Corner Flex
New
For Sale
$350,000
2134 E LIPPINCOTT STREET, Philadelphia, PA 19134
One-story masonry building with a legal non-conforming industrial use and indoor parking potential.
Property Size3,000 SF
Price / SF$116.67
Days on Market4
Property Features for 2134 E LIPPINCOTT STREET
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Industrial
Zoning
RSA-5
Additional Details
Highway Access
Yes
Clear Height
12 ft
Taxes and HOA fees
Annual Taxes
$2,001
Building Details
Year Built
1930
Buildings
1
Stories
1
Building Size
3,000 SF
Construction
masonry (brick & cinder block) with steel I-beam
Listing Agency:
Coldwell Banker Hearthside Realtors
(215) 681-4742
Listed By:
Mark F Orehowsky · License #RS275155
(215) 681-4742
Source:
Lizclarkrealestate
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 9:28AM
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 Coldwell Banker Hearthside Realtors
Investment Insights
Based on property information with market context.
This one-story flex property at 2134 E LIPPINCOTT STREET is built with brick and cinder block masonry, steel I-beam framing, and an approximate 55' x 55' footprint. The building contains approximately 3,000+ SF with 12-foot ceilings and is currently configured for machine shop and welding operations. Its layout and construction may also support contractor, storage, fabrication, or garage-related applications, subject to applicable approvals.
The property occupies a corner position in Philadelphia’s Kensington and Port Richmond corridor, with access to I-95, Aramingo Ave, and Center City. It is zoned RSA-5 and carries an existing legal non-conforming industrial use. Front and side setbacks provide off-street parking, while the building’s enclosed area offers potential for secured indoor parking or vehicle storage. The property was built in 1930.
The property occupies a corner position in Philadelphia’s Kensington and Port Richmond corridor, with access to I-95, Aramingo Ave, and Center City. It is zoned RSA-5 and carries an existing legal non-conforming industrial use. Front and side setbacks provide off-street parking, while the building’s enclosed area offers potential for secured indoor parking or vehicle storage. The property was built in 1930.
Key Highlights
- Approximate 55' x 55' building footprint
- Approximately 3,000+ SF of industrial/flex space
- 12‑foot ceilings with steel I‑beam construction
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
$31,590
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
9.03%
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%
$631,800
$631.8K
Cap Rate 7%
$451,286
$451.3K
Cap Rate 9%
$351,000
$351.0K
Market Conditions
NOI Build-Up for 3,000 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
$54.0K $18.00/SF
− Vacancy
−$5.4K −$1.80/SF
EGI
$48.6K $16.20/SF
− OpEx
−$17.0K −$5.67/SF
NOI
$31.6K $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%
$631,800
Cap Rate 7%
$451,286
Cap Rate 9%
$351,000
Alternative Uses
Best Use
Flex RnD
$451.3K
$394.9K – $526.5K
NOI $31,590 @ 7.0% cap · market cap 9.03%
Second Best
Warehouse
$438.4K
$383.6K – $511.4K
NOI $30,686 @ 7.0% cap · market cap 8.77%
Theoretical Best
Multifamily LT 5
$731.4K
$639.9K – $853.3K
NOI $51,195 @ 7.0% cap · market cap 14.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,506
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19134, PA
57,463
Population
25,290
Households
2.3
Avg Household Size
33
Median Age
18%
College-Educated
77%
High-School Grad
3.4 sq mi
ZIP Area
16,901
Density / Sq Mi
$41,849
Median Household Income
$35,858
Median Earnings
$1,179
Median Rent
$127,500
Median Home Value
Market
Vacancy Rate% for Industrial in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - One-story masonry building with a legal non-conforming industrial use and indoor parking potential.
Where is this flex space located?
The property is located at 2134 E LIPPINCOTT STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Approximate 55' x 55' building footprint; Approximately 3,000+ SF of industrial/flex space; 12‑foot ceilings with steel I‑beam construction
