Mixed-Use Property with
For Sale
$1,699,000
2609-11 Federal Street, Philadelphia, PA 19146
Modern Philadelphia building combines commercial space, four residential units, a garage, and a roof deck.
Property Size6,732 SF
Price / SF$252.38
Days on Market435
Property Features for 2609-11 Federal Street
General Information
Standard status
Active
Size
6,732 SF
Total Parking Spaces
10
Property subtype
Multi-Family / Fee Simple
Zoning
CMX2
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$13,582
Amenities
No
Stainless Steel Appliances, Dishwasher, Washer - Front Loading, Dryer - Gas, Oven/Range - Gas, Refrigerator, Freezer
Washer In Unit, Dryer In Unit
Security System, Sprinkler System - Indoor, Smoke Detector, Carbon Monoxide Detector(s)
No Pool
Above Grade, Below Grade
Roof Deck
Building Details
Year Built
2020
Buildings
1
Tenancy
Multi
Owner Occupied
No
Listing Agency:
Compass
(215) 901-2141
Listed By:
Matthew Ostroff · License #RS372536
(215) 901-2141
Source:
Compass
Added: Jun 22, 2025
Changed: Aug 29
Last Checked: Aug 29 at 10:50PM
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 Compass
Investment Insights
Based on property information with market context.
Constructed in 2020, this 6,732-square-foot mixed-use building includes a commercial office with garage space and four residential units. Unit A offers 1.5 baths, while Units B through D each provide two bedrooms and two baths. Residential interiors include stainless steel appliances, gas cooking, dishwashers, refrigerators, freezers, and in-unit laundry with front-loading washers and gas dryers. A security system, indoor sprinkler system, smoke and carbon monoxide detectors, and a roof deck are also included.
The property is located at 2609-11 Federal Street in Philadelphia’s Point Breeze area, within ZIP Code 19146 and the Philadelphia City School District. CMX2 zoning supports its mixed-use configuration. The building also carries a full ten-year tax abatement. The commercial component and residential layout provide separate spaces within a single contemporary property.
The property is located at 2609-11 Federal Street in Philadelphia’s Point Breeze area, within ZIP Code 19146 and the Philadelphia City School District. CMX2 zoning supports its mixed-use configuration. The building also carries a full ten-year tax abatement. The commercial component and residential layout provide separate spaces within a single contemporary property.
Key Highlights
- 6,732‑square‑foot mixed‑use building constructed in 2020
- Commercial office space with garage
- Four residential units, including three 2‑bedroom/2‑bath units
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
$114,881
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
6.76%
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%
$2,297,620
$2.3M
Cap Rate 7%
$1,641,157
$1.6M
Cap Rate 9%
$1,276,456
$1.3M
Market Conditions
NOI Build-Up for 6,732 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
$173.7K $25.80/SF
− Vacancy
−$9.6K −$1.42/SF
EGI
$164.1K $24.38/SF
− OpEx
−$49.2K −$7.31/SF
NOI
$114.9K $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%
$2,297,620
Cap Rate 7%
$1,641,157
Cap Rate 9%
$1,276,456
Alternative Uses
Best Use
Multifamily LT 5
$1.64M
$1.44M – $1.91M
NOI $114,881 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$1.51M
$1.32M – $1.76M
NOI $105,891 @ 7.0% cap · market cap 6.23%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,532
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 Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Modern Philadelphia building combines commercial space, four residential units, a garage, and a roof deck.
Where is this mixed-use property located?
The property is located at 2609-11 Federal Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: 6,732‑square‑foot mixed‑use building constructed in 2020; Commercial office space with garage; Four residential units, including three 2‑bedroom/2‑bath units
