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    Mixed-Use Multifamily and Workshop Title is generated by Realmo AI

    2928 Frankford Ave, Philadelphia, PA 19134

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    For Sale
    $210,000

    AS IS package includes connected basement and first-floor storage, office, and workshop space with five rented apartments.

    Added:
    May 18, 2026
    Days on Market:
    20
    Last Refresh:
    Jun 6 at 4:15 am

    Property Features for 2928 Frankford Ave

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Nile Thompson
    Nile Thompson

    Listing agent Nile Thompson License #RS344703

    Listing office KW Commercial

    Listing date May 18, 2026

    Source Exprealty

    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 KW Commercial

    HighLights

    • AS IS sale: 2928 Frankford Ave is connected with 2922 Frankford Ave and 2924‑26 Frankford Ave on basement and first‑floor levels
    • Basement and first‑floor areas across the connected properties are used as storage, office, and workshop space
    • 2928 Frankford Ave has 5 rented apartments generating $3,035/month gross
    • Apartment rents on 2928 Frankford Ave are $825, $510, $565, $565, and $570 per month
    • Can be purchased as a package deal with additional properties: 3403 Frankford Ave, 3405 Frankford Ave, 3551 Kensington Ave, 1909 E Ontario St, and 1911 E Cambria St
    • Package deal price listed as $1,890,000 total

    Overview

    This AS IS property includes five rented apartments and shared-use basement and first-floor space currently operated as storage, office, and workshop areas. The building is being sold as part of a connected configuration, where the basement and first-floor levels are tied into two adjacent properties for access and shared layout.

    Per the sale terms, 2928 Frankford Ave must be purchased together with 2922 Frankford Ave and 2924-26 Frankford Ave because the properties are connected on the basement and first-floor levels. The current residential income consists of five apartments generating $3,035 per month gross, with individual monthly rents listed as $825, $510, $565, $565, and $570.

    For buyers and operators, this setup can support tenants needing on-site work space alongside residential units, with the existing basement and first-floor uses already in place. Because the property is connected at key levels to the neighboring buildings, planning and operations should account for that combined footprint when underwriting, renovating, or restructuring the space. The current offering is positioned as an investor-focused “as is” sale with existing income from the apartment units.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.1169053
    Latitude
    39.9902894

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    FAQs

    What type of property is this?
    Apartment building - AS IS package includes connected basement and first-floor storage, office, and workshop space with five rented apartments.
    Where is this apartment building located?
    The property is located at 2928 Frankford Ave Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $210,000.
    What are key features of this property?
    This property features: AS IS sale: 2928 Frankford Ave is connected with 2922 Frankford Ave and 2924‑26 Frankford Ave on basement and first‑floor levels; Basement and first‑floor areas across the connected properties are used as storage, office, and workshop space; 2928 Frankford Ave has 5 rented apartments generating $3,035/month gross
    (484) 557-0907
    We can help!
    Listing Contact
    Nile Thompson
    Nile Thompson
    Real Estate License ID: RS344703
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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