West Philadelphia Commercial Building For
For Sale
Contact for pricing
4022-24 Lancaster Ave, Philadelphia, PA 19104
High-visibility, multi-use commercial building in rapidly evolving West Philadelphia corridor.
Property Size6,200 SF
Price / SF$201.61
Days on Market162
Property Features for 4022-24 Lancaster Ave
General Information
Standard status
Active
Size
6,200 SF
Property subtype
Retail
Zoning
CMX2
Building Details
Year Built
1915
Year Renovated
2022
Buildings
1
Stories
2
Units
1
Listing Agency:
McCann Commercial Real Estate
(267) 780-3419
Listed By:
Jon O'Shea · License #AB069634
Source:
Crexi
Added: Mar 19
Changed: Aug 8
Last Checked: Aug 26 at 1:50AM
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 McCann Commercial Real Estate
Investment Insights
Based on property information with market context.
This multi-use commercial building is located on Lancaster Avenue at the corner of 42nd Street in West Philadelphia. The property offers 6,200 square feet of ground-floor commercial space and a full basement. Additionally, there is an approximately 1,000-square-foot second-floor office space. The building has 40 feet of frontage on Lancaster Avenue. It is located in a walkable, transit-rich West Philadelphia submarket with strong development momentum. The property is zoned CMX-2, which allows for broad permitted commercial uses. The site has a proven history as a grocery store, restaurant, and nightclub/lounge. SEPTA Route 10 trolley is on-site.
Key Highlights
- High‑visibility corner location on Lancaster Avenue and 42nd Street in a rapidly evolving commercial corridor.
- 6,200 SF ground‑floor commercial space with a full basement, suitable for high‑volume operations.**
- CMX‑2 zoning allows for broad permitted commercial uses.
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
$70,074
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
5.61%
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%
$1,401,480
$1.4M
Cap Rate 7%
$1,001,057
$1.0M
Cap Rate 9%
$778,600
$778.6K
Market Conditions
NOI Build-Up for 6,200 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
$111.6K $18.00/SF
− Vacancy
−$11.5K −$1.85/SF
EGI
$100.1K $16.15/SF
− OpEx
−$30.0K −$4.84/SF
NOI
$70.1K $11.30/SF
Area
Philadelphia, PA
Vacancy
10.30%
Lease Rate
$18.00 /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%
$1,401,480
Cap Rate 7%
$1,001,057
Cap Rate 9%
$778,600
Alternative Uses
Best Use
Retail
$1.00M
$875.9K – $1.17M
NOI $70,074 @ 7.0% cap · market cap 5.61%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.51M
$1.32M – $1.76M
NOI $105,802 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,762
Businesses Nearby
24k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Shops & Services 27%
Apparel 6%
Electronics 6%
Dunkin' Donuts
Dining
11,056 visits/mo
0.5 miles
Family Dollar
Shops & Services
5,789 visits/mo
0.2 miles
SUBWAY
Dining
2,779 visits/mo
0.5 miles
Metro by T-Mobile
Electronics
1,400 visits/mo
0.3 miles
Boston Market
Dining
805 visits/mo
0.5 miles
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
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?
Retail space - High-visibility, multi-use commercial building in rapidly evolving West Philadelphia corridor.
Where is this retail space located?
The property is located at 4022-24 Lancaster Ave 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: High‑visibility corner location on Lancaster Avenue and 42nd Street in a rapidly evolving commercial corridor.; 6,200 SF ground‑floor commercial space with a full basement, suitable for high‑volume operations.**; CMX‑2 zoning allows for broad permitted commercial uses.
