Single-Tenant Medical Office
For Sale
Contact for pricing
3108-3110 Grant Avenue, Philadelphia, PA 19114
Fee simple interest available in a fully occupied single-tenant medical office building with a 10-year net lease in place.
Property Size16,711 SF
Price / SF$250.13
Days on Market58
Property Features for 3108-3110 Grant Avenue
General Information
Standard status
Active
Size
16,711 SF
Total Parking Spaces
64
Property subtype
Office
Zoning
CMX-2
Occupancy
100%
Lease Type
Net
Investment Type
Net Lease
Additional Details
Highway Access
Yes
Building Details
Year Built
1920
Year Renovated
2022
Buildings
1
Stories
3
Units
1
Tenancy
Single
Listing Agency:
Colliers - Conshohocken, Pennsylvania
Listed By:
Jeff Algatt · License #PA AB043589A
(267) 252-0191
Source:
Crexi
Added: Jul 8
Changed: Aug 22
Last Checked: Aug 29 at 3:34AM
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 Colliers - Conshohocken, Pennsylvania
Investment Insights
Based on property information with market context.
This fully occupied, single-tenant medical office building is offered for sale in fee simple. The property features a stone facade with windowed gables and was originally erected in 1920. Expansion and interior renovations in 2000 increased capacity and added medical-related upgrades. In 2023, the current long-term tenant, Refocus Eye Health, leased the entire building under a 10-year net lease that expires January 31, 2035.
The property is located in Philadelphia’s Great Northeast between Roosevelt Boulevard (US 1) and Frankford Avenue (US 13). Additional access is provided via Academy Road and I-95.
The building is available as a whole and is presently configured and operated for medical office use under the existing lease.
The property is located in Philadelphia’s Great Northeast between Roosevelt Boulevard (US 1) and Frankford Avenue (US 13). Additional access is provided via Academy Road and I-95.
The building is available as a whole and is presently configured and operated for medical office use under the existing lease.
Key Highlights
- Fully occupied single‑tenant medical office building offered as fee simple interest at 3110 Grant Avenue
- Leased to Refocus Eye Health under a 10‑year net lease expiring January 31, 2035
- Stone facade built in 1920, with expansion and interior renovations completed in 2000
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
$219,909
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
5.26%
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%
$4,398,180
$4.4M
Cap Rate 7%
$3,141,557
$3.1M
Cap Rate 9%
$2,443,433
$2.4M
Market Conditions
NOI Build-Up for 16,711 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
$367.0K $21.96/SF
− Vacancy
−$73.8K −$4.41/SF
EGI
$293.2K $17.55/SF
− OpEx
−$73.3K −$4.39/SF
NOI
$219.9K $13.16/SF
Area
Philadelphia, PA
Vacancy
20.10%
Lease Rate
$21.96 /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%
$4,398,180
Cap Rate 7%
$3,141,557
Cap Rate 9%
$2,443,433
Alternative Uses
Best Use
Office B
$3.14M
$2.75M – $3.67M
NOI $219,909 @ 7.0% cap · market cap 5.26%
Second Best
Healthcare Medical
$3.09M
$2.71M – $3.61M
NOI $216,575 @ 7.0% cap · market cap 5.18%
Theoretical Best
Multifamily LT 5
$4.07M
$3.56M – $4.75M
NOI $285,171 @ 7.0% cap · market cap 6.82%
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
404
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19114, PA
32,645
Population
14,703
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
5.6 sq mi
ZIP Area
5,829
Density / Sq Mi
$76,076
Median Household Income
$48,257
Median Earnings
$1,369
Median Rent
$276,400
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?
Medical Office Space - Fee simple interest available in a fully occupied single-tenant medical office building with a 10-year net lease in place.
Where is this medical office space located?
The property is located at 3108-3110 Grant Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $4,180,000.
What are key features of this property?
This property features: Fully occupied single‑tenant medical office building offered as fee simple interest at 3110 Grant Avenue; Leased to Refocus Eye Health under a 10‑year net lease expiring January 31, 2035; Stone facade built in 1920, with expansion and interior renovations completed in 2000
