Flex Space Workshop Garage with High
For Sale
$375,000
2757 PICKWICK STREET, Philadelphia, PA 19134
Workshop/garage flex space with high ceilings, zoned industrial, built in 1935 near I-95 and major transit hubs.
Property Size2,112 SF
Days on Market26
Property Features for 2757 PICKWICK STREET
General Information
Standard status
Active
Size
2,112 SF
Property subtype
Industrial
Zoning
Industrial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,685
Building Details
Building Size
2,112 SF
Year Built
1935
Listing Agency:
Realty Mark Associates
(267) 689-7355
Listed By:
Tahzib Bacchus · License #RS330208
(267) 689-7355
Source:
Lizclarkrealestate
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 23 at 8:09AM
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 Realty Mark Associates
Investment Insights
Based on property information with market context.
This flex space workshop/garage offers high ceilings and is zoned industrial. Built in 1935, the property is positioned for industrial-oriented use with the vertical space many operators look for in a workshop or garage environment.
The property is located near I-95, Castor Ave, and major transit hubs, supporting access for employees, deliveries, and customers depending on the intended use.
It is being offered alongside 3654 Richmond St (MLS# PAPH2552490) and 3656 Richmond St (MLS# PAPH2552496), with all three available for sale and capable of being purchased together.
The property is located near I-95, Castor Ave, and major transit hubs, supporting access for employees, deliveries, and customers depending on the intended use.
It is being offered alongside 3654 Richmond St (MLS# PAPH2552490) and 3656 Richmond St (MLS# PAPH2552496), with all three available for sale and capable of being purchased together.
Key Highlights
- Workshop/garage flex space with high ceilings
- Zoned industrial
- Built in 1935
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
$22,239
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
5.93%
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%
$444,780
$444.8K
Cap Rate 7%
$317,700
$317.7K
Cap Rate 9%
$247,100
$247.1K
Market Conditions
NOI Build-Up for 2,112 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
$38.0K $18.00/SF
− Vacancy
−$3.8K −$1.80/SF
EGI
$34.2K $16.20/SF
− OpEx
−$12.0K −$5.67/SF
NOI
$22.2K $10.53/SF
Area
Philadelphia, PA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$444,780
Cap Rate 7%
$317,700
Cap Rate 9%
$247,100
Alternative Uses
Best Use
Flex RnD
$317.7K
$278.0K – $370.7K
NOI $22,239 @ 7.0% cap · market cap 5.93%
Second Best
Industrial
$221.5K
$193.8K – $258.4K
NOI $15,505 @ 7.0% cap · market cap 4.13%
Theoretical Best
Multifamily LT 5
$514.9K
$450.5K – $600.7K
NOI $36,041 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,057
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Workshop/garage flex space with high ceilings, zoned industrial, built in 1935 near I-95 and major transit hubs.
Where is this flex space located?
The property is located at 2757 PICKWICK STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Workshop/garage flex space with high ceilings; Zoned industrial; Built in 1935
