Mixed-Use Convenience Store
For Sale
$550,000
2400 E ALLEGHENY AVENUE, Philadelphia, PA 19134
Convenience store space with a separate two-bedroom apartment on the second floor.
Property Size1,872 SF
Price / SF$293.80
Days on Market107
Property Features for 2400 E ALLEGHENY AVENUE
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Multifamily Units
1
Building Details
Year Built
1920
Listing Agency:
United Real Estate Group
(215) 941-8484
Listed By:
Raymond G Cardona
(267) 975-9054
Source:
Cummingsrealtors
Added: May 21
Changed: Sep 3
Last Checked: Sep 2 at 6:25PM
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 United Real Estate Group
Investment Insights
Based on property information with market context.
This mixed-use property includes a convenience store and a separate two-bedroom apartment on the second floor. The building is offered for sale as a two-in-one setup, allowing an owner-operator to run the store while living upstairs, or to rent both units and collect rental income.
The convenience store and apartment are contained within the same building, providing a straightforward live-and-work configuration. The property is located at 2400 E Allegheny Avenue in Philadelphia, PA 19134.
If you’re looking for a single building with two distinct rental or operating components, this structure offers the flexibility to occupy one unit and lease the other, or lease both units as separate income streams.
The convenience store and apartment are contained within the same building, providing a straightforward live-and-work configuration. The property is located at 2400 E Allegheny Avenue in Philadelphia, PA 19134.
If you’re looking for a single building with two distinct rental or operating components, this structure offers the flexibility to occupy one unit and lease the other, or lease both units as separate income streams.
Key Highlights
- Year built: 1920
- Convenience store space plus a separate two‑bedroom apartment on the second floor
- Live upstairs and run the store, or rent out the apartment and store space to collect rent
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
$27,125
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
4.93%
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%
$542,500
$542.5K
Cap Rate 7%
$387,500
$387.5K
Cap Rate 9%
$301,389
$301.4K
Market Conditions
NOI Build-Up for 1,872 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
$39.3K $21.00/SF
− Vacancy
−$3.1K −$1.68/SF
EGI
$36.2K $19.32/SF
− OpEx
−$9.0K −$4.83/SF
NOI
$27.1K $14.49/SF
Area
Philadelphia, PA
Vacancy
8.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$542,500
Cap Rate 7%
$387,500
Cap Rate 9%
$301,389
Alternative Uses
Best Use
Specialty Retail
$387.5K
$339.1K – $452.1K
NOI $27,125 @ 7.0% cap · market cap 4.93%
Second Best
Retail
$302.3K
$264.5K – $352.6K
NOI $21,158 @ 7.0% cap · market cap 3.85%
Theoretical Best
Multifamily LT 5
$456.4K
$399.3K – $532.4K
NOI $31,945 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,319
Businesses Nearby
225k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 40%
Shops & Services 32%
Dining 20%
Apparel 8%
ShopRite
Groceries
69,316 visits/mo
0.5 miles
Five Below
Shops & Services
28,323 visits/mo
0.5 miles
Ross Dress for Less
Apparel
17,264 visits/mo
0.5 miles
Dunkin' Donuts
Dining
15,015 visits/mo
0.4 miles
Family Dollar
Shops & Services
12,907 visits/mo
0.4 miles
Demographics for 19134, PA
57,463
Population
25,290
Households
2.3
Avg Household Size
33
Median Age
18%
College-Educated
77%
High-School Grad
3.4 sq mi
ZIP Area
16,901
Density / Sq Mi
$41,849
Median Household Income
$35,858
Median Earnings
$1,179
Median Rent
$127,500
Median Home Value
Market
Vacancy Rate% for Retail in Philadelphia, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- AJ SUPERMARKET — 2501 W Huntingdon St, Philadelphia, PA 19132
- Lehigh Ave. Super Market — 2841 W Lehigh Ave, Philadelphia, PA 19132
- Shop Mark — 2522 W Lehigh Ave, Philadelphia, PA 19132
- Neighbors Supermarket — 2724 W Allegheny Ave, Philadelphia, PA 19132
- R & J Food Market — 2139 W Venango St, Philadelphia, PA 19140
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Convenience store space with a separate two-bedroom apartment on the second floor.
Where is this grocery and convenience store located?
The property is located at 2400 E ALLEGHENY AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Year built: 1920; Convenience store space plus a separate two‑bedroom apartment on the second floor; Live upstairs and run the store, or rent out the apartment and store space to collect rent
