Two-Unit Drive-In
For Sale
$690,000
4224-36 Penn St, Philadelphia, PA 19124
Two drive-in warehouse units total about 5,600 SF on a large attached lot for potential development.
Property Size5,800 SF
Lot Size0.37 Acres
Price / SF$118.97
Days on Market191
Property Features for 4224-36 Penn St
General Information
Standard status
Active
Size
5,800 SF
Lot size
0.37 Acres
Property subtype
Mixed Use
Zoning
ICMX
Additional Details
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$3,213
Amenities
3
ICMX
155.00 x 99.00
Building Details
Year Built
1960
Listing Agency:
(267) 703-5050
Listed By:
Iron Valley Real Estate Doylestown
(267) 973-1175
Source:
Xome
Added: Feb 26
Changed: Sep 2
Last Checked: Sep 5 at 5:37AM
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 Iron Valley Real Estate Doylestown
Investment Insights
Based on property information with market context.
4224–36 Penn Street offers two drive-in warehouse units with an estimated combined size of about 5,600 SF, currently being used as manufacturing space. The property is offered with an attached, sizable lot, providing room for business use today and additional development potential alongside the buildings.
The facility is located in the Frankford section of Philadelphia and is described as zoned ICMX. The warehouses are configured as separate drive-in units, giving an owner-operator the flexibility to use both spaces or lease them separately to generate additional income.
The site is listed with an estimated total lot area of about 15,912 SF, with the building and lot sold together as a single offering. Please contact the listing agent for additional information on the units and site.
The facility is located in the Frankford section of Philadelphia and is described as zoned ICMX. The warehouses are configured as separate drive-in units, giving an owner-operator the flexibility to use both spaces or lease them separately to generate additional income.
The site is listed with an estimated total lot area of about 15,912 SF, with the building and lot sold together as a single offering. Please contact the listing agent for additional information on the units and site.
Key Highlights
- Two drive‑in warehouse units totaling about 5,600 SF, currently used as manufacturing space
- Zoned ICMX (commercial), suitable for business use or leasing both units for additional income
- Property includes a large attached lot of about 15,912 SF with lot dimensions of 155.00 x 99.00
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
$51,706
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
7.49%
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%
$1,034,120
$1.0M
Cap Rate 7%
$738,657
$738.7K
Cap Rate 9%
$574,511
$574.5K
Market Conditions
NOI Build-Up for 5,800 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
$66.1K $11.40/SF
− Vacancy
−$5.3K −$0.91/SF
EGI
$60.8K $10.49/SF
− OpEx
−$9.1K −$1.57/SF
NOI
$51.7K $8.91/SF
Area
ZIP 19124
Vacancy
8.00%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
15.00%
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%
$1,034,120
Cap Rate 7%
$738,657
Cap Rate 9%
$574,511
Alternative Uses
Best Use
Warehouse
$738.7K
$646.3K – $861.8K
NOI $51,706 @ 7.0% cap · market cap 7.49%
Second Best
Industrial
$608.3K
$532.3K – $709.7K
NOI $42,581 @ 7.0% cap · market cap 6.17%
Theoretical Best
Specialty Retail
$3.34M
$2.92M – $3.89M
NOI $233,535 @ 7.0% cap · market cap 33.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,762
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19124, PA
68,766
Population
27,014
Households
2.5
Avg Household Size
33
Median Age
15%
College-Educated
80%
High-School Grad
5.1 sq mi
ZIP Area
13,484
Density / Sq Mi
$46,100
Median Household Income
$35,364
Median Earnings
$1,063
Median Rent
$155,000
Median Home Value
Market
Vacancy Rate% for Industrial in Philadelphia, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Valentine Eatz LLC — 2367 Duncan St, Philadelphia, PA 19124
- La Llamita Vegana — 4500 Worth St Suite A303, Philadelphia, PA 19124
- Woodbury catering — 215, Philadelphia, PA 19124
Frequently Asked Questions
What type of property is this?
Flex space - Two drive-in warehouse units total about 5,600 SF on a large attached lot for potential development.
Where is this flex space located?
The property is located at 4224-36 Penn St Philadelphia, PA.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Two drive‑in warehouse units totaling about 5,600 SF, currently used as manufacturing space; Zoned ICMX (commercial), suitable for business use or leasing both units for additional income; Property includes a large attached lot of about 15,912 SF with lot dimensions of 155.00 x 99.00
