Newly Renovated Mixed-Use Apartment
For Sale
$2,100,000
24042 E Girard Avenue, Philadelphia, PA 19125
Fee simple portfolio with newly renovated apartment units and corner commercial space currently occupied by a bar.
Property Size10,505 SF
Price / SF$199.90
Days on Market169
Property Features for 24042 E Girard Avenue
General Information
Standard status
Active
Size
10,505 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Highway Access
Yes
Multifamily Units
15
Building Details
Year Built
1915
Tenancy
Multi
Listing Agency:
TCS Management,LLC
Listed By:
Alex C Prince · License #RS322309
(215) 383-1439
Source:
Deepcreeklake
Added: Mar 20
Changed: Sep 3
Last Checked: Sep 2 at 7:55PM
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.
This fee simple portfolio includes two newly renovated mixed-use apartment buildings: 2301 Frankford Avenue and 240 E. Girard Avenue. The residential mix totals 14 one-bedroom units and 1 two-bedroom unit. Unit interiors feature stainless steel appliances, stone countertops, LVT flooring, subway tile backsplashes, and white shaker-style cabinetry, along with central HVAC and in-unit washer/dryer. Apartments also include oversized windows.
The commercial component is located on well-located corners. The 1,398-square-foot unit at 2301 Frankford Avenue is occupied by Cormorant Corner Bar, offering craft beer and cocktails to neighborhood patrons. The portfolio is transit-oriented, with convenient access to major thoroughfares including I-76, I-676, and I-95. SEPTA train stations at Girard Avenue and Dauphin Street are described as a short walk, providing commuter connectivity via the Market-Frankford Train Line.
For tenants, the buildings provide in-unit laundry and central heating and cooling, along with contemporary finishes in a mixed-use setting on active retail corridors in Fishtown. For buyers and operators, the portfolio offers a combined residential and corner retail opportunity, with the Frankford Avenue commercial space currently occupied and supported by a neighborhood retail presence.
The commercial component is located on well-located corners. The 1,398-square-foot unit at 2301 Frankford Avenue is occupied by Cormorant Corner Bar, offering craft beer and cocktails to neighborhood patrons. The portfolio is transit-oriented, with convenient access to major thoroughfares including I-76, I-676, and I-95. SEPTA train stations at Girard Avenue and Dauphin Street are described as a short walk, providing commuter connectivity via the Market-Frankford Train Line.
For tenants, the buildings provide in-unit laundry and central heating and cooling, along with contemporary finishes in a mixed-use setting on active retail corridors in Fishtown. For buyers and operators, the portfolio offers a combined residential and corner retail opportunity, with the Frankford Avenue commercial space currently occupied and supported by a neighborhood retail presence.
Key Highlights
- Fee simple portfolio of two newly renovated mixed‑use apartment buildings in Philadelphia’s Fishtown neighborhood
- Unit mix: (14) one‑bedroom units and (1) two‑bedroom unit, with high‑end finishes including stainless steel appliances, stone countertops, LVT flooring, subway tile backsplash, and white shaker‑style cabinetry
- Residential units include central HVAC, in‑unit washer/dryer, and oversized windows
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
$165,239
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
7.87%
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%
$3,304,780
$3.3M
Cap Rate 7%
$2,360,557
$2.4M
Cap Rate 9%
$1,835,989
$1.8M
Market Conditions
NOI Build-Up for 10,505 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
$318.9K $30.36/SF
− Vacancy
−$18.5K −$1.76/SF
EGI
$300.4K $28.60/SF
− OpEx
−$135.2K −$12.87/SF
NOI
$165.2K $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%
$3,304,780
Cap Rate 7%
$2,360,557
Cap Rate 9%
$1,835,989
Alternative Uses
Best Use
Apartment 5plus
$2.36M
$2.07M – $2.75M
NOI $165,239 @ 7.0% cap · market cap 7.87%
Second Best
Specialty Retail
$2.17M
$1.90M – $2.54M
NOI $152,217 @ 7.0% cap · market cap 7.25%
Theoretical Best
Multifamily LT 5
$2.56M
$2.24M – $2.99M
NOI $179,267 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
744
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?
Apartment building - Fee simple portfolio with newly renovated apartment units and corner commercial space currently occupied by a bar.
Where is this apartment building located?
The property is located at 24042 E 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 in Philadelphia’s Fishtown neighborhood; Unit mix: (14) one‑bedroom units and (1) two‑bedroom unit, with high‑end finishes including stainless steel appliances, stone countertops, LVT flooring, subway tile backsplash, and white shaker‑style cabinetry; Residential units include central HVAC, in‑unit washer/dryer, and oversized windows
