Two-Unit Manufacturing
New
For Sale
$690,000
4224 4224-36 Penn St, Philadelphia, PA 19124
ICMX-zoned industrial facility with separate drive-in access and an adjoining land component.
Property Size5,800 SF
Lot Size0.37 Acres
Price / SF$118.97
Days on Market4
Property Features for 4224 4224-36 Penn St
General Information
Standard status
Active
Size
5,800 SF
Lot size
0.37 Acres
Zoning
ICMX
Warehouse & Industrial
Warehouse Space
5,600 SF
Drive-In Doors
2
Building Details
Year Built
1960
Listing Agency:
Iron Valley Real Estate Doylestown
(267) 973-1175
Listed By:
Pawel Wojdalski · License #RS333804
Source:
Kandorre
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 22 at 9:01AM
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.
Located at 4224-36 Penn Street in Philadelphia’s Frankford section, this industrial property includes two separate drive-in units currently used for manufacturing. The buildings are accompanied by an adjoining lot totaling an estimated 15,912 square feet, providing additional outdoor area alongside the existing improvements.
The property carries ICMX zoning and was built in 1960. Its configuration supports continued manufacturing use across both units, with the option to occupy the buildings together or operate them as separate commercial spaces. The site is positioned in Philadelphia, PA 19124, and includes both the warehouse improvements and the associated land parcel.
The property carries ICMX zoning and was built in 1960. Its configuration supports continued manufacturing use across both units, with the option to occupy the buildings together or operate them as separate commercial spaces. The site is positioned in Philadelphia, PA 19124, and includes both the warehouse improvements and the associated land parcel.
Key Highlights
- Two drive‑in units currently used for manufacturing
- ICMX zoning
- Adjoining lot totals an estimated 15,912 SF
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
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.
Frequently Asked Questions
What type of property is this?
Manufacturing property - ICMX-zoned industrial facility with separate drive-in access and an adjoining land component.
Where is this manufacturing property located?
The property is located at 4224 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 units currently used for manufacturing; ICMX zoning; Adjoining lot totals an estimated 15,912 SF
