Multi-Unit Office
For Sale
$399,900
3222 CHELTENHAM AVENUE, Philadelphia, PA 19150
Office suite with 10 units, plus a basement conference room and access to internet and utilities.
Property Size1,947 SF
Price / SF$205.39
Days on Market48
Property Features for 3222 CHELTENHAM AVENUE
General Information
Standard status
Active
Size
1,947 SF
Property subtype
Office
Additional Details
Office Units
10
Taxes and HOA fees
Annual Taxes
$4,798
Amenities
conference room
internet access
utility room
Central Air
3
Parking.
Lot.
Building Details
Year Built
1950
Listing Agency:
Exit Benchmark Realty
(215) 427-2870
Listed By:
Tony Goodman · License #RM420582
(215) 427-2870
Source:
Xome
Added: Jun 26
Changed: Aug 8
Last Checked: Aug 12 at 4:02AM
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 Exit Benchmark Realty
Investment Insights
Based on property information with market context.
This offering is an office suite configuration consisting of 10 individual units. The property also includes a conference room located on the basement level. Access to internet services and an on-site utility room are identified features for the suite.
The listing is for sale at 3222 W Cheltenham Avenue in Philadelphia, PA. The provided financial information notes gross income of $5,500 if totally occupied with all utilities paid.
The stated unit size is 120 sq ft per unit, supporting flexible office space within a single suite arrangement.
The listing is for sale at 3222 W Cheltenham Avenue in Philadelphia, PA. The provided financial information notes gross income of $5,500 if totally occupied with all utilities paid.
The stated unit size is 120 sq ft per unit, supporting flexible office space within a single suite arrangement.
Key Highlights
- Office suite with 10 units, each 120 sq ft
- Rent: $650 per unit; gross income of $5,500 if fully occupied (all utilities paid)
- Basement level includes a conference room
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
$25,622
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
6.41%
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%
$512,440
$512.4K
Cap Rate 7%
$366,029
$366.0K
Cap Rate 9%
$284,689
$284.7K
Market Conditions
NOI Build-Up for 1,947 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
$42.8K $21.96/SF
− Vacancy
−$8.6K −$4.41/SF
EGI
$34.2K $17.55/SF
− OpEx
−$8.5K −$4.39/SF
NOI
$25.6K $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%
$512,440
Cap Rate 7%
$366,029
Cap Rate 9%
$284,689
Alternative Uses
Best Use
Office B
$366.0K
$320.3K – $427.0K
NOI $25,622 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$474.6K
$415.3K – $553.8K
NOI $33,225 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Office units
Location Intelligence
Trade Area within ½ mile
715
Businesses Nearby
Explore this area
Business Placement
Demographics for 19150, PA
23,126
Population
10,868
Households
2.1
Avg Household Size
47
Median Age
28%
College-Educated
91%
High-School Grad
1.5 sq mi
ZIP Area
15,417
Density / Sq Mi
$61,257
Median Household Income
$43,002
Median Earnings
$1,282
Median Rent
$225,400
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?
Office units - Office suite with 10 units, plus a basement conference room and access to internet and utilities.
Where is this office units located?
The property is located at 3222 CHELTENHAM AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Office suite with 10 units, each 120 sq ft; Rent: $650 per unit; gross income of $5,500 if fully occupied (all utilities paid); Basement level includes a conference room
