Corner Multi-Use Retail
402224 Lancaster Avenue Philadelphia, PA 19104
402224 Lancaster Avenue, Philadelphia, PA, 19104
$1,250,000
For Sale
$1,250,000
Ground-floor commercial space with a full basement and second-floor office, positioned on a major transit corridor corner.
Property Size6,200 SF
Price / SF$201.61
Days on Market220
Property Features for 402224 Lancaster Avenue
General Information
- Standard status
- Active
- Size
- 6,200 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1915
Listing Agency
Keller Williams Main Line
Listed by
Jon M O'Shea
Source
Deepcreeklake
Added: Dec 12, 2025 Updated: Jul 10 at 1:49 pm Checked: Jul 19 at 7:13 am
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 Keller Williams Main Line
Investment Insights
Based on property information with market context.
4022-24 Lancaster Avenue is a multi-use commercial building designed for active, high-volume operations, with approximately 6,200 square feet of ground-floor space plus a full basement. The property also includes about 1,000 square feet of second-floor office space, supporting a flexible operating model for retail and service uses. A history of diverse commercial activity includes a full-service grocery market, restaurant, and nightclub/lounge, aligning with the building’s purpose-built commercial character.
The building sits at the corner of Lancaster Avenue and 42nd Street and offers approximately 40 feet of frontage on Lancaster Avenue at 42nd Street. Zoning is CMX-2, which allows broad commercial uses. SEPTA Route 10 trolley service is available on-site, and the West Philadelphia submarket is described as walkable and transit-rich, with ongoing commercial activity along this corridor.
For tenants and operators, this layout supports combinations of retail, food service, and back-of-house needs through the full basement, while the second-floor office space can serve business administration or complementary functions. Buyers seeking a conventionally built, centrally located commercial asset with established multi-use flexibility and transit access may find the CMX-2 zoning and corner presence particularly relevant.
The building sits at the corner of Lancaster Avenue and 42nd Street and offers approximately 40 feet of frontage on Lancaster Avenue at 42nd Street. Zoning is CMX-2, which allows broad commercial uses. SEPTA Route 10 trolley service is available on-site, and the West Philadelphia submarket is described as walkable and transit-rich, with ongoing commercial activity along this corridor.
For tenants and operators, this layout supports combinations of retail, food service, and back-of-house needs through the full basement, while the second-floor office space can serve business administration or complementary functions. Buyers seeking a conventionally built, centrally located commercial asset with established multi-use flexibility and transit access may find the CMX-2 zoning and corner presence particularly relevant.
Key Highlights
- Corner commercial building at Lancaster Avenue and 42nd Street
- 6,200 SF ground‑floor commercial space plus a full basement
- 1,000 SF second‑floor office included
Local Financial Insights For Specialty Retail
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 | $130.2k | $21.00 |
| − Vacancy | −$10.4k | −$1.68 |
| EGI | $119.8k | $19.32 |
| − OpEx | −$29.9k | −$4.83 |
| NOI | $89.8k | $14.49 |
6,200 SF · lease $21.00/SF/yr · vacancy 8.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.28M
$1.12M – $1.50M
NOI $89,838 @ 7.0% cap · market cap 7.19%
Second Best
Office B
$1.17M
$1.02M – $1.36M
NOI $81,589 @ 7.0% cap · market cap 6.53%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Grocery and convenience stores
Similar For Sale Nearby
FAQs
What type of property is this?
Grocery and convenience store - Ground-floor commercial space with a full basement and second-floor office, positioned on a major transit corridor corner.
Where is this grocery and convenience store located?
The property is located at 402224 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: Corner commercial building at Lancaster Avenue and 42nd Street; 6,200 SF ground‑floor commercial space plus a full basement; 1,000 SF second‑floor office included
