Three-Unit Mixed-Use
For Sale
$469,000
646 PIERCE STREET, Philadelphia, PA 19148
Three legal units include a third-floor residence with two walk-out balconies.
Property Size2,300 SF
Days on Market12
Property Features for 646 PIERCE STREET
General Information
Standard status
Active
Size
2,300 SF
Property subtype
MixedUse
Taxes and HOA fees
Annual Taxes
$4,596
Amenities
balconies
Building Details
Building Size
2,300 SF
Year Built
2004
Tenancy
Multi
Listing Agency:
Liberty Real Estate
(267) 767-7612
Listed By:
Richard Q Li · License #RM421130
(267) 767-7612
Source:
Patmckennarealtors
Added: Aug 20
Changed: Aug 30
Last Checked: Aug 30 at 9:04PM
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 Liberty Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property contains three legal units and was built in 2004. The third-floor unit includes separate front and rear balconies that provide walk-out access.
Located at 646 Pierce Street in Philadelphia, Pennsylvania, the property combines a multi-unit configuration with outdoor space associated with the upper-level unit.
Located at 646 Pierce Street in Philadelphia, Pennsylvania, the property combines a multi-unit configuration with outdoor space associated with the upper-level unit.
Key Highlights
- Three legal units
- Third‑floor unit with front and rear walk‑out balconies
- Built in 2004
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
$39,249
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
8.37%
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%
$784,980
$785.0K
Cap Rate 7%
$560,700
$560.7K
Cap Rate 9%
$436,100
$436.1K
Market Conditions
NOI Build-Up for 2,300 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
$59.3K $25.80/SF
− Vacancy
−$3.3K −$1.42/SF
EGI
$56.1K $24.38/SF
− OpEx
−$16.8K −$7.31/SF
NOI
$39.2K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$784,980
Cap Rate 7%
$560,700
Cap Rate 9%
$436,100
Alternative Uses
Best Use
Multifamily LT 5
$560.7K
$490.6K – $654.2K
NOI $39,249 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$516.8K
$452.2K – $603.0K
NOI $36,178 @ 7.0% cap · market cap 7.71%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,844
Businesses Nearby
Explore this area
Business Placement
Demographics for 19148, PA
53,976
Population
22,944
Households
2.4
Avg Household Size
36
Median Age
39%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
12,851
Density / Sq Mi
$80,469
Median Household Income
$50,067
Median Earnings
$1,492
Median Rent
$296,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three legal units include a third-floor residence with two walk-out balconies.
Where is this mixed-use property located?
The property is located at 646 PIERCE STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Three legal units; Third‑floor unit with front and rear walk‑out balconies; Built in 2004
