East Falls Mixed-Use Corner
For Sale
Contact for pricing
3401 Conrad St, Philadelphia, PA 19129
Three-story mixed-use property with storefronts and apartments in East Falls.
Property Size3,769 SF
Price / SF$291.85
Days on Market210
Property Features for 3401 Conrad St
General Information
Standard status
Active
Size
3,769 SF
Property subtype
Retail, Multifamily, Mixed Use
Zoning
CMX-1
Lease Type
NNN
Investment Type
Stabilized
Building Details
Year Built
2018
Stories
3
Units
4
Tenancy
Multi
Listing Agency:
MSC Retail
Listed By:
Jonathan Makar · License #RS349952
(215) 568-2600
Source:
Crexi
Added: Feb 7
Changed: Aug 26
Last Checked: Sep 5 at 6:41AM
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 MSC Retail
Investment Insights
Based on property information with market context.
This is a three-story mixed-use corner property located on a retail corridor in East Falls. The property features two storefronts totaling 1,600 square feet of ground floor commercial space, along with two apartments on the upper floors. One storefront is currently vacant, offering 1,000 square feet of space. The other storefront is leased by The ArtistHaus Salon, occupying 600 square feet and generating a monthly rent of $1,250, NNN. The two apartments each have three bedrooms and balconies overlooking Conrad Street. One apartment rents for $1,650 per month, while the other rents for $1,850 per month. The property is located near businesses such as Vegan Vibes and Rutabaga Toy Library. The total property size is 3,769 square feet.
Key Highlights
- Mixed‑use corner property with two storefronts and two apartments in East Falls.
- Opportunity to increase rental income through lease upgrades and filling 1,000 SF of vacant ground floor commercial space.
- Two 3BR apartments with balconies overlooking Conrad Street.
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
$64,318
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
5.85%
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%
$1,286,360
$1.3M
Cap Rate 7%
$918,829
$918.8K
Cap Rate 9%
$714,644
$714.6K
Market Conditions
NOI Build-Up for 3,769 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
$97.2K $25.80/SF
− Vacancy
−$5.4K −$1.42/SF
EGI
$91.9K $24.38/SF
− OpEx
−$27.6K −$7.31/SF
NOI
$64.3K $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%
$1,286,360
Cap Rate 7%
$918,829
Cap Rate 9%
$714,644
Alternative Uses
Best Use
Multifamily LT 5
$918.8K
$804.0K – $1.07M
NOI $64,318 @ 7.0% cap · market cap 5.85%
Second Best
Apartment 5plus
$846.9K
$741.1K – $988.1K
NOI $59,285 @ 7.0% cap · market cap 5.39%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Explore this area
Business Placement
Demographics for 19129, PA
11,437
Population
6,228
Households
1.8
Avg Household Size
35
Median Age
60%
College-Educated
96%
High-School Grad
2.1 sq mi
ZIP Area
5,446
Density / Sq Mi
$77,225
Median Household Income
$58,576
Median Earnings
$1,471
Median Rent
$297,400
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-story mixed-use property with storefronts and apartments in East Falls.
Where is this mixed-use property located?
The property is located at 3401 Conrad St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Mixed‑use corner property with two storefronts and two apartments in East Falls.; Opportunity to increase rental income through lease upgrades and filling 1,000 SF of vacant ground floor commercial space.; Two 3BR apartments with balconies overlooking Conrad Street.
