Mixed-Use Building with
For Sale
$700,000
2002 South St, Philadelphia, PA 19146
Multi-unit building with a street-level storefront, separate units, and an unfinished basement with a working half bath.
Property Size4,506 SF
Price / SF$155.35
Days on Market52
Property Features for 2002 South St
General Information
Standard status
Active
Size
4,506 SF
Building Details
Year Built
1915
Listing Agency:
Real of Pennsylvania
Listed By:
Traci Madison
Source:
Riverfoxrealty
Added: Jul 25
Changed: Sep 8
Last Checked: Sep 13 at 2:57PM
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 Real of Pennsylvania
Investment Insights
Based on property information with market context.
This mixed-use building includes a street-level storefront plus four additional separate units, and each unit features 1 full bath. The property’s layout includes Unit 1 as the storefront on the first floor, with Unit 2 located behind it. Units 4 and 3 are on the second floor (front and rear, respectively), and Units 6 and 5 are on the third floor (front and rear, respectively). There is also a spacious unfinished basement area, over 1,000 square feet, with a working half bath.
The building is described as having brick exterior, tall ceilings, arches, and curved wooden staircases, though it needs care and renovation.
The front units on the second and third levels are described as the most spacious. The second-floor front unit is also noted as having potential for additional bathroom installation.
The building is described as having brick exterior, tall ceilings, arches, and curved wooden staircases, though it needs care and renovation.
The front units on the second and third levels are described as the most spacious. The second-floor front unit is also noted as having potential for additional bathroom installation.
Key Highlights
- 1915‑built multi‑unit building with a street‑level storefront plus 4 additional separate units
- All units include 1 full bath; 2nd floor front unit has space where a bathroom can be added
- Unit layout includes storefront (Unit 1), Units 2–4 on the 1st and 2nd floors, and Units 5–6 on the 3rd floor
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
$59,297
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
8.47%
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%
$1,185,940
$1.2M
Cap Rate 7%
$847,100
$847.1K
Cap Rate 9%
$658,856
$658.9K
Market Conditions
NOI Build-Up for 4,506 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
$99.0K $21.96/SF
− Vacancy
−$19.9K −$4.41/SF
EGI
$79.1K $17.55/SF
− OpEx
−$19.8K −$4.39/SF
NOI
$59.3K $13.16/SF
Area
Philadelphia, PA
Vacancy
20.10%
Lease Rate
$21.96 /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%
$1,185,940
Cap Rate 7%
$847,100
Cap Rate 9%
$658,856
Alternative Uses
Best Use
Office B
$847.1K
$741.2K – $988.3K
NOI $59,297 @ 7.0% cap · market cap 8.47%
Second Best
Retail
$727.5K
$636.6K – $848.8K
NOI $50,928 @ 7.0% cap · market cap 7.28%
Theoretical Best
Multifamily LT 5
$1.10M
$961.2K – $1.28M
NOI $76,894 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
15,087
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Philadelphia, PA
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Frequently Asked Questions
What type of property is this?
Storefront property - Multi-unit building with a street-level storefront, separate units, and an unfinished basement with a working half bath.
Where is this storefront property located?
The property is located at 2002 South St Philadelphia, PA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 1915‑built multi‑unit building with a street‑level storefront plus 4 additional separate units; All units include 1 full bath; 2nd floor front unit has space where a bathroom can be added; Unit layout includes storefront (Unit 1), Units 2–4 on the 1st and 2nd floors, and Units 5–6 on the 3rd floor
