Mixed-Use Building with Bakery
For Sale
$497,888
2615 East Allegheny Avenue, Philadelphia, PA 19134
Three-level property combines a vacant commercial unit with two occupied apartments and CMX1 zoning.
Property Size3,000 SF
Price / SF$165.96
Days on Market301
Property Features for 2615 East Allegheny Avenue
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multi-Family / Fee Simple
Zoning
CMX1
Additional Details
Road Access
Yes
Amenities
No Pool
Above Grade, Below Grade
Building Details
Year Built
1920
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Neighborhood Real Estate
(215) 600-4098
Listed By:
Ryan Straub · License #0896852
(215) 600-4098
Source:
Compass
Added: Nov 3, 2025
Changed: Aug 30
Last Checked: Aug 30 at 4:55PM
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 Neighborhood Real Estate
Investment Insights
Based on property information with market context.
This 3,000-square-foot mixed-use building, constructed in 1920, includes a ground-floor commercial space and two upper-level apartments. The commercial unit is vacant and retains bakery-related fixtures and equipment, including display cases, refrigeration, an oven, mixers, work tables, pizza ovens, a fryer, and a double sink. The space also includes three rooms, a rear kitchen bathroom, yard access, and a full basement with Bilco door access to Allegheny Avenue.
The second floor contains a renovated two-bedroom apartment, while the third floor offers a one-bedroom apartment. Both residential units are occupied and have central air. The property is located at 2615 East Allegheny Avenue in Philadelphia's 19134 area and carries CMX1 zoning.
The second floor contains a renovated two-bedroom apartment, while the third floor offers a one-bedroom apartment. Both residential units are occupied and have central air. The property is located at 2615 East Allegheny Avenue in Philadelphia's 19134 area and carries CMX1 zoning.
Key Highlights
- 3,000 SF mixed‑use building constructed in 1920
- Ground‑floor commercial space with bakery display cases, refrigeration, ovens, mixers, and fryer
- Vacant commercial unit includes three rooms, yard access, and a full basement
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
$43,470
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
8.73%
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%
$869,400
$869.4K
Cap Rate 7%
$621,000
$621.0K
Cap Rate 9%
$483,000
$483.0K
Market Conditions
NOI Build-Up for 3,000 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
$63.0K $21.00/SF
− Vacancy
−$5.0K −$1.68/SF
EGI
$58.0K $19.32/SF
− OpEx
−$14.5K −$4.83/SF
NOI
$43.5K $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%
$869,400
Cap Rate 7%
$621,000
Cap Rate 9%
$483,000
Alternative Uses
Best Use
Multifamily LT 5
$731.4K
$639.9K – $853.3K
NOI $51,195 @ 7.0% cap · market cap 10.28%
Second Best
Apartment 5plus
$674.1K
$589.9K – $786.5K
NOI $47,189 @ 7.0% cap · market cap 9.48%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,558
Businesses Nearby
Explore this area
Business Placement
Demographics for 19134, PA
57,463
Population
25,290
Households
2.3
Avg Household Size
33
Median Age
18%
College-Educated
77%
High-School Grad
3.4 sq mi
ZIP Area
16,901
Density / Sq Mi
$41,849
Median Household Income
$35,858
Median Earnings
$1,179
Median Rent
$127,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level property combines a vacant commercial unit with two occupied apartments and CMX1 zoning.
Where is this mixed-use property located?
The property is located at 2615 East Allegheny Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $497,888.
What are key features of this property?
This property features: 3,000 SF mixed‑use building constructed in 1920; Ground‑floor commercial space with bakery display cases, refrigeration, ovens, mixers, and fryer; Vacant commercial unit includes three rooms, yard access, and a full basement
