Multi-Tenant Office
For Sale
$1,600,000
228 W Chelten Avenue, Philadelphia, PA 19144
Five-office suite configuration with off-street parking and four suites currently leased on month-to-month terms.
Property Size6,000 SF
Price / SF$266.67
Days on Market153
Property Features for 228 W Chelten Avenue
General Information
Standard status
Active
Size
6,000 SF
Total Parking Spaces
30
Property subtype
Commercial
Occupancy
80%
Lease Term
[]
Additional Details
Office Units
5
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
KW Empower
Listed By:
Nathan W Capp
(215) 607-6007
Source:
Deepcreeklake
Added: Apr 9
Changed: Sep 6
Last Checked: Sep 7 at 11:28AM
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 KW Empower
Investment Insights
Based on property information with market context.
Positioned along the Chelten Avenue corridor, this property combines income-producing office space with an adaptable site layout for future use. The parcel includes approximately 60 feet of frontage along Chelten Avenue and a large off-street parking lot accommodating 30+ cars.
An existing 6,000 sq ft commercial building built circa 1910 sits toward the back of the lot and is currently configured into five separate office spaces. Four of the suites are occupied under month-to-month leases, and one suite is currently vacant.
For tenants and investors seeking flexible, multi-suite office space with convenient parking and street-level visibility, the property’s current setup supports immediate occupancy while maintaining options for reconfiguration over time.
An existing 6,000 sq ft commercial building built circa 1910 sits toward the back of the lot and is currently configured into five separate office spaces. Four of the suites are occupied under month-to-month leases, and one suite is currently vacant.
For tenants and investors seeking flexible, multi-suite office space with convenient parking and street-level visibility, the property’s current setup supports immediate occupancy while maintaining options for reconfiguration over time.
Key Highlights
- 60' frontage along Chelten Avenue in Germantown for retail, office, medical, or service use
- 30+ car off‑street parking lot to support customer/client access
- Approx. 6,000 SF commercial building built circa 1910
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
$78,957
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
4.93%
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%
$1,579,140
$1.6M
Cap Rate 7%
$1,127,957
$1.1M
Cap Rate 9%
$877,300
$877.3K
Market Conditions
NOI Build-Up for 6,000 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
$131.8K $21.96/SF
− Vacancy
−$26.5K −$4.41/SF
EGI
$105.3K $17.55/SF
− OpEx
−$26.3K −$4.39/SF
NOI
$79.0K $13.16/SF
Area
Philadelphia, PA
Vacancy
20.10%
Lease Rate
$21.96 /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%
$1,579,140
Cap Rate 7%
$1,127,957
Cap Rate 9%
$877,300
Alternative Uses
Best Use
Office B
$1.13M
$987.0K – $1.32M
NOI $78,957 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.46M
$1.28M – $1.71M
NOI $102,389 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
80%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
736
Businesses Nearby
Explore this area
Business Placement
Demographics for 19144, PA
44,481
Population
23,583
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
90%
High-School Grad
3.6 sq mi
ZIP Area
12,356
Density / Sq Mi
$45,727
Median Household Income
$36,020
Median Earnings
$1,110
Median Rent
$224,600
Median Home Value
Market
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Five-office suite configuration with off-street parking and four suites currently leased on month-to-month terms.
Where is this office units located?
The property is located at 228 W Chelten Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 60' frontage along Chelten Avenue in Germantown for retail, office, medical, or service use; 30+ car off‑street parking lot to support customer/client access; Approx. 6,000 SF commercial building built circa 1910
