5623 Lancaster Ave, Philadelphia, PA

Listing Agency: Binswanger - Corporate Show Phone

Listed By: Jason Ostach · License PA #1755115 Show Phone

Source: Moodyscre

Added: Jan 5, 2023 Changed: Aug 8 Last Checked: Aug 8 at 5:26AM

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Investment Insights

Based on property information with market context.

This 3,200 square foot flex/industrial property is situated on 0.39 acres. It features two drive-in doors, one measuring 10 feet by 12 feet and another measuring 14 feet by 13 feet. The property has approximately 143 feet of frontage on Lancaster Avenue, a highly traveled road. Zoned ICMX (Industrial Commercial Mixed-Use) by the City of Philadelphia, the property is located approximately 2 miles from the I-76 ramp, providing convenient access to Center City Philadelphia and bridges to New Jersey. Estimated 2022 taxes are $13,603.25.

Key Highlights

• Prime frontage (approx. 143') on highly traveled Lancaster Avenue.
• Zoning ICMX - Industrial Commercial Mixed‑Use - City of Philadelphia.
• Easy access to Center City Philadelphia and bridges to New Jersey via I‑76 (approx. 2 miles).

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$33,696

Cap Rate

4.85%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$673,920 $673.9K

Cap Rate 7%

$481,371 $481.4K

Cap Rate 9%

$374,400 $374.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,200 SF

Gross rent

$57.6K $18.00/SF

− Vacancy

−$5.8K −$1.80/SF

EGI

$51.8K $16.20/SF

− OpEx

−$18.1K −$5.67/SF

NOI

$33.7K $10.53/SF

Area

Philadelphia, PA

Vacancy

10.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$673,920

Cap Rate 7%

$481,371

Cap Rate 9%

$374,400

Alternative Uses

Best Use

Flex RnD

$481.4K

$421.2K – $561.6K (±1% cap)

NOI $33,696 @ 7.0% cap · market cap 4.85%

Second Best

Warehouse

$467.6K

$409.1K – $545.5K (±1% cap)

NOI $32,731 @ 7.0% cap · market cap 4.71%

Theoretical Best

Multifamily LT 5

$780.1K

$682.6K – $910.1K (±1% cap)

NOI $54,608 @ 7.0% cap · market cap 7.86%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Building Supply Law Firm Dental Office Big Box & Wholesale Store Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

992

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Market

Average Price Trend$/SF for Flex space in Philadelphia, PA

$136 Jul

$122 Aug

$134 Sep

$113 Oct

Properties on Market for Flex space in Philadelphia

Jul

Aug

Sep

Oct

Vacancy Rate% for Industrial in Philadelphia, PA

4.3% 2019

2.3% 2020

1.6% 2021

2.3% 2022

8.4% 2023

9.1% 2024

11.2% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - 3,200 SF flex/industrial property with frontage on Lancaster Avenue.

Where is this flex space located?

The property is located at 5623 Lancaster Ave Philadelphia, PA.

What is the asking price?

The asking price for this property is $695,000.

What are key features of this property?

This property features: Prime frontage (approx. 143') on highly traveled Lancaster Avenue.; Zoning ICMX - Industrial Commercial Mixed‑Use - City of Philadelphia.; Easy access to Center City Philadelphia and bridges to New Jersey via I‑76 (approx. 2 miles).