Multi-Tenant Office
For Sale
$2,300,000
6410 PALMETTO STREET, Philadelphia, PA 19111
Two occupied commercial suites include banking and adult care operations, with shared parking and rear drive-through access.
Property Size15,100 SF
Price / SF$152.32
Days on Market228
Property Features for 6410 PALMETTO STREET
General Information
Standard status
Active
Size
15,100 SF
Total Parking Spaces
75
Property subtype
Unimproved Land
Additional Details
Road Access
Yes
Sprinkler System
Yes
Office Units
2
Amenities
large signages
drive-thru
Building Details
Buildings
1
Building Size
15,100 SF
Tenancy
Multi
Abandoned
No
Listing Agency:
Keller Williams Realty - Cherry Hill
(215) 327-1722
Listed By:
Paul Cheng · License #AB068536
(215) 327-1722
Source:
Kw
Added: Jan 17
Changed: Aug 30
Last Checked: Sep 1 at 12:22AM
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 Keller Williams Realty - Cherry Hill
Investment Insights
Based on property information with market context.
The office building contains 11,629 square feet above grade plus a finished 3,471-square-foot basement. The banking suite includes entrances from Rising Sun Avenue, a lobby, waiting area, reception, teller and safe deposit vaults, private executive offices, conference rooms, restrooms, storage, and a drive-through. The adult care suite provides a separate lobby, four private offices, a conference room, kitchenette, work room, and four bathrooms. The basement adds five office rooms, two bathrooms, a kitchenette, utility areas, and storage.
Both suites are occupied, with Bank of America using 7,398 square feet and the adult care center occupying 4,231 square feet. The property includes two additional lots with 75 parking spaces shared by the occupants. Vehicle access is provided from Levick Street and Palmetto Street, while the building’s two front entrances face Rising Sun Avenue. Building improvements include a roof installed in April 2024, six rooftop HVAC units, sprinkler systems, and large front and rear signage.
Both suites are occupied, with Bank of America using 7,398 square feet and the adult care center occupying 4,231 square feet. The property includes two additional lots with 75 parking spaces shared by the occupants. Vehicle access is provided from Levick Street and Palmetto Street, while the building’s two front entrances face Rising Sun Avenue. Building improvements include a roof installed in April 2024, six rooftop HVAC units, sprinkler systems, and large front and rear signage.
Key Highlights
- 11,629 square feet plus a finished 3,471‑square‑foot basement
- Two occupied suites: Bank of America at 7,398 sf and adult care center at 4,231 square feet
- Two additional lots provide 75 shared parking spaces
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
$204,394
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
8.89%
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%
$4,087,880
$4.1M
Cap Rate 7%
$2,919,914
$2.9M
Cap Rate 9%
$2,271,044
$2.3M
Market Conditions
NOI Build-Up for 15,100 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
$289.9K $19.20/SF
− Vacancy
−$17.4K −$1.15/SF
EGI
$272.5K $18.05/SF
− OpEx
−$68.1K −$4.51/SF
NOI
$204.4K $13.54/SF
Area
ZIP 19111
Vacancy
6.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$4,087,880
Cap Rate 7%
$2,919,914
Cap Rate 9%
$2,271,044
Alternative Uses
Best Use
Office B
$3.54M
$3.09M – $4.13M
NOI $247,555 @ 7.0% cap · market cap 10.76%
Second Best
Specialty Retail
$2.92M
$2.55M – $3.41M
NOI $204,394 @ 7.0% cap · market cap 8.89%
Theoretical Best
Office A
$4.58M
$4.01M – $5.34M
NOI $320,472 @ 7.0% cap · market cap 13.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
966
Businesses Nearby
Explore this area
Business Placement
Demographics for 19111, PA
67,017
Population
27,518
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
86%
High-School Grad
4.8 sq mi
ZIP Area
13,962
Density / Sq Mi
$60,441
Median Household Income
$39,065
Median Earnings
$1,221
Median Rent
$244,000
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 building - Two occupied commercial suites include banking and adult care operations, with shared parking and rear drive-through access.
Where is this office building located?
The property is located at 6410 PALMETTO STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 11,629 square feet plus a finished 3,471‑square‑foot basement; Two occupied suites: Bank of America at 7,398 sf and adult care center at 4,231 square feet; Two additional lots provide 75 shared parking spaces
