Corner Conventional Restaurant
For Sale
$375,000
3231 Ridge Ave, Philadelphia, PA 19132
Restaurant property includes the adjoining 3233 Ridge Ave address for the entire corner.
Property Size1,800 SF
Price / SF$208.33
Days on Market65
Property Features for 3231 Ridge Ave
General Information
Standard status
Active
Size
1,800 SF
Zoning
residential/commercial
Additional Details
Road Access
Yes
Land Use
commercial, residential
Building Details
Year Built
1940
Listing Agency:
Opulent Realty Group LLC
Listed By:
Stanton Bizzell · License #9484072
(609) 678-0032
Source:
Kandorre
Added: Aug 13
Changed: Sep 15
Last Checked: Oct 7 at 1:10PM
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 Opulent Realty Group LLC
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Investment Insights
Based on property information with market context.
This conventional restaurant property is located at 3231 Ridge Ave in Philadelphia, Pennsylvania, with the current use identified as a restaurant. The listing also includes 3233 Ridge Ave, covering the entire corner identified in the property information.
The property is described as residential/commercial zoning per owner. The offering may also support consideration of future development alongside continued restaurant use, subject to applicable approvals.
The property is described as residential/commercial zoning per owner. The offering may also support consideration of future development alongside continued restaurant use, subject to applicable approvals.
Key Highlights
- Includes 3233 Ridge Ave for the entire corner
- Current use identified as a restaurant
- Residential/commercial zoning per owner
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,082
Cap Rate
6.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$521,640
$521.6K
Cap Rate 7%
$372,600
$372.6K
Cap Rate 9%
$289,800
$289.8K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$37.8K $21.00/SF
− Vacancy
−$3.0K −$1.68/SF
EGI
$34.8K $19.32/SF
− OpEx
−$8.7K −$4.83/SF
NOI
$26.1K $14.49/SF
Area
Philadelphia, PA
Vacancy
8.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$521,640
Cap Rate 7%
$372,600
Cap Rate 9%
$289,800
Alternative Uses
Best Use
Specialty Retail
$372.6K
$326.0K – $434.7K
NOI $26,082 @ 7.0% cap · market cap 6.96%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$438.8K
$384.0K – $512.0K
NOI $30,717 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
25k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 41%
Dining 30%
Shops & Services 18%
Apparel 6%
Save-A-Lot
Groceries
10,220 visits/mo
0.4 miles
KFC
Dining
7,611 visits/mo
0.3 miles
U-Haul Moving & Storage of Strawberry Mansion
Shops & Services
2,225 visits/mo
0.5 miles
Dollar General
Shops & Services
2,210 visits/mo
0.5 miles
Rainbow
Apparel
1,544 visits/mo
0.4 miles
Demographics for 19132, PA
33,926
Population
17,402
Households
1.9
Avg Household Size
37
Median Age
13%
College-Educated
83%
High-School Grad
2.2 sq mi
ZIP Area
15,421
Density / Sq Mi
$30,974
Median Household Income
$30,300
Median Earnings
$1,055
Median Rent
$73,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Philadelphia, PA
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property includes the adjoining 3233 Ridge Ave address for the entire corner.
Where is this conventional restaurant located?
The property is located at 3231 Ridge Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Includes 3233 Ridge Ave for the entire corner; Current use identified as a restaurant; Residential/commercial zoning per owner
