Restaurant Property with Vacant
For Sale
Contact for pricing
446 North 9th Street, Philadelphia, PA 19123
One-story masonry restaurant with a full commercial kitchen and conveying equipment.
Property Size1,944 SF
Lot Size0.05 Acres
Price / SF$513.89
Days on Market10
Property Features for 446 North 9th Street
General Information
Standard status
Active
Size
1,944 SF
Class
B
Total Parking Spaces
6
Lot size
0.05 Acres
Property subtype
Multifamily, Special Purpose, Mixed Use
Zoning
CMX3
Investment Type
Redevelopment
Restaurant
Seating Capacity
92
Equipment Included
Yes
Additional Details
Opportunity Zone
Yes
Amenities
booths
seats
full commercial kitchen
basement
Building Details
Year Built
1920
Buildings
1
Stories
1
Units
1
Construction
masonry
Listing Agency:
SDG Real Estate
Listed By:
Shawn Witter · License #PA 326040
Source:
Crexi
Added: Aug 25
Changed: Sep 2
Last Checked: Aug 30 at 7:39PM
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 SDG Real Estate
Investment Insights
Based on property information with market context.
This offering pairs a ±1,944 SF, one-story masonry restaurant building at 446 North 9th Street with a separate cleared vacant parcel. Built in 1920, the building includes a full commercial kitchen, approximately 20 booths, seating for 92, and a ±1,800 SF basement. Restaurant equipment is included with the sale, and the establishment has operated for more than forty years.
The property is positioned within Philadelphia’s Spring Garden and Callowhill corridors and is zoned CMX3. The combined site measures ±2,346 SF. The tract is identified as Federal Opportunity Zone tract 42101015800.
The property is positioned within Philadelphia’s Spring Garden and Callowhill corridors and is zoned CMX3. The combined site measures ±2,346 SF. The tract is identified as Federal Opportunity Zone tract 42101015800.
Key Highlights
- ±1,944 SF one‑story masonry restaurant building built in 1920
- Full commercial kitchen with approximately 20 booths and 92 seats
- ±1,800 SF basement included with the restaurant building
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
$28,169
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
2.82%
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%
$563,380
$563.4K
Cap Rate 7%
$402,414
$402.4K
Cap Rate 9%
$312,989
$313.0K
Market Conditions
NOI Build-Up for 1,944 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
$40.8K $21.00/SF
− Vacancy
−$3.3K −$1.68/SF
EGI
$37.6K $19.32/SF
− OpEx
−$9.4K −$4.83/SF
NOI
$28.2K $14.49/SF
Area
Philadelphia, PA
Vacancy
8.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$563,380
Cap Rate 7%
$402,414
Cap Rate 9%
$312,989
Alternative Uses
Best Use
Specialty Retail
$402.4K
$352.1K – $469.5K
NOI $28,169 @ 7.0% cap · market cap 2.82%
Second Best
Industrial
$203.9K
$178.4K – $237.9K
NOI $14,272 @ 7.0% cap · market cap 1.43%
Theoretical Best
Multifamily LT 5
$473.9K
$414.7K – $552.9K
NOI $33,174 @ 7.0% cap · market cap 3.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,240
Businesses Nearby
107k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 41%
Hotels & Casinos 35%
Shops & Services 14%
Dining 6%
Target
Superstores
43,947 visits/mo
0.3 miles
Four Points by Sheraton Philadelphia City Center Hotel
Hotels & Casinos
15,625 visits/mo
0.4 miles
Days Inn Philadelphia
Hotels & Casinos
7,783 visits/mo
0.5 miles
Best Western Plus Philadelphia Convention Center Hotel
Hotels & Casinos
7,284 visits/mo
0.4 miles
Sleep Inn
Hotels & Casinos
6,857 visits/mo
0.5 miles
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
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?
Conventional restaurant - One-story masonry restaurant with a full commercial kitchen and conveying equipment.
Where is this conventional restaurant located?
The property is located at 446 North 9th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: ±1,944 SF one‑story masonry restaurant building built in 1920; Full commercial kitchen with approximately 20 booths and 92 seats; ±1,800 SF basement included with the restaurant building
