Mixed-Use Property with Six
For Sale
$1,900,000
235 S 10TH STREET, Philadelphia, PA 19107
Corner restaurant and bar accompanied by multiple apartments, creating a combined hospitality and residential configuration.
Property Size3,745 SF
Days on Market9
Property Features for 235 S 10TH STREET
General Information
Standard status
Active
Size
3,745 SF
Property subtype
Retail
Property Condition
Severity
Repairs Needed
Evidence
simple renovations/upgrades
Additional Details
Business Included
Yes
Liquor License
No
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$18,431
Building Details
Building Size
3,745 SF
Year Built
1920
Listing Agency:
Keller Williams Real Estate Tri-County
Listed By:
Alia Asanova · License #RS333835
(267) 574-2927
Source:
Patmckennarealtors
Added: Aug 27
Changed: Aug 31
Last Checked: Sep 4 at 9:38AM
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 Keller Williams Real Estate Tri-County
Investment Insights
Based on property information with market context.
This mixed-use property combines a corner restaurant and bar with six apartments, providing hospitality and residential components within one asset. The restaurant and bar occupy a prominent intersection at 10th and Locust, while the apartments provide a separate source of revenue. The property was built in 1920 and is located at 235 S 10th Street in Philadelphia, Pennsylvania. An R liquor license is also available for purchase separately.
Key Highlights
- Six accompanying apartments provide a separate source of revenue
- Corner restaurant and bar at 10th and Locust
- Mixed‑use configuration combining hospitality and residential components
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
$58,907
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
3.10%
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%
$1,178,140
$1.2M
Cap Rate 7%
$841,529
$841.5K
Cap Rate 9%
$654,522
$654.5K
Market Conditions
NOI Build-Up for 3,745 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
$113.7K $30.36/SF
− Vacancy
−$6.6K −$1.76/SF
EGI
$107.1K $28.60/SF
− OpEx
−$48.2K −$12.87/SF
NOI
$58.9K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,178,140
Cap Rate 7%
$841,529
Cap Rate 9%
$654,522
Alternative Uses
Best Use
Apartment 5plus
$841.5K
$736.3K – $981.8K
NOI $58,907 @ 7.0% cap · market cap 3.10%
Second Best
Specialty Retail
$775.2K
$678.3K – $904.4K
NOI $54,265 @ 7.0% cap · market cap 2.86%
Theoretical Best
Multifamily LT 5
$913.0K
$798.9K – $1.07M
NOI $63,908 @ 7.0% cap · market cap 3.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
20,003
Businesses Nearby
Explore this area
Business Placement
Demographics for 19107, PA
17,600
Population
10,239
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
92%
High-School Grad
0.5 sq mi
ZIP Area
35,200
Density / Sq Mi
$70,382
Median Household Income
$57,694
Median Earnings
$1,691
Median Rent
$452,500
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 - Corner restaurant and bar accompanied by multiple apartments, creating a combined hospitality and residential configuration.
Where is this mixed-use property located?
The property is located at 235 S 10TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Six accompanying apartments provide a separate source of revenue; Corner restaurant and bar at 10th and Locust; Mixed‑use configuration combining hospitality and residential components
