Turnkey Mixed-Use Investment
For Sale
$710,000
2223 FRANKFORD AVENUE, Philadelphia, PA 19125
Fully occupied mixed-use property with an operating brewery on NNN lease plus two rented apartments above.
Property Size2,316 SF
Price / SF$306.56
Days on Market70
Property Features for 2223 FRANKFORD AVENUE
General Information
Standard status
Active
Size
2,316 SF
Property subtype
Commercial
Building Details
Year Built
1919
Listing Agency:
Keller Williams Hometown
(856) 469-3091
Listed By:
Heather M Bosco · License #RS357191
(856) 469-3091
Source:
Cummingsrealtors
Added: Jun 15
Changed: Aug 23
Last Checked: Aug 23 at 8:33AM
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 Keller Williams Hometown
Investment Insights
Based on property information with market context.
This fully occupied, turnkey mixed-use building includes three units: a brewery tenant on the first floor under a multi-year NNN lease, and two residential apartments above. The second-floor apartment offers two bedrooms and one full bath, and the third-floor unit features one bedroom and one bathroom. The property has been well maintained with numerous updates across both commercial and residential spaces. Recent improvements include a newer roof, exterior paint, brick pointing, concrete front steps, and updated windows, along with interior updates such as carpeting and a new front entry door. A new brewery entrance and additional plumbing and electrical upgrades have been completed in the commercial space, complemented by cosmetic improvements and exposed brick. The basement has also been improved with plumbing and electrical work and a new Bilco door.
The building is located at 2223 Frankford Avenue in Philadelphia and is zoned CMX-2. It is part of the Fishtown Kensington Area Business Improvement District (FKABID). The property also notes low annual real estate taxes of $3,230, supporting an ongoing, cost-conscious operating profile for owners.
For investors seeking stabilized cash flow from existing tenants, the mix of an operating brewery under a multi-year NNN structure and two currently rented apartments provides immediate income. With unit-specific updates—such as kitchen, laundry, lighting, and finish improvements in the third-floor apartment and additional refreshes in the second-floor unit—the property is positioned for straightforward ongoing ownership. Current Gross Annual Income is stated at $56,856.
The building is located at 2223 Frankford Avenue in Philadelphia and is zoned CMX-2. It is part of the Fishtown Kensington Area Business Improvement District (FKABID). The property also notes low annual real estate taxes of $3,230, supporting an ongoing, cost-conscious operating profile for owners.
For investors seeking stabilized cash flow from existing tenants, the mix of an operating brewery under a multi-year NNN structure and two currently rented apartments provides immediate income. With unit-specific updates—such as kitchen, laundry, lighting, and finish improvements in the third-floor apartment and additional refreshes in the second-floor unit—the property is positioned for straightforward ongoing ownership. Current Gross Annual Income is stated at $56,856.
Key Highlights
- Mixed‑use 3‑unit building (commercial + 2 apartments) built in 1919 in Fishtown
- First‑floor brewery tenant, Brewery ARS, operating under a multi‑year NNN lease
- Both upstairs apartments are currently rented: 2BR/1BA on the second floor and 1BR/1BA on the third 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
$36,430
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
5.13%
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%
$728,600
$728.6K
Cap Rate 7%
$520,429
$520.4K
Cap Rate 9%
$404,778
$404.8K
Market Conditions
NOI Build-Up for 2,316 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
$70.3K $30.36/SF
− Vacancy
−$4.1K −$1.76/SF
EGI
$66.2K $28.60/SF
− OpEx
−$29.8K −$12.87/SF
NOI
$36.4K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$728,600
Cap Rate 7%
$520,429
Cap Rate 9%
$404,778
Alternative Uses
Best Use
Apartment 5plus
$520.4K
$455.4K – $607.2K
NOI $36,430 @ 7.0% cap · market cap 5.13%
Second Best
Mixed Use
$393.1K
$343.9K – $458.6K
NOI $27,514 @ 7.0% cap · market cap 3.88%
Theoretical Best
Multifamily LT 5
$564.6K
$494.0K – $658.7K
NOI $39,522 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,781
Businesses Nearby
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.
Frequently Asked Questions
What type of property is this?
Brewery - Fully occupied mixed-use property with an operating brewery on NNN lease plus two rented apartments above.
Where is this brewery located?
The property is located at 2223 FRANKFORD AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $710,000.
What are key features of this property?
This property features: Mixed‑use 3‑unit building (commercial + 2 apartments) built in 1919 in Fishtown; First‑floor brewery tenant, Brewery ARS, operating under a multi‑year NNN lease; Both upstairs apartments are currently rented: 2BR/1BA on the second floor and 1BR/1BA on the third floor
