,556 SF
Property subtype
MixedUse
Taxes and HOA fees
Annual Taxes
$2,354
Building Details
Building Size
2,556 SF
Year Built
1915
Listing Agency:
MIS Realty
(215) 433-9253
Listed By:
margarita ortega · License #rs321676
(215) 433-9253
Source:
Patmckennarealtors
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 29 at 2:26PM
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 MIS Realty
Investment Insights
Based on property information with market context.
This corner storefront property offers retail space on the ground level and available units above. The upper area includes two units total: one unit is currently leased while the other is vacant, providing flexibility for an owner-occupant or an investor seeking rental income.
The property is located at 1701 N 3rd St in Philadelphia, PA. Its corner position supports storefront visibility and access for retail customers.
For sale, the building is presented as a hands-on ownership opportunity, with both the leased and vacant upper units available as part of the same asset.
The property is located at 1701 N 3rd St in Philadelphia, PA. Its corner position supports storefront visibility and access for retail customers.
For sale, the building is presented as a hands-on ownership opportunity, with both the leased and vacant upper units available as part of the same asset.
Key Highlights
- Corner storefront with upper units above the store
- One upper unit currently leased
- Second upper unit is vacant and ready for use
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
$28,888
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
3.63%
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%
$577,760
$577.8K
Cap Rate 7%
$412,686
$412.7K
Cap Rate 9%
$320,978
$321.0K
Market Conditions
NOI Build-Up for 2,556 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
$46.0K $18.00/SF
− Vacancy
−$4.7K −$1.85/SF
EGI
$41.3K $16.15/SF
− OpEx
−$12.4K −$4.84/SF
NOI
$28.9K $11.30/SF
Area
Philadelphia, PA
Vacancy
10.30%
Lease Rate
$18.00 /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%
$577,760
Cap Rate 7%
$412,686
Cap Rate 9%
$320,978
Alternative Uses
Best Use
Retail
$412.7K
$361.1K – $481.5K
NOI $28,888 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$623.1K
$545.2K – $727.0K
NOI $43,618 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,043
Businesses Nearby
18k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 56%
Shops & Services 32%
Beauty & Spa 11%
Grocery Outlet Bargain Market
Groceries
9,949 visits/mo
0.2 miles
The UPS Store
Shops & Services
4,184 visits/mo
0.5 miles
European Wax Center
Beauty & Spa
2,015 visits/mo
0.4 miles
CubeSmart Self Storage
Shops & Services
1,571 visits/mo
0.1 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Corner storefront includes upper units, with one currently leased and one vacant.
Where is this storefront property located?
The property is located at 1701 N 3RD STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $794,900.
What are key features of this property?
This property features: Corner storefront with upper units above the store; One upper unit currently leased; Second upper unit is vacant and ready for use
