Multi-Story Office
For Sale
$1,350,000
5604 N 5th St, Philadelphia, PA 19120
Vacant three-story office building with central air, renovated HVAC, and multiple suites plus on-site parking.
Property Size5,520 SF
Price / SF$244.57
Days on Market98
Property Features for 5604 N 5th St
General Information
Standard status
Active
Size
5,520 SF
Building Details
Year Built
1930
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Eli Qarkaxhia, BETSAIDA FRAUSTO GONZALEZ · License #RS311277
(267) 692-4450
Source:
Kandorre
Added: May 31
Changed: Aug 23
Last Checked: Sep 5 at 11:03AM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
Originally built in the 1930s as a bank, this three-story commercial building has been configured with 22 office-like suites/rooms and 6 full bathrooms that include standing showers. A prominent feature of the property is the large vault with lock boxes, which can serve as a distinctive interior focal point. The main entrance, formerly a storefront, can be converted into a welcoming lobby area. Recent updates include a renovated HVAC system with central air throughout and an updated water heater.
Located in the heart of the Olney neighborhood in North Philadelphia on a heavily trafficked block, the property is surrounded by commercial uses including pharmacies, restaurants, beauty salons, and retail stores. Zoning is listed as CMx2, supporting a wide range of commercial uses.
Additional property features include on-site parking, installed security cameras, a code-armed door system, and fully functioning storefront security gates. The building is vacant and ready for a new owner to customize.
Located in the heart of the Olney neighborhood in North Philadelphia on a heavily trafficked block, the property is surrounded by commercial uses including pharmacies, restaurants, beauty salons, and retail stores. Zoning is listed as CMx2, supporting a wide range of commercial uses.
Additional property features include on-site parking, installed security cameras, a code-armed door system, and fully functioning storefront security gates. The building is vacant and ready for a new owner to customize.
Key Highlights
- Vacant three‑story commercial building totaling 5,520 SF with central air and 22 office‑like suites/rooms
- Originally built as a bank (1930s) with an iconic large vault featuring lock boxes
- CMx2 zoning supports a wide range of commercial uses, including medical offices or charter schools
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
$64,385
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
4.77%
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%
$1,287,700
$1.3M
Cap Rate 7%
$919,786
$919.8K
Cap Rate 9%
$715,389
$715.4K
Market Conditions
NOI Build-Up for 5,520 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
$119.2K $21.60/SF
− Vacancy
−$11.9K −$2.16/SF
EGI
$107.3K $19.44/SF
− OpEx
−$42.9K −$7.78/SF
NOI
$64.4K $11.66/SF
Area
ZIP 19120
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$1,287,700
Cap Rate 7%
$919,786
Cap Rate 9%
$715,389
Alternative Uses
Best Use
Healthcare Medical
$919.8K
$804.8K – $1.07M
NOI $64,385 @ 7.0% cap · market cap 4.77%
Second Best
Office B
$538.7K
$471.4K – $628.5K
NOI $37,710 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,303 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,555
Businesses Nearby
Explore this area
Business Placement
Demographics for 19120, PA
66,177
Population
25,730
Households
2.6
Avg Household Size
35
Median Age
13%
College-Educated
77%
High-School Grad
3.2 sq mi
ZIP Area
20,680
Density / Sq Mi
$51,993
Median Household Income
$32,980
Median Earnings
$1,186
Median Rent
$143,500
Median Home Value
Market
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Vacant three-story office building with central air, renovated HVAC, and multiple suites plus on-site parking.
Where is this office units located?
The property is located at 5604 N 5th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Vacant three‑story commercial building totaling 5,520 SF with central air and 22 office‑like suites/rooms; Originally built as a bank (1930s) with an iconic large vault featuring lock boxes; CMx2 zoning supports a wide range of commercial uses, including medical offices or charter schools
