West Philadelphia Commercial Building For
For Sale
$1,250,000
4022-24 Lancaster Avenue, Philadelphia, PA 19104
High-visibility, multi-use commercial building in rapidly evolving West Philadelphia corridor.
Property Size5,300 SF
Price / SF$235.85
Days on Market174
Property Features for 4022-24 Lancaster Avenue
General Information
Standard status
Active
Size
5,300 SF
Property subtype
Commercial
Zoning
CMX2
Taxes and HOA fees
Annual Taxes
$2,914
Amenities
Natural Gas
Yes
personal property within the space
Public
AB0
40.00 x 133.00
0.12
No
Assessor
On Street
6200.00
41640.00
Building Details
Year Built
1915
Listing Agency:
Long & Foster Real Estate, Inc.
(856) 222-0077
Listed By:
Christopher Twardy
(609) 304-2314
Source:
Thetristaterealestategroup
Added: Mar 19
Changed: Sep 8
Last Checked: Sep 8 at 8:37AM
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 Long & Foster Real Estate, Inc.
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
$59,902
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
4.79%
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%
$1,198,040
$1.2M
Cap Rate 7%
$855,743
$855.7K
Cap Rate 9%
$665,578
$665.6K
Market Conditions
NOI Build-Up for 5,300 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
$95.4K $18.00/SF
− Vacancy
−$9.8K −$1.85/SF
EGI
$85.6K $16.15/SF
− OpEx
−$25.7K −$4.84/SF
NOI
$59.9K $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%
$1,198,040
Cap Rate 7%
$855,743
Cap Rate 9%
$665,578
Alternative Uses
Best Use
Retail
$855.7K
$748.8K – $998.4K
NOI $59,902 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.29M
$1.13M – $1.51M
NOI $90,444 @ 7.0% cap · market cap 7.24%
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 Avenue 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.
