Multi-Tenant Office
For Sale
$1,600,000
228 W CHELTEN AVE, 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 Market120
Property Features for 228 W CHELTEN AVE
General Information
Standard status
Active
Size
6,000 SF
Total Parking Spaces
30
Occupancy
80%
Site & Location
Neighborhood
Northwest Philadelphia
Additional Details
Office Units
5
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
KW Empower
(215) 627-3500
Listed By:
Nathan W Capp · License #RS328976
(215) 607-6007
Source:
Opal-realestate
Added: Jun 26
Changed: Oct 15
Last Checked: Oct 23 at 6:16AM
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
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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 / Yr
$78,957
Cap Rate
4.93%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Philadelphia, PA
Frequently Asked Questions
What type of property is this?
Office unit - Five-office suite configuration with off-street parking and four suites currently leased on month-to-month terms.
Where is this office unit 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
