Renovated Mixed-Use
For Sale
$689,000
3140 Richmond Street, Philadelphia, PA 19134
Three apartments accompany a street-front commercial suite with basement space and two-car parking.
Property Size2,660 SF
Price / SF$259.02
Days on Market434
Property Features for 3140 Richmond Street
General Information
Standard status
Active
Size
2,660 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
CMX2
Taxes and HOA fees
Annual Taxes
$3,675
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1915
Tenancy
Multi
Listing Agency:
Flatiron Realty Group, LLC
(215) 868-5783
Listed By:
Daniel S McShane · License #RS196529L
(215) 868-5783
Source:
Compass
Added: Jun 24, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:49PM
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 Flatiron Realty Group, LLC
Investment Insights
Based on property information with market context.
Renovated mixed-use property at 3140 Richmond Street in Philadelphia with three apartments and a commercial component. The residential portion includes two one-bedroom units and one two-bedroom unit. The commercial area is approximately 1,000 SF on the first floor, with street frontage and an additional approximately 1,000 SF of unfinished basement area. The lower level connects to the commercial space and also has access through a Bilco door on Richmond Street.
The property includes two-car parking and is situated along the Richmond Street business corridor. Built in 1915, the building is zoned CMX2 and combines residential occupancy with street-level commercial space. Total property size is 2,660 SF.
The property includes two-car parking and is situated along the Richmond Street business corridor. Built in 1915, the building is zoned CMX2 and combines residential occupancy with street-level commercial space. Total property size is 2,660 SF.
Key Highlights
- Three apartments: two one‑bedroom units and one two‑bedroom unit
- Approximately 1,000 SF first‑floor commercial space with Richmond Street frontage
- Additional approximately 1,000 SF of unfinished basement space
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
$45,393
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
6.59%
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%
$907,860
$907.9K
Cap Rate 7%
$648,471
$648.5K
Cap Rate 9%
$504,367
$504.4K
Market Conditions
NOI Build-Up for 2,660 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
$68.6K $25.80/SF
− Vacancy
−$3.8K −$1.42/SF
EGI
$64.8K $24.38/SF
− OpEx
−$19.5K −$7.31/SF
NOI
$45.4K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /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%
$907,860
Cap Rate 7%
$648,471
Cap Rate 9%
$504,367
Alternative Uses
Best Use
Multifamily LT 5
$648.5K
$567.4K – $756.6K
NOI $45,393 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$597.7K
$523.0K – $697.4K
NOI $41,841 @ 7.0% cap · market cap 6.07%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,166
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 - Three apartments accompany a street-front commercial suite with basement space and two-car parking.
Where is this mixed-use property located?
The property is located at 3140 Richmond Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: Three apartments: two one‑bedroom units and one two‑bedroom unit; Approximately 1,000 SF first‑floor commercial space with Richmond Street frontage; Additional approximately 1,000 SF of unfinished basement space
