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    Corner Multi-Use Retail Building Title is generated by Realmo AI

    402224 Lancaster Avenue, Philadelphia, PA 19104

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    For Sale
    $1,250,000

    Ground-floor commercial space with a full basement and second-floor office, positioned on a major transit corridor corner.

    Type:Commercial
    Property size:
    6,200 SF
    Price / SF:
    $201/SF
    Added:
    Jan 9, 2026
    Days on Market:
    147
    Last Refresh:
    Jun 5 at 2:46 am

    Property Features for 402224 Lancaster Avenue

    General Information

    Standard status
    Active
    Size
    6,200 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1915

    We can help!

    Listing Contact
    Jon M O'Shea

    Listing agent Jon M O'Shea

    Listing office Keller Williams Main Line

    Listing date Jan 9, 2026

    Source Deepcreeklake

    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

    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
    • 40' frontage on Lancaster Avenue at 42nd Street
    • CMX‑2 zoning with broad permitted commercial uses
    • History of grocery, restaurant, and nightclub/lounge use

    Overview

    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.

    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 (±1% cap)
    NOI $89,838 @ 7.0% cap · market cap 7.19%
    Second Best
    Office B
    $1.17M
    $1.02M – $1.36M (±1% cap)
    NOI $81,589 @ 7.0% cap · market cap 6.53%
    Theoretical Best
    Multifamily LT 5
    $1.51M
    $1.32M – $1.76M (±1% cap)
    NOI $105,802 @ 7.0% cap · market cap 8.46%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.254012
    Latitude
    39.988245

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    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
    We can help!
    Listing Contact
    Jon M O'Shea
    Learn More
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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.

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