Mixed-Use Investment Property in
For Sale
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231-33 W Coulter St, Philadelphia, PA 19144
Mixed-use property with residential, commercial, and garage rental income.
Property Size5,987 SF
Lot Size0.09 Acres
Price / SF$146.99
Days on Market175
Property Features for 231-33 W Coulter St
General Information
Standard status
Active
Size
5,987 SF
Lot size
0.09 Acres
Property subtype
Mixed Use, Multifamily, Retail
Zoning
RSA-5
Building Details
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
McCann Commercial Real Estate
(215) 617-6142
Listed By:
Sam Akif · License #RS331003
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 8 at 6:36AM
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 McCann Commercial Real Estate
Investment Insights
Based on property information with market context.
Located in the Germantown neighborhood of Philadelphia, 231-33 W Coulter Street is a two-story mixed-use investment property. The building has a 5,987 sq ft footprint on a 4,095 sq ft lot. It features five residential units, one commercial space currently occupied by a yoga studio, and 12 individual garages. The property offers diversified income potential. There are 11 bedrooms and 6 bathrooms total. It also includes a laundry room with a coin-operated washer and dryer. The property has active rental licenses and a solid unit mix, providing both residential and commercial cash flow. The property has a camera system throughout and an intercom system for the residential units. Its location in Germantown offers easy access to transit, neighborhood retail, and community amenities.
Key Highlights
- Diversified income potential from 5 residential units, a commercial space (yoga studio), and 12 garages.
- Active rental licenses and solid unit mix providing immediate residential and commercial cash flow.
- Located in Germantown with easy access to transit, retail, and community amenities.
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
$71,126
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
8.08%
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%
$1,422,520
$1.4M
Cap Rate 7%
$1,016,086
$1.0M
Cap Rate 9%
$790,289
$790.3K
Market Conditions
NOI Build-Up for 5,987 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
$129.3K $21.60/SF
− Vacancy
−$15.5K −$2.59/SF
EGI
$113.8K $19.01/SF
− OpEx
−$42.7K −$7.13/SF
NOI
$71.1K $11.88/SF
Area
Philadelphia, PA
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,422,520
Cap Rate 7%
$1,016,086
Cap Rate 9%
$790,289
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.57M
NOI $94,173 @ 7.0% cap · market cap 10.70%
Second Best
Mixed Use
$1.02M
$889.1K – $1.19M
NOI $71,126 @ 7.0% cap · market cap 8.08%
Theoretical Best
Multifamily LT 5
$1.46M
$1.28M – $1.70M
NOI $102,168 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,887
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with residential, commercial, and garage rental income.
Where is this mixed-use property located?
The property is located at 231-33 W Coulter St Philadelphia, PA.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: Diversified income potential from 5 residential units, a commercial space (yoga studio), and 12 garages.; Active rental licenses and solid unit mix providing immediate residential and commercial cash flow.; Located in Germantown with easy access to transit, retail, and community amenities.
