Mixed-Use Investment Property For
For Sale
$899,000
3479 Bowman, Philadelphia, PA 19129
Three-story mixed-use property in Philadelphia's East Falls neighborhood.
Property Size3,769 SF
Price / SF$238.52
Days on Market161
Property Features for 3479 Bowman
General Information
Standard status
Active
Size
3,769 SF
Building Details
Year Built
1939
Listing Agency:
VRA Realty
Listed By:
Brady M Carroll · License #RS318466
(610) 291-9895
Source:
Kandorre
Added: Mar 27
Changed: Aug 23
Last Checked: Sep 1 at 10:17PM
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 VRA Realty
Investment Insights
Based on property information with market context.
This three-story mixed-use investment property is situated on a corner lot in the East Falls neighborhood of Philadelphia, Pennsylvania. The 3,769 square foot building is located in a vibrant area near Thomas Jefferson University, surrounded by established landmarks, retailers, and restaurants, with a mix of students, families, and long-time residents. Zoned CMX-1, the property supports neighborhood-serving retail businesses and apartments. The ground floor features 1,575 square feet of storefront retail space, including a 575 square foot salon and a 1,000 square foot space previously used as a cafe. The cafe space retains its kitchen hood and systems, suitable for a new food and beverage tenant. The second and third floors each contain a three-bedroom, one-bath apartment with private balconies and central air. The apartments have been updated. Major capital expenditures, including mechanicals and utilities, have been recently upgraded. The property offers value-add potential through leasing the vacant retail space and increasing apartment rents to market rates, making it a long-term investment opportunity.
Key Highlights
- Mixed‑use investment property in a vibrant East Falls location near Thomas Jefferson University
- Two updated three‑bedroom apartments with private balconies and central air
- Ground floor retail space with existing salon and vacant cafe space with kitchen hood in place
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
$44,776
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
4.98%
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%
$895,520
$895.5K
Cap Rate 7%
$639,657
$639.7K
Cap Rate 9%
$497,511
$497.5K
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
$81.4K $21.60/SF
− Vacancy
−$9.8K −$2.59/SF
EGI
$71.6K $19.01/SF
− OpEx
−$26.9K −$7.13/SF
NOI
$44.8K $11.88/SF
Area
Philadelphia, PA
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$895,520
Cap Rate 7%
$639,657
Cap Rate 9%
$497,511
Alternative Uses
Best Use
Mixed Use
$639.7K
$559.7K – $746.3K
NOI $44,776 @ 7.0% cap · market cap 4.98%
Second Best
Retail
$608.5K
$532.5K – $710.0K
NOI $42,598 @ 7.0% cap · market cap 4.74%
Theoretical Best
Multifamily LT 5
$918.8K
$804.0K – $1.07M
NOI $64,318 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
48k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 32%
Sunoco
Shops & Services
23,998 visits/mo
0.4 miles
Dunkin' Donuts
Dining
15,537 visits/mo
0.5 miles
7-Eleven
Shops & Services
6,905 visits/mo
0.4 miles
Truist
Shops & Services
1,423 visits/mo
0.2 miles
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 Retail in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story mixed-use property in Philadelphia's East Falls neighborhood.
Where is this mixed-use property located?
The property is located at 3479 Bowman Philadelphia, PA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Mixed‑use investment property in a vibrant East Falls location near Thomas Jefferson University; Two updated three‑bedroom apartments with **private balconies and central air**; Ground floor retail space with existing salon and **vacant cafe space with kitchen hood in place**
