Bi-Level Warehouse with 18-Foot
New
For Sale
$1,525,000
2124 E Arizona St, Philadelphia, PA 19125
Package includes a warehouse, two additional lots, ICMX zoning, and access to the Market–Frankford Line.
Property Size5,667 SF
Price / SF$272.32
Days on Market3
Property Features for 2124 E Arizona St
General Information
Standard status
Active
Size
5,667 SF
Zoning
ICMX
Warehouse & Industrial
Clear Height
18 ft
Warehouse Space
5,667 SF
Additional Details
Gross Income
$88,140
Road Access
Yes
Building Details
Year Built
1875
Buildings
1
Stories
2
Building Size
5,667 SF
Tenancy
Multi
Abandoned
No
Listing Agency:
KW Empower
(215) 627-3500
Listed By:
Michael A. Becker · License #RS285527
Source:
Kandorre
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 10:14AM
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 KW Empower
Investment Insights
Based on property information with market context.
This offering combines three contiguous parcels with a bi-level warehouse and two additional lots. The warehouse includes an 18-foot ceiling and a 14 ft x 26 ft garage door. Two parcels extend from street to street, creating multiple access conditions across the package. The property is zoned ICMX for commercial and mixed-use applications.
The warehouse is currently occupied by two tenants, with one tenancy scheduled to end in July and the other operating on a month-to-month lease. Built in 1875, the property is located just off Frankford Avenue and steps from the Market–Frankford Line. Nearby destinations include Shake Shack, La Colombe, City Fitness, Wm. Mulherin’s, and Palmer Park.
The warehouse is currently occupied by two tenants, with one tenancy scheduled to end in July and the other operating on a month-to-month lease. Built in 1875, the property is located just off Frankford Avenue and steps from the Market–Frankford Line. Nearby destinations include Shake Shack, La Colombe, City Fitness, Wm. Mulherin’s, and Palmer Park.
Key Highlights
- Three contiguous parcels sold together as one package
- Bi‑level warehouse with an 18‑foot ceiling
- 14 ft x 26 ft garage door
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
$57,280
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
3.76%
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%
$1,145,600
$1.1M
Cap Rate 7%
$818,286
$818.3K
Cap Rate 9%
$636,444
$636.4K
Market Conditions
NOI Build-Up for 5,600 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
$73.2K $13.08/SF
− Vacancy
−$5.9K −$1.05/SF
EGI
$67.4K $12.03/SF
− OpEx
−$10.1K −$1.81/SF
NOI
$57.3K $10.23/SF
Area
Philadelphia, PA
Vacancy
8.00%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
15.00%
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%
$1,145,600
Cap Rate 7%
$818,286
Cap Rate 9%
$636,444
Alternative Uses
Best Use
Warehouse
$818.3K
$716.0K – $954.7K
NOI $57,280 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.37M
$1.19M – $1.59M
NOI $95,563 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,772
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19125, PA
25,325
Population
13,055
Households
1.9
Avg Household Size
34
Median Age
64%
College-Educated
94%
High-School Grad
1.4 sq mi
ZIP Area
18,089
Density / Sq Mi
$110,842
Median Household Income
$62,656
Median Earnings
$1,743
Median Rent
$373,600
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.
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Frequently Asked Questions
What type of property is this?
Warehouse - Package includes a warehouse, two additional lots, ICMX zoning, and access to the Market–Frankford Line.
Where is this warehouse located?
The property is located at 2124 E Arizona St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: Three contiguous parcels sold together as one package; Bi‑level warehouse with an 18‑foot ceiling; 14 ft x 26 ft garage door
