5734 Old Second St, Philadelphia, PA 19120
Five-unit strip center anchored by a coin laundromat and restaurants, with parking for 120 vehicles.
- Added:
- Jul 15, 2025
- Days on Market:
- 337
- Last Refresh:
- Jun 16 at 2:20 am
Property Features for 5734 Old Second St
General Information
- Standard status
- Active
- Size
- 18,000 SF
Listing agent Zhan Su (610) 574-0988
Listing office Longlong Zhan Real Estate Investment (610) 574-0988
Listing date Jul 15, 2025
Source Exprealty
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 Longlong Zhan Real Estate Investment
HighLights
- Five‑unit shopping/strip center with 18,000 sqft total building area on Old 2nd Street and W Grange Ave
- Parking lot for 120 cars
- Unit mix: 6,000 SF restaurant, 2,500 SF (central air & heat), 3,800 SF meat business, and 4,500 SF coin laundromat
- Coin laundromat features 92 machines and lottery; heating & cooling system is about 2 years old; opened in 2019
- 2019 upgrades include new roof ($55,000), all‑wall renovation ($60,000), sidewalk replacement ($50,000), 5 poles ($40,000), and other renovations ($15,000)
- Yearly gross rent of $307,800; annual expenses include $13,000 real estate tax and $5,000 insurance
Overview
The property is located along Old 2nd Street and W Grange Ave, supporting a high-visibility retail presence. In 2019, significant upgrades were completed, including renovations to all walls ($60,000), sidewalk repairs and replacement ($50,000), installation of five poles ($40,000), other renovations ($15,000), and a new roof ($55,000). The property also added two meters—one for the restaurant and one for the laundromat.
From an owner-operator or investor standpoint, the center offers a straightforward retail arrangement with food and laundromat use under one roof. Reported yearly gross rent is $307,800, with annual expenses including real estate tax ($13,000) and real estate insurance ($5,000). The 2019 improvements and relatively newer HVAC at the laundromat unit may help reduce short-term capital concerns.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $259.2k | $14.40 |
| − Vacancy | −$20.7k | −$1.15 |
| EGI | $238.5k | $13.25 |
| − OpEx | −$59.6k | −$3.31 |
| NOI | $178.8k | $9.94 |
Alternative Uses
Current Use by Public Records
Similar Places Nearby
- One & Olney Shopping Center — 101 E Olney Ave, Philadelphia, PA 19120
- Cleapatra Beauty Salon — 5456 N 5th St, Philadelphia, PA 19120
- Adams Run Plaza — Adams Run Shopping Center, 6190 N Front St, Philadelphia, PA 19120
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Delaware
- State
- Pennsylvania
- Longitude
- -75.1243286
- Latitude
- 40.038463
