Mixed-Use Building with
For Sale
$998,000
2981 2981-5 Frankford Ave, Philadelphia, PA 19134
Double-wide, three-story mixed-use building with a storefront, garage space, and six apartments plus a laundromat.
Property Size4,965 SF
Price / SF$201.01
Days on Market48
Property Features for 2981 2981-5 Frankford Ave
General Information
Standard status
Active
Size
4,965 SF
Building Details
Year Built
1915
Listing Agency:
Liberty Real Estate
Listed By:
Richard Q Li · License #RM421130
(267) 767-7612
Source:
Kandorre
Added: Jul 21
Changed: Sep 3
Last Checked: Sep 6 at 11:41AM
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 Liberty Real Estate
Investment Insights
Based on property information with market context.
This for-sale package includes three components: a double-wide, three-story mixed-use building with a storefront, a garage, and six apartments; a double-wide vacant building lot sized 35x82 that is ready to be developed or converted to a parking area; and a laundromat operating on-site.
The building features a storefront and two-car garages on the south side. The laundromat is described as having close to 40 washers and dryers, with some units characterized as very new and powerful, and the business noted as having been in place for a long time with an established customer pool.
Overall, the offering combines residential income from the apartments with an established retail/laundry use, alongside additional land that can support future development or parking needs, depending on the buyer’s plan.
The building features a storefront and two-car garages on the south side. The laundromat is described as having close to 40 washers and dryers, with some units characterized as very new and powerful, and the business noted as having been in place for a long time with an established customer pool.
Overall, the offering combines residential income from the apartments with an established retail/laundry use, alongside additional land that can support future development or parking needs, depending on the buyer’s plan.
Key Highlights
- 1915‑built double‑wide, three‑story mixed‑use building with a storefront
- Includes garage space and 6 apartments
- On‑site laundromat with close to 40 washers and dryers
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
$78,097
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
7.83%
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%
$1,561,940
$1.6M
Cap Rate 7%
$1,115,671
$1.1M
Cap Rate 9%
$867,744
$867.7K
Market Conditions
NOI Build-Up for 4,965 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
$150.7K $30.36/SF
− Vacancy
−$8.7K −$1.76/SF
EGI
$142.0K $28.60/SF
− OpEx
−$63.9K −$12.87/SF
NOI
$78.1K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,561,940
Cap Rate 7%
$1,115,671
Cap Rate 9%
$867,744
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$976.2K – $1.30M
NOI $78,097 @ 7.0% cap · market cap 7.83%
Second Best
Mixed Use
$842.6K
$737.3K – $983.1K
NOI $58,984 @ 7.0% cap · market cap 5.91%
Theoretical Best
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,727 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,469
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Double-wide, three-story mixed-use building with a storefront, garage space, and six apartments plus a laundromat.
Where is this mixed-use property located?
The property is located at 2981 2981-5 Frankford Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: 1915‑built double‑wide, three‑story mixed‑use building with a storefront; Includes garage space and 6 apartments; On‑site laundromat with close to 40 washers and dryers
