Two-Story Flex Studio
For Sale
Contact for pricing
Pending
3130-34 Belgrade St, Philadelphia, PA 19134
Two-story flex studio building with 10 leased artist studio/office suites and clear-span ground-floor space off I-95.
Property Size13,500 SF
Days on Market1313
Property Features for 3130-34 Belgrade St
General Information
Standard status
Pending
Size
13,500 SF
Property subtype
FLEX_R_AND_D
Listing Agency:
MPN Realty, Inc.
(215) 413-4900
Listed By:
Veronica Blum · License #RS290724
(267) 238-1728
Source:
Moodyscre
Added: Feb 9, 2023
Changed: Sep 4
Last Checked: Sep 13 at 9:42AM
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 MPN Realty, Inc.
Investment Insights
Based on property information with market context.
This two-story flex studio building totals 13,500 SF and is designed for creative live/work setups. The ground floor includes two artist studio/storage units totaling 2,390 SF and 3,408 SF, with space that can be easily combined. The structure is clear span on the first floor, with no columns interrupting the space.
On the second floor, there are 10 fully leased professional artist studios/office spaces ranging from 300–500 SF, supported by a common break area. The shared space includes a brand new kitchenette, living space, and restrooms. Recent upgrades include renovations completed in 2017, with new systems, exposed brick walls, refurbished flooring, high ceilings, and many windows for natural light.
The property is located just off an I-95 exit, with easy drive-in and drive-through access to the building, supporting convenient loading and daily operations.
On the second floor, there are 10 fully leased professional artist studios/office spaces ranging from 300–500 SF, supported by a common break area. The shared space includes a brand new kitchenette, living space, and restrooms. Recent upgrades include renovations completed in 2017, with new systems, exposed brick walls, refurbished flooring, high ceilings, and many windows for natural light.
The property is located just off an I-95 exit, with easy drive-in and drive-through access to the building, supporting convenient loading and daily operations.
Key Highlights
- Total building size: 13,500 SF
- Ground floor clear span with no columns interrupting the space
- Two ground‑floor units: 2,390 SF and 3,408 SF; can be easily combined
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
$99,112
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%
$1,982,240
$2.0M
Cap Rate 7%
$1,415,886
$1.4M
Cap Rate 9%
$1,101,244
$1.1M
Market Conditions
NOI Build-Up for 13,500 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
$153.9K $11.40/SF
− Vacancy
−$12.3K −$0.91/SF
EGI
$141.6K $10.49/SF
− OpEx
−$42.5K −$3.15/SF
NOI
$99.1K $7.34/SF
Area
Philadelphia, PA
Vacancy
8.00%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,982,240
Cap Rate 7%
$1,415,886
Cap Rate 9%
$1,101,244
Alternative Uses
Best Use
Office B
$2.54M
$2.22M – $2.96M
NOI $177,654 @ 7.0% cap · market cap 14.04%
Second Best
Flex RnD
$2.03M
$1.78M – $2.37M
NOI $142,155 @ 7.0% cap · market cap 11.24%
Theoretical Best
Multifamily LT 5
$3.29M
$2.88M – $3.84M
NOI $230,376 @ 7.0% cap · market cap 18.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,983
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Philadelphia, PA
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story flex studio building with 10 leased artist studio/office suites and clear-span ground-floor space off I-95.
Where is this flex space located?
The property is located at 3130-34 Belgrade St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,265,000.
What are key features of this property?
This property features: Total building size: 13,500 SF; Ground floor clear span with no columns interrupting the space; Two ground‑floor units: 2,390 SF and 3,408 SF; can be easily combined
