Multi-Level Restaurant and Bar
For Sale
$2,450,000
259-61 South 15th Street, Philadelphia, PA 19102
Multi-level bar and kitchen space with a stage area and a third-floor shell level.
Property Size4,992 SF
Price / SF$490.79
Days on Market48
Property Features for 259-61 South 15th Street
General Information
Standard status
Active
Size
4,992 SF
Property subtype
Retail
Zoning
CMX-5
Building Details
Building Size
4,992 SF
Year Built
1922
Stories
3
Listing Agency:
MPN Realty, Inc.
(267) 546-1718
Listed By:
Nadia Bilynsky · License #RS330429
Source:
Mpnrealty
Added: Jun 25
Changed: Aug 11
Last Checked: Aug 11 at 5:03AM
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 MPN Realty, Inc.
Investment Insights
Based on property information with market context.
This 4,992 +/- SF multi-level bar and restaurant building includes a first-floor bar with a small kitchen. The second floor features an additional bar with a stage area, suitable for live entertainment or events. The third floor is currently in shell condition, offering an unfinished level that may be finished to fit an operator’s needs. The property is offered for sale as 259-61 S 15th St, also known as McGlinchey’s.
The site is zoned CMX-5. The offering is presented for bar/restaurant operators or for potential redevelopment, given the existing vertical configuration and the third-floor shell level.
For buyers evaluating concepts that require multiple guest levels, the current layout supports an operator seeking separate bar areas and a dedicated stage on the second floor. Alternatively, the shell-condition third floor provides a build-out opportunity for additional seating, service space, or other program elements consistent with the property’s zoning. The first-floor kitchen support and existing bar setup can help streamline a hospitality use compared with starting from a vacant single level.
The site is zoned CMX-5. The offering is presented for bar/restaurant operators or for potential redevelopment, given the existing vertical configuration and the third-floor shell level.
For buyers evaluating concepts that require multiple guest levels, the current layout supports an operator seeking separate bar areas and a dedicated stage on the second floor. Alternatively, the shell-condition third floor provides a build-out opportunity for additional seating, service space, or other program elements consistent with the property’s zoning. The first-floor kitchen support and existing bar setup can help streamline a hospitality use compared with starting from a vacant single level.
Key Highlights
- 4,992 +/- SF multi‑level bar property at 259‑61 S 15th St (aka McGlinchey’s), built in 1922
- First‑floor bar with small kitchen
- Second‑floor bar with stage area
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
$72,334
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
2.95%
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%
$1,446,680
$1.4M
Cap Rate 7%
$1,033,343
$1.0M
Cap Rate 9%
$803,711
$803.7K
Market Conditions
NOI Build-Up for 4,992 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
$104.8K $21.00/SF
− Vacancy
−$8.4K −$1.68/SF
EGI
$96.4K $19.32/SF
− OpEx
−$24.1K −$4.83/SF
NOI
$72.3K $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%
$1,446,680
Cap Rate 7%
$1,033,343
Cap Rate 9%
$803,711
Alternative Uses
Best Use
Specialty Retail
$1.03M
$904.2K – $1.21M
NOI $72,334 @ 7.0% cap · market cap 2.95%
Second Best
Industrial
$523.6K
$458.1K – $610.8K
NOI $36,649 @ 7.0% cap · market cap 1.50%
Theoretical Best
Multifamily LT 5
$1.22M
$1.06M – $1.42M
NOI $85,188 @ 7.0% cap · market cap 3.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
26,467
Businesses Nearby
311k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 36%
Hotels & Casinos 26%
Apparel 22%
Shops & Services 11%
The Ritz-Carlton, Philadelphia
Hotels & Casinos
30,824 visits/mo
0.1 miles
Starbucks
Dining
22,463 visits/mo
0.2 miles
UNIQLO
Apparel
20,066 visits/mo
0.1 miles
The Logan Philadelphia, Curio Collection By Hilton
Hotels & Casinos
19,294 visits/mo
0.5 miles
Starbucks
Dining
16,511 visits/mo
0.3 miles
Demographics for 19102, PA
7,568
Population
4,606
Households
1.6
Avg Household Size
32
Median Age
87%
College-Educated
98%
High-School Grad
0.2 sq mi
ZIP Area
37,840
Density / Sq Mi
$114,844
Median Household Income
$79,552
Median Earnings
$2,249
Median Rent
$412,200
Median Home Value
Market
Vacancy Rate% for Retail in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Multi-level bar and kitchen space with a stage area and a third-floor shell level.
Where is this bar & pub located?
The property is located at 259-61 South 15th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 4,992 +/- SF multi‑level bar property at 259‑61 S 15th St (aka McGlinchey’s), built in 1922; First‑floor bar with small kitchen; Second‑floor bar with stage area
