Renovated Two-Story Fitness
For Sale
$2,000,000
1855 5TH Street N, Philadelphia, PA 19122
Commercial Sale, PHILADELPHIA, PA
Property Size10,756 SF
Lot Size0.13 Acres
Price / SF$185.94
Days on Market279
Property Features for 1855 5TH Street N
General Information
Property type
Other
Property subtype
Retail
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
0
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1930
Building materials
Combination
Listing Agency:
Keller Williams Main Line · Keller Williams Realty
(610) 520-0100
Listed By:
Jon M O'Shea · License #ab069634
(267) 780-3419
Added: Nov 24, 2025
Changed: Aug 19
Last Checked: Aug 30 at 8:06AM
MLS# PAPH2562320
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story commercial building is configured as a gym and underwent a comprehensive renovation in 2020. Improvements included new electrical, plumbing, HVAC, and contemporary interior finishes. The property is also suited to wellness, flex, and creative industrial applications, with forced-air heating, central air, and on-street parking.
Located at 1847-1855 N 5th St in Philadelphia, the property occupies a 5,452 SF lot within a corridor near Fishtown and Temple University. ICMX zoning supports its commercial and industrial setting. The original 1930 construction has been substantially updated while retaining a layout adaptable to several operational formats.
Located at 1847-1855 N 5th St in Philadelphia, the property occupies a 5,452 SF lot within a corridor near Fishtown and Temple University. ICMX zoning supports its commercial and industrial setting. The original 1930 construction has been substantially updated while retaining a layout adaptable to several operational formats.
Key Highlights
- Two‑story gym configuration with fitness and wellness use potential
- Comprehensively renovated in 2020
- New electrical, plumbing, HVAC, and modern interior finishes
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
$113,261
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
5.66%
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%
$2,265,220
$2.3M
Cap Rate 7%
$1,618,014
$1.6M
Cap Rate 9%
$1,258,456
$1.3M
Market Conditions
NOI Build-Up for 10,756 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
$193.6K $18.00/SF
− Vacancy
−$19.4K −$1.80/SF
EGI
$174.2K $16.20/SF
− OpEx
−$61.0K −$5.67/SF
NOI
$113.3K $10.53/SF
Area
Philadelphia, PA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,265,220
Cap Rate 7%
$1,618,014
Cap Rate 9%
$1,258,456
Alternative Uses
Best Use
Flex RnD
$1.62M
$1.42M – $1.89M
NOI $113,261 @ 7.0% cap · market cap 5.66%
Second Best
Industrial
$1.13M
$987.1K – $1.32M
NOI $78,966 @ 7.0% cap · market cap 3.95%
Theoretical Best
Multifamily LT 5
$2.62M
$2.29M – $3.06M
NOI $183,550 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,282
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Industrial in Philadelphia, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- gBody Fitness — 930 N 8th St, Philadelphia, PA 19123
- Atavis Kennedy Fitness — 930 N 8th St, Philadelphia, PA 19123
- Pridefit Training — 416 W Girard Ave, Philadelphia, PA 19123
- CLUB HOUSE GYM LLC — 1201 N 3rd St #304, Philadelphia, PA 19122
- CKO Kickboxing Northern Liberties — 1150 N American St, Philadelphia, PA 19123
Frequently Asked Questions
What type of property is this?
Fitness center & gym - Updated commercial building configured for fitness, wellness, flex, or creative industrial use.
Where is this fitness center & gym located?
The property is located at 1855 5TH Street N Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Two‑story gym configuration with fitness and wellness use potential; Comprehensively renovated in 2020; New electrical, plumbing, HVAC, and modern interior finishes
