Renovated Mixed-Use
For Sale
$520,000
2500 N 16TH STREET, Philadelphia, PA 19132
Commercial space, two upstairs apartments, and basement storage combine within a fully occupied, substantially renovated building.
Property Size2,720 SF
Days on Market19
Property Features for 2500 N 16TH STREET
General Information
Standard status
Active
Size
2,720 SF
Property subtype
Triplex
Occupancy
100%
Financials
Gross Income
$49,332
Business Included
Yes
Additional Details
Floor
First Floor
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,284
Building Details
Building Size
2,720 SF
Year Built
1915
Buildings
1
Listing Agency:
Legal Real Estate LLC
Listed By:
Katherine Mejia · License #Rss337013
(267) 269-9086
Source:
Patmckennarealtors
Added: Sep 2
Changed: Sep 19
Last Checked: Sep 19 at 10:30AM
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 Legal Real Estate LLC
Investment Insights
Based on property information with market context.
This mixed-use property combines a first-floor commercial space with an operating business, basement storage, and two apartments above. The building was taken down to the studs and comprehensively renovated. Each upper-level residence is described as a two-bedroom, two-bath apartment, providing a residential component alongside the commercial space.
The commercially zoned property is across from a school, near Temple University, and two blocks from the Broad Street Line. Center City is approximately a 15-minute drive away. The building dates to 1915, and tenants pay all utilities. The entire property is occupied, offering an established mix of commercial and residential uses.
The commercially zoned property is across from a school, near Temple University, and two blocks from the Broad Street Line. Center City is approximately a 15-minute drive away. The building dates to 1915, and tenants pay all utilities. The entire property is occupied, offering an established mix of commercial and residential uses.
Key Highlights
- Commercially zoned mixed‑use building with first‑floor business space
- Two upstairs apartments, each described as 2 bedrooms and 2 baths
- Building renovated after being taken down to the studs
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
$46,417
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
8.93%
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%
$928,340
$928.3K
Cap Rate 7%
$663,100
$663.1K
Cap Rate 9%
$515,744
$515.7K
Market Conditions
NOI Build-Up for 2,720 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
$70.2K $25.80/SF
− Vacancy
−$3.9K −$1.42/SF
EGI
$66.3K $24.38/SF
− OpEx
−$19.9K −$7.31/SF
NOI
$46.4K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /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%
$928,340
Cap Rate 7%
$663,100
Cap Rate 9%
$515,744
Alternative Uses
Best Use
Multifamily LT 5
$663.1K
$580.2K – $773.6K
NOI $46,417 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$611.2K
$534.8K – $713.1K
NOI $42,784 @ 7.0% cap · market cap 8.23%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,004
Businesses Nearby
Explore this area
Business Placement
Demographics for 19132, PA
33,926
Population
17,402
Households
1.9
Avg Household Size
37
Median Age
13%
College-Educated
83%
High-School Grad
2.2 sq mi
ZIP Area
15,421
Density / Sq Mi
$30,974
Median Household Income
$30,300
Median Earnings
$1,055
Median Rent
$73,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Philadelphia, PA
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space, two upstairs apartments, and basement storage combine within a fully occupied, substantially renovated building.
Where is this mixed-use property located?
The property is located at 2500 N 16TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Commercially zoned mixed‑use building with first‑floor business space; Two upstairs apartments, each described as 2 bedrooms and 2 baths; Building renovated after being taken down to the studs
