Philadelphia Land
For Sale
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2408-2446 Ellsworth St, Philadelphia, PA 19146
Prime land in Philadelphia's evolving Grays Ferry neighborhood.
Property Size51,700 SF
Price / SF$106.38
Days on Market145
Property Features for 2408-2446 Ellsworth St
General Information
Standard status
Active
Size
51,700 SF
Property subtype
Retail, Industrial, Land, Self Storage
Zoning
I2
Occupancy
100%
Building Details
Stories
2
Listing Agency:
Keller Williams Empower
(215) 607-6007
Listed By:
Mikhal Mary · License #RS295308
Source:
Crexi
Added: Mar 21
Changed: Aug 11
Last Checked: Aug 12 at 2:40PM
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 Empower
Investment Insights
Based on property information with market context.
This property offers a unique opportunity in the historic Grays Ferry neighborhood of South Philadelphia, an area known for its community character and industrial heritage. Situated along the Schuylkill River, Grays Ferry has undergone revitalization, blending new residential developments with traditional rowhome architecture. The location provides convenient access to Center City, University City, and major transportation routes, making it attractive to homeowners, investors, and developers. The property, totaling 51,700 square feet, is positioned within Philadelphia, a city that combines historical significance with modern urban living. Philadelphia's diverse economy is supported by finance, healthcare, education, technology, and manufacturing sectors. The city's universities, medical centers, and strategic location contribute to its economic growth and resilience. High-resolution aerial views are available, showcasing the site, surrounding landscape, and building context, providing a comprehensive perspective on the lot layout, building placement, and overall environment. This property is suitable for self-storage facilities, industrial properties, commercial land, retail properties, and other commercial real estate ventures.
Key Highlights
- Convenient access to Center City, University City, and major transportation routes.
- Located in Grays Ferry, a revitalizing South Philadelphia neighborhood with a strong community character.
- Steady revitalization with new residential developments while preserving traditional rowhome streetscape.
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
$390,852
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
7.11%
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%
$7,817,040
$7.8M
Cap Rate 7%
$5,583,600
$5.6M
Cap Rate 9%
$4,342,800
$4.3M
Market Conditions
NOI Build-Up for 51,700 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
$620.4K $12.00/SF
− Vacancy
−$62.0K −$1.20/SF
EGI
$558.4K $10.80/SF
− OpEx
−$167.5K −$3.24/SF
NOI
$390.9K $7.56/SF
Area
Philadelphia, PA
Vacancy
10.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$7,817,040
Cap Rate 7%
$5,583,600
Cap Rate 9%
$4,342,800
Alternative Uses
Best Use
Retail
$8.35M
$7.30M – $9.74M
NOI $584,324 @ 7.0% cap · market cap 10.62%
Second Best
Self Storage
$5.58M
$4.89M – $6.51M
NOI $390,852 @ 7.0% cap · market cap 7.11%
Theoretical Best
Multifamily LT 5
$12.60M
$11.03M – $14.70M
NOI $882,255 @ 7.0% cap · market cap 16.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,804
Businesses Nearby
Explore this area
Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
Median Home Value
Market
Vacancy Rate% for Industrial in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Prime land in Philadelphia's evolving Grays Ferry neighborhood.
Where is this self storage facility located?
The property is located at 2408-2446 Ellsworth St Philadelphia, PA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Convenient access to Center City, University City, and major transportation routes.; Located in Grays Ferry, a revitalizing South Philadelphia neighborhood with a strong community character.; Steady revitalization with new residential developments while preserving traditional rowhome streetscape.
