Mixed-Use Apartment
For Sale
$2,100,000
240 Girard Avenue, Philadelphia, PA 19125
Fee-simple portfolio of two newly renovated mixed-use apartment buildings with ground-floor corner retail and 15 residential units.
Property Size7,878 SF
Price / SF$266.57
Days on Market141
Property Features for 240 Girard Avenue
General Information
Standard status
Active
Size
7,878 SF
Property subtype
Mixed Use
Additional Details
Highway Access
Yes
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$24,411
Amenities
Central Air
3
CMX2
Parking.
On Street.
35.00 x 74.00
Building Details
Year Built
1915
Tenancy
Multi
Listing Agency:
TCS Management, LLC
(215) 431-5652
Listed By:
Alex Prince · License #RS322309
(215) 431-5652
Source:
Xome
Added: Mar 23
Changed: Aug 8
Last Checked: Aug 10 at 3:16AM
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 TCS Management, LLC
Investment Insights
Based on property information with market context.
Available as a fee-simple package, this portfolio includes two newly renovated mixed-use apartment buildings at 2301 Frankford Avenue and 240 E. Girard Avenue. The residential component consists of 14 one-bedroom units and 1 two-bedroom unit, finished with stainless steel appliances, stone countertops, LVT flooring, subway tile backsplashes, and sleek white shaker-style cabinetry. Unit features include central HVAC, in-unit washer/dryer, and oversized windows.
The commercial spaces are located on well-located corners. The 1,398-square-foot unit at 2301 Frankford Avenue is occupied by Cormorant Corner Bar, a neighborhood establishment offering craft beer and cocktails.
The portfolio is transit-oriented, with SEPTA train stations at Girard Avenue and Dauphin Street described as a short walk. It is also positioned minutes from major thoroughfares including I-76, I-676, and I-95, providing convenient access to the Philadelphia MSA.
The commercial spaces are located on well-located corners. The 1,398-square-foot unit at 2301 Frankford Avenue is occupied by Cormorant Corner Bar, a neighborhood establishment offering craft beer and cocktails.
The portfolio is transit-oriented, with SEPTA train stations at Girard Avenue and Dauphin Street described as a short walk. It is also positioned minutes from major thoroughfares including I-76, I-676, and I-95, providing convenient access to the Philadelphia MSA.
Key Highlights
- Fee‑simple portfolio of two newly renovated mixed‑use apartment buildings at 2301 Frankford Avenue and 240 E. Girard Avenue
- Total of 15 residential units: fourteen 1‑bedroom units and one 2‑bedroom unit
- Ground‑floor corner retail included; 2301 Frankford Avenue unit is occupied by Cormorant Corner Bar
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
$123,917
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
5.90%
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%
$2,478,340
$2.5M
Cap Rate 7%
$1,770,243
$1.8M
Cap Rate 9%
$1,376,856
$1.4M
Market Conditions
NOI Build-Up for 7,878 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
$239.2K $30.36/SF
− Vacancy
−$13.9K −$1.76/SF
EGI
$225.3K $28.60/SF
− OpEx
−$101.4K −$12.87/SF
NOI
$123.9K $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%
$2,478,340
Cap Rate 7%
$1,770,243
Cap Rate 9%
$1,376,856
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.07M
NOI $123,917 @ 7.0% cap · market cap 5.90%
Second Best
Specialty Retail
$1.63M
$1.43M – $1.90M
NOI $114,152 @ 7.0% cap · market cap 5.44%
Theoretical Best
Multifamily LT 5
$1.92M
$1.68M – $2.24M
NOI $134,437 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,494
Businesses Nearby
Explore this area
Business Placement
Demographics for 19125, PA
25,325
Population
13,055
Households
1.9
Avg Household Size
34
Median Age
64%
College-Educated
94%
High-School Grad
1.4 sq mi
ZIP Area
18,089
Density / Sq Mi
$110,842
Median Household Income
$62,656
Median Earnings
$1,743
Median Rent
$373,600
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 - Fee-simple portfolio of two newly renovated mixed-use apartment buildings with ground-floor corner retail and 15 residential units.
Where is this mixed-use property located?
The property is located at 240 Girard Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Fee‑simple portfolio of two newly renovated mixed‑use apartment buildings at 2301 Frankford Avenue and 240 E. Girard Avenue; Total of 15 residential units: fourteen 1‑bedroom units and one 2‑bedroom unit; Ground‑floor corner retail included; 2301 Frankford Avenue unit is occupied by Cormorant Corner Bar
