Multi-Tenant Office
228 W Chelten Ave Philadelphia, PA 19144
228 W Chelten Ave, Philadelphia, PA, 19144
$1,600,000
For Sale
$1,600,000
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 Market92
Property Features for 228 W Chelten Ave
General Information
- Standard status
- Active
- Size
- 6,000 SF
Listing agency
KW Empower
(215) 607-6007
Listed by
Nathan W Capp
(215) 607-6007
Source
Exprealty
Added: Apr 22 Updated: Jul 21 at 4:59PM Checked: Jul 22 at 10:24AM
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
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $131.8k | $21.96 |
| − Vacancy | −$26.5k | −$4.41 |
| EGI | $105.3k | $17.55 |
| − OpEx | −$26.3k | −$4.39 |
| NOI | $79.0k | $13.16 |
6,000 SF · lease $21.96/SF/yr · vacancy 20.10% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
PA Realty Advisors
Real Estate Agency
Resources for Human Development
Nursing Home
DUI Institute
Social Service Agency
Est Bar
Social Service Agency
Allied Medical Associates
Association Or Organization
Similar For Sale Nearby
FAQs
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 Ave 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
