Double-Wide Mixed-Use Office and
For Sale
$1,400,000
1816 1816-18 E Passyunk Ave, Philadelphia, PA 19148
Street-to-street mixed-use building with a first-floor office delivered vacant and two leased bi-level 3-bedroom apartments.
Property Size4,476 SF
Price / SF$312.78
Days on Market48
Property Features for 1816 1816-18 E Passyunk Ave
General Information
Standard status
Active
Size
4,476 SF
Additional Details
Multifamily Units
2
Building Details
Year Built
1915
Stories
3
Tenancy
Multi
Listing Agency:
Century 21 Forrester Real Estate
Listed By:
Michael A Giangiordano II · License #RS338459
(267) 688-1449
Source:
Kandorre
Added: Jul 21
Changed: Aug 10
Last Checked: Sep 6 at 10:41AM
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 Forrester Real Estate
Investment Insights
Based on property information with market context.
This double-wide, street-to-street mixed-use building is legally two separate parcels (1816 and 1818 E Passyunk Avenue) but operates as one continuous property. The configuration includes a main entrance on E Passyunk Avenue into the commercial space, with two separate apartment entrances on the S 13th St side for 1811 and 1813 S 13th St.
The first floor is currently set up as an office and will be delivered vacant upon closing. The apartments are occupied and under lease, and both are bi-level 3-bedroom units spanning the 2nd and 3rd floors. The units are reported to be in good condition.
Separate utilities are provided for the units, with the exception of cold water/sewer.
The first floor is currently set up as an office and will be delivered vacant upon closing. The apartments are occupied and under lease, and both are bi-level 3-bedroom units spanning the 2nd and 3rd floors. The units are reported to be in good condition.
Separate utilities are provided for the units, with the exception of cold water/sewer.
Key Highlights
- 1915 street‑to‑street mixed‑use building on E Passyunk Ave and S 13th St
- Double‑wide building includes a first‑floor commercial space with main entrance on E Passyunk Ave, delivered vacant at closing
- Two bi‑level 3‑bedroom apartments on 2nd and 3rd floors, currently occupied and under lease
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
$76,382
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
5.46%
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%
$1,527,640
$1.5M
Cap Rate 7%
$1,091,171
$1.1M
Cap Rate 9%
$848,689
$848.7K
Market Conditions
NOI Build-Up for 4,476 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
$115.5K $25.80/SF
− Vacancy
−$6.4K −$1.42/SF
EGI
$109.1K $24.38/SF
− OpEx
−$32.7K −$7.31/SF
NOI
$76.4K $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%
$1,527,640
Cap Rate 7%
$1,091,171
Cap Rate 9%
$848,689
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$954.8K – $1.27M
NOI $76,382 @ 7.0% cap · market cap 5.46%
Second Best
Apartment 5plus
$1.01M
$880.1K – $1.17M
NOI $70,405 @ 7.0% cap · market cap 5.03%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,026
Businesses Nearby
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 Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Street-to-street mixed-use building with a first-floor office delivered vacant and two leased bi-level 3-bedroom apartments.
Where is this duplex located?
The property is located at 1816 1816-18 E Passyunk Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 1915 street‑to‑street mixed‑use building on E Passyunk Ave and S 13th St; Double‑wide building includes a first‑floor commercial space with main entrance on E Passyunk Ave, delivered vacant at closing; Two bi‑level 3‑bedroom apartments on 2nd and 3rd floors, currently occupied and under lease
