Building Details

Building Size 6,396 SF

Year Built 1915

Tenancy Multi

Listing Agency: Philly Real Estate Show Phone

Listed By: Zhi Wang · License #RS304852 Show Phone

Source: Moveritenow

Added: Nov 5 Changed: Nov 6 Last Checked: Nov 6 at 1:37AM

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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 Philly Real Estate

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Investment Insights

Based on property information with market context.

This 5,256-square-foot mixed-use property, built in 1915, is currently occupied by a restaurant and a grocery store. The restaurant dining area has seating for 36. The property is zoned CMX2.

Key Highlights

• 5,256‑square‑foot mixed‑use property
• Restaurant and grocery store are current uses under long‑term leases
• Restaurant dining area seats 36

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$76,159

Cap Rate

6.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,523,180 $1.5M

Cap Rate 7%

$1,087,986 $1.1M

Cap Rate 9%

$846,211 $846.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,256 SF

Gross rent

$110.4K $21.00/SF

− Vacancy

−$8.8K −$1.68/SF

EGI

$101.5K $19.32/SF

− OpEx

−$25.4K −$4.83/SF

NOI

$76.2K $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 Rate 5%

$1,523,180

Cap Rate 7%

$1,087,986

Cap Rate 9%

$846,211

Alternative Uses

Best Use

Specialty Retail

$1.09M

$952.0K – $1.27M (±1% cap)

NOI $76,159 @ 7.0% cap · market cap 6.35%

Second Best

Mixed Use

$892.0K

$780.5K – $1.04M (±1% cap)

NOI $62,441 @ 7.0% cap · market cap 5.20%

Theoretical Best

Multifamily LT 5

$1.28M

$1.12M – $1.49M (±1% cap)

NOI $89,693 @ 7.0% cap · market cap 7.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Grocery and convenience stores

Suggested Use

Top Pick Law Firm Dental Office Real Estate Agency Parking Lot & Garage Skin Care Clinic Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,502

Businesses Nearby

23k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Groceries 59% Shops & Services 32% Electronics 5% Dining 4%

Grocery Outlet Bargain Market Groceries

8,579 visits/mo 0.5 miles

Fine Wine & Good Spirits Groceries

5,018 visits/mo 0.5 miles

U-Haul Moving & Storage of Strawberry Mansion Shops & Services

2,225 visits/mo 0.4 miles

Dollar General Shops & Services

2,210 visits/mo 0.4 miles

Ace Cash Express Shops & Services

1,631 visits/mo 0.5 miles

Demographics for 19121, PA

41,799

Population

19,673

Households

2.1

Avg Household Size

28

Median Age

25%

College-Educated

84%

High-School Grad

2.4 sq mi

ZIP Area

17,416

Density / Sq Mi

$36,208

Median Household Income

$29,915

Median Earnings

$1,082

Median Rent

$250,100

Median Home Value

Market

Average Price Trend$/SF for Mixed-use properties in Philadelphia, PA

$234 Jul

$225 Aug

$209 Sep

$208 Oct

Properties on Market for Mixed-use properties in Philadelphia

Jul

Aug

Sep

Oct

Vacancy Rate% for Retail in Philadelphia, PA

6.7% 2019

8.2% 2020

7.8% 2021

6.6% 2022

6.2% 2023

5.5% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - A restaurant and grocery store occupy the property under long-term leases.

Where is this mixed-use property located?

The property is located at 2449-53 Ridge Avenue Philadelphia, PA.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: 5,256‑square‑foot mixed‑use property; Restaurant and grocery store are current uses under long‑term leases; Restaurant dining area seats 36