Neighborhood Strip Center with Five
5734 Old Second St Philadelphia, PA 19120
5734 Old Second St, Philadelphia, PA, 19120
$2,800,000
For Sale
$2,800,000
Five-unit strip center anchored by a coin laundromat and restaurants, with parking for 120 vehicles.
Property Size18,000 SF
Price / SF$155.56
Days on Market370
Property Features for 5734 Old Second St
General Information
- Standard status
- Active
- Size
- 18,000 SF
Listing Agency
Longlong Zhan Real Estate Investment
(610) 574-0988
Listed by
Zhan Su
(610) 574-0988
Source
Exprealty
Added: Jul 15, 2025 Checked: Jul 17 at 6:19 pm
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
Investment Insights
Based on property information with market context.
This strip-style shopping center totals 18,000 square feet and is configured as five separate units with dedicated parking for 120 cars. The tenant mix includes multiple restaurant concepts and a coin laundromat. Unit 1 is a restaurant (6,000 sf). Unit 2 is a separate space (2,500 sf) with central air and heat. Unit 3 was a pizza restaurant. Unit 4 is a meat business (3,800 sf). Unit 5 is a coin laundromat (4,500 sf) featuring 92 machines and lottery, with a heating and cooling system that is about two years old.
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.
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.
Key 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
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 |
18,000 SF · lease $14.40/SF/yr · vacancy 8.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.55M
$2.24M – $2.98M
NOI $178,848 @ 7.0% cap · market cap 6.39%
Second Best
Retail
$2.21M
$1.93M – $2.58M
NOI $154,614 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$4.30M
$3.76M – $5.02M
NOI $300,986 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Seorabol Restaurant
Korean Barbecue Restaurant
Gou Restaurant
Restaurant
L and J Laundromat ...
(Bike/Boat/Book/etc) Store
韩国菜
Restaurant
Similar For Sale Nearby
Similar Off Market 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
FAQs
What type of property is this?
Shopping center - Five-unit strip center anchored by a coin laundromat and restaurants, with parking for 120 vehicles.
Where is this shopping center located?
The property is located at 5734 Old Second St Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 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
