573438 Old Second Street Philadelphia, PA 19120
Shopping center with five retail/restaurant units, a coin laundromat, and off-street parking for about 120 cars.
Property Features for 573438 Old Second Street
General Information
- Standard status
- Active
- Size
- 18,000 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1940
Listing office Longlong Zhan Real Estate Investment
Listing date Jul 23, 2024
Source Deepcreeklake
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.
The property is described as having high visibility along Old 2nd Street and W Grange Ave, and it offers an on-site parking lot for about 120 cars.
The seller notes significant upgrades made in 2019, including renovated walls, sidewalk repairs and replacement, installation of five poles, other renovations, a new roof, and two meters (one for the restaurant and one for the laundromat). The yearly gross rent is stated as $307,800, with annual real estate tax of $13,000 and real estate insurance of $5,000.
Key Highlights
- 18,000 sqft shopping center built in 1940 with 5 units and a parking lot for about 120 cars
- Coin laundromat tenant: 4,500 SF with 92 machines and a heating & cooling system reportedly 2 years old; opened 2019
- Yearly gross rent of $307,800, with estimated annual expenses including $13,000 property tax and $5,000 insurance
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
Property Analytics
Current Use by Public Records
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Similar Off Market Nearby
- One & Olney Shopping Center — 101 E Olney Ave, Philadelphia, PA 19120
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- Adams Run Plaza — Adams Run Shopping Center, 6190 N Front St, Philadelphia, PA 19120
