Flex Space with Walk-In
New
For Sale
$305,000
2231 N 4TH STREET, Philadelphia, PA 19133
An open work area with floor drains and a roll-up door supports a range of commercial operations.
Property Size923 SF
Price / SF$330.44
Days on Market4
Property Features for 2231 N 4TH STREET
General Information
Standard status
Active
Size
923 SF
Property subtype
Commercial
Warehouse & Industrial
Cold Storage
Yes
Cold Storage Area
96 SF
Cooler
96 SF
Building Details
Year Built
1950
Construction
masonry
Listing Agency:
CG Realty, LLC
(610) 566-5182
Listed By:
Philip Breen · License #RS354734
(215) 380-4596
Source:
Cummingsrealtors
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 6:33AM
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 CG Realty, LLC
Investment Insights
Based on property information with market context.
This Philadelphia flex property has an open industrial layout, high ceilings, masonry construction, and exposed wood ceiling structure. Concrete floors with floor drains and a large roll-up garage door serve the work area. An 8' x 12' walk-in cold box is included in the sale. The building was previously used for brewery production, but brewery equipment is not included unless separately negotiated.
The property is located at 2231 N 4th St in Philadelphia, with access to transportation routes and major neighborhoods. Any future use is subject to applicable zoning and approvals.
The property is located at 2231 N 4th St in Philadelphia, with access to transportation routes and major neighborhoods. Any future use is subject to applicable zoning and approvals.
Key Highlights
- 8' x 12' walk‑in cold box included with the sale
- Open industrial layout with high ceilings and concrete floors
- Floor drains and a large roll‑up 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
$9,719
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
3.19%
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%
$194,380
$194.4K
Cap Rate 7%
$138,843
$138.8K
Cap Rate 9%
$107,989
$108.0K
Market Conditions
NOI Build-Up for 923 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
$16.6K $18.00/SF
− Vacancy
−$1.7K −$1.80/SF
EGI
$15.0K $16.20/SF
− OpEx
−$5.2K −$5.67/SF
NOI
$9.7K $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%
$194,380
Cap Rate 7%
$138,843
Cap Rate 9%
$107,989
Alternative Uses
Best Use
Flex RnD
$138.8K
$121.5K – $162.0K
NOI $9,719 @ 7.0% cap · market cap 3.19%
Second Best
Industrial
$96.8K
$84.7K – $112.9K
NOI $6,776 @ 7.0% cap · market cap 2.22%
Theoretical Best
Multifamily LT 5
$225.0K
$196.9K – $262.5K
NOI $15,751 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,369
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19133, PA
24,772
Population
10,766
Households
2.3
Avg Household Size
34
Median Age
7%
College-Educated
63%
High-School Grad
1.3 sq mi
ZIP Area
19,055
Density / Sq Mi
$31,756
Median Household Income
$26,563
Median Earnings
$919
Median Rent
$85,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Philadelphia, PA
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Frequently Asked Questions
What type of property is this?
Flex space - An open work area with floor drains and a roll-up door supports a range of commercial operations.
Where is this flex space located?
The property is located at 2231 N 4TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: 8' x 12' walk‑in cold box included with the sale; Open industrial layout with high ceilings and concrete floors; Floor drains and a large roll‑up garage door
