Two-Unit Office
For Sale
$489,900
22 E 3RD STREET, Media, PA 19063
Two-unit office building offered for sale, most recently used as a law office.
Property Size1,820 SF
Price / SF$269.18
Days on Market61
Property Features for 22 E 3RD STREET
General Information
Standard status
Active
Size
1,820 SF
Property subtype
Commercial
Building Details
Year Built
1920
Listing Agency:
Legacy Real Estate, Inc.
(215) 836-8000
Listed By:
Sanjiv K Jain · License #RM421067
(215) 287-5600
Source:
Cummingsrealtors
Added: Jul 14
Changed: Sep 11
Last Checked: Sep 12 at 6:54AM
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 Legacy Real Estate, Inc.
Investment Insights
Based on property information with market context.
This offering is a two-unit office property with a configuration suited to a professional operation. The space was most recently used as a lawyers office, providing a ready baseline for an office user looking to tailor the interiors to their needs.
The property is located near State Street, described as approximately two blocks away, putting restaurants and evening activity within close reach.
Offered for sale as a compact office investment or owner-operator opportunity, the building provides two separate office units under one roof.
The property is located near State Street, described as approximately two blocks away, putting restaurants and evening activity within close reach.
Offered for sale as a compact office investment or owner-operator opportunity, the building provides two separate office units under one roof.
Key Highlights
- 2‑unit office building offered for sale; most recently used as a law office
- Built in 1920
- Located just 2 blocks to State Street, with restaurants and nightlife nearby
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
$29,838
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
6.09%
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%
$596,760
$596.8K
Cap Rate 7%
$426,257
$426.3K
Cap Rate 9%
$331,533
$331.5K
Market Conditions
NOI Build-Up for 1,820 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
$48.0K $26.40/SF
− Vacancy
−$8.3K −$4.54/SF
EGI
$39.8K $21.86/SF
− OpEx
−$9.9K −$5.46/SF
NOI
$29.8K $16.39/SF
Area
Delaware County, PA
Vacancy
17.20%
Lease Rate
$26.40 /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%
$596,760
Cap Rate 7%
$426,257
Cap Rate 9%
$331,533
Alternative Uses
Best Use
Office B
$426.3K
$373.0K – $497.3K
NOI $29,838 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$551.8K
$482.8K – $643.8K
NOI $38,626 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,636
Businesses Nearby
Explore this area
Business Placement
Demographics for 19063, PA
38,338
Population
16,128
Households
2.4
Avg Household Size
46
Median Age
60%
College-Educated
97%
High-School Grad
25.1 sq mi
ZIP Area
1,527
Density / Sq Mi
$121,899
Median Household Income
$70,147
Median Earnings
$1,623
Median Rent
$505,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Two-unit office building offered for sale, most recently used as a law office.
Where is this office units located?
The property is located at 22 E 3RD STREET Media, PA.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: 2‑unit office building offered for sale; most recently used as a law office; Built in 1920; Located just 2 blocks to State Street, with restaurants and nightlife nearby
