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    Frankford/Harrowgate Corner Industrial Property Title is generated by Realmo AI

    3846 Coral Street, Philadelphia, PA 19124

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    Claim this Listing
    For Sale
    $1,250,000

    Industrial property in Philadelphia's Frankford/Harrowgate area for sale.

    Type:IND, IND-FLEX, IND-WHSE
    Property size:
    10,814 SF
    Price / SF:
    $115/SF
    Added:
    Apr 9, 2025
    Days on Market:
    422
    Last Refresh:
    Apr 3 at 5:00 am

    Property Features for 3846 Coral Street

    General Information

    Standard status
    Active
    Size
    10,814 SF
    Property subtype
    IND, IND-FLEX, IND-WHSE

    We can help!

    Listing Contact
    Clinton McCartney

    Listing agent Clinton McCartney

    Listing office KW Commercial | Media

    Listing date Apr 9, 2025

    Source Realnex

    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 KW Commercial | Media

    HighLights

    • Large Industrial Space: Approximately 10,814 SqFt with additional space on the second floor.
    • ICMX Zoning: Offers flexibility with many possible approved uses.
    • Vacant Possession: Ready for immediate occupancy.
    • Three Roll‑Up Doors: Includes three roll‑up doors of varying sizes (approx 12'x14', 10'x10', 4'x8').
    • Robust Infrastructure: Features 3 Phase electrical service, 16' column spacing, and 14' clear span to the beam (17' 4" to ceiling).
    • High Traffic Location: Benefits from 14,000+ VPD traffic counts and close proximity to major avenues (Frankford, Kensington, Erie, Torresdale, & Aramingo).

    Overview

    Located in the Frankford/Harrowgate area of Philadelphia, this corner industrial property is available for sale. The building, constructed of block and brick, has an approximate area of 10,814 square feet, including over 2,000 square feet on the second floor. The property is currently owner-occupied by an appliance warehouse and will be delivered vacant. It is zoned ICMX, allowing for various approved uses. The building features three roll-up doors of approximate sizes 12'x14', 10'x10', and 4'x8'. It also includes 3-phase electrical service, 16' column spacing, and a 14' clear span to the beam (17' 4" to ceiling). The location benefits from traffic counts of over 14,000 vehicles per day at the nearest intersection. The property is in close proximity to Frankford Ave, Kensington Ave, Erie Ave, Torresdale Ave, and Aramingo Ave.

    Local Financial Insights For Warehouse

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $123.3k $11.40
    − Vacancy −$9.9k −$0.91
    EGI $113.4k $10.49
    − OpEx −$17.0k −$1.57
    NOI $96.4k $8.91
    10,814 SF · lease $11.40/SF/yr · vacancy 8.00% · expense 15.00%

    Alternative Uses

    Best Use
    Warehouse
    $1.38M
    $1.21M – $1.61M (±1% cap)
    NOI $96,405 @ 7.0% cap · market cap 7.71%
    Second Best
    Industrial
    $1.13M
    $992.4K – $1.32M (±1% cap)
    NOI $79,392 @ 7.0% cap · market cap 6.35%
    Theoretical Best
    Specialty Retail
    $6.22M
    $5.44M – $7.26M (±1% cap)
    NOI $435,423 @ 7.0% cap · market cap 34.83%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Safeguard Self Storage — 3300 Frankford Ave, Philadelphia, PA 19134
    • Public Storage — 2345 Castor Ave, Philadelphia, PA 19134
    • Nearby Storage Units — 3400 aramingo ave, philadelphia, pa 19134
    • Dosker Storage Units — 3500 aramingo ave, philadelphia, pa 19134
    • Value Storage — 3401 Collins St, Philadelphia, PA 19134

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.0949868
    Latitude
    40.0021103

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    FAQs

    What type of property is this?
    Warehouse - Industrial property in Philadelphia's Frankford/Harrowgate area for sale.
    Where is this warehouse located?
    The property is located at 3846 Coral Street Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Large Industrial Space: Approximately 10,814 SqFt with additional space on the second floor.; ICMX Zoning: Offers flexibility with many possible approved uses.; Vacant Possession: Ready for immediate occupancy.
    (267) 273-4561
    We can help!
    Listing Contact
    Clinton McCartney
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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