Updated Mixed-Use
For Sale
$710,000
2223 FRANKFORD Avenue, Philadelphia, PA 19125
Multi-Family, PHILADELPHIA, PA
Property Size2,316 SF
Lot Size0.03 Acres
Price / SF$306.56
Days on Market48
Property Features for 2223 FRANKFORD Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
On Street
Subdivision
FISHTOWN
High school
KENSINGTON
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,316 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
2704
Utilities
Heating system
Electric (Heating), Baseboard, Forced Air
Cooling system
Central Air
Building Details
Year built
1919
Number of units
3
Building materials
Brick
Listing Agency:
Keller Williams Hometown · Keller Williams Realty
(856) 241-4343
Listed By:
Heather M Bosco · License #RS357191
(856) 469-3091
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 23 at 6:06PM
MLS# PAPH2644938
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,316-square-foot mixed-use building contains three occupied units: a first-floor commercial space leased to Brewery ARS under a multi-year NNN lease, plus two residential apartments. The second-floor apartment has two bedrooms and one full bath, while the third-floor unit includes one bedroom and one bath. The brick property was built in 1919 and includes a basement, central air, electric baseboard and forced-air heating, and on-street parking.
Recent work includes a newer roof, exterior painting, brick pointing, windows, front entry door, concrete steps, and a brewery entrance. Apartment updates include newer kitchen components, lighting, bathroom vanities, fresh paint, and carpeting. The commercial area features exposed brick, while the basement has received plumbing and electrical improvements and a new Bilco door. The property is zoned CMX-2 and is located at 2223 FRANKFORD Avenue in Philadelphia, near the Girard and Berks Market-Frankford Line stations.
Recent work includes a newer roof, exterior painting, brick pointing, windows, front entry door, concrete steps, and a brewery entrance. Apartment updates include newer kitchen components, lighting, bathroom vanities, fresh paint, and carpeting. The commercial area features exposed brick, while the basement has received plumbing and electrical improvements and a new Bilco door. The property is zoned CMX-2 and is located at 2223 FRANKFORD Avenue in Philadelphia, near the Girard and Berks Market-Frankford Line stations.
Key Highlights
- Three‑unit mixed‑use building with a first‑floor commercial space and two residential apartments
- 2,316 square feet on a 0.0301‑acre lot
- Brewery ARS occupies the commercial space under a multi‑year NNN lease
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
$39,522
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
5.57%
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%
$790,440
$790.4K
Cap Rate 7%
$564,600
$564.6K
Cap Rate 9%
$439,133
$439.1K
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
$59.8K $25.80/SF
− Vacancy
−$3.3K −$1.42/SF
EGI
$56.5K $24.38/SF
− OpEx
−$16.9K −$7.31/SF
NOI
$39.5K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$790,440
Cap Rate 7%
$564,600
Cap Rate 9%
$439,133
Alternative Uses
Best Use
Multifamily LT 5
$564.6K
$494.0K – $658.7K
NOI $39,522 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$520.4K
$455.4K – $607.2K
NOI $36,430 @ 7.0% cap · market cap 5.13%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - CMX-2 zoning supports a commercial storefront with two occupied residential apartments.
Where is this mixed-use property 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: Three‑unit mixed‑use building with a first‑floor commercial space and two residential apartments; 2,316 square feet on a 0.0301‑acre lot; Brewery ARS occupies the commercial space under a multi‑year NNN lease
