13-Unit Mixed-Use
For Sale
$1,400,000
701-3 W GIRARD AVE, Philadelphia, PA 19123
Corner property combines residential units with commercial space and is 85% complete.
Property Size8,600 SF
Price / SF$162.79
Days on Market55
Property Features for 701-3 W GIRARD AVE
General Information
Standard status
Active
Size
8,600 SF
Property subtype
Multi-family
Zoning
CMX2
Additional Details
Corner Location
Yes
Multifamily Units
13
Building Details
Buildings
2
Listing Agency:
KW Empower
(267) 813-2985
Listed By:
Richard K Cassell · License #RS330536
(267) 813-2985
Source:
Lakehomesbyliz
Added: Jul 9
Changed: Aug 31
Last Checked: Aug 31 at 5:10PM
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 KW Empower
Investment Insights
Based on property information with market context.
This 8,600-square-foot mixed-use property includes one building and one townhouse with 13 residential units. The unit mix ranges from studios through three-bedroom layouts, complemented by commercial space along Girard Ave. The double-wide configuration adds scale to the existing improvements, which are approximately 85% complete.
The property occupies a corner position at 701-3 W Girard Ave in Philadelphia’s Northern Liberties, an area identified with ongoing new development. CMX2 zoning supports the property’s mixed-use classification. The combination of residential occupancy potential, commercial frontage, and partially completed improvements creates a clearly defined asset for continued completion and operation.
The property occupies a corner position at 701-3 W Girard Ave in Philadelphia’s Northern Liberties, an area identified with ongoing new development. CMX2 zoning supports the property’s mixed-use classification. The combination of residential occupancy potential, commercial frontage, and partially completed improvements creates a clearly defined asset for continued completion and operation.
Key Highlights
- 13‑unit mixed‑use property with studios through three‑bedroom layouts
- 8,600‑square‑foot double‑wide property
- One building plus one townhouse
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
$102,168
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
7.30%
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%
$2,043,360
$2.0M
Cap Rate 7%
$1,459,543
$1.5M
Cap Rate 9%
$1,135,200
$1.1M
Market Conditions
NOI Build-Up for 8,600 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
$185.8K $21.60/SF
− Vacancy
−$22.3K −$2.59/SF
EGI
$163.5K $19.01/SF
− OpEx
−$61.3K −$7.13/SF
NOI
$102.2K $11.88/SF
Area
Philadelphia, PA
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,043,360
Cap Rate 7%
$1,459,543
Cap Rate 9%
$1,135,200
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,274 @ 7.0% cap · market cap 9.66%
Second Best
Mixed Use
$1.46M
$1.28M – $1.70M
NOI $102,168 @ 7.0% cap · market cap 7.30%
Theoretical Best
Multifamily LT 5
$2.10M
$1.83M – $2.45M
NOI $146,758 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
2,070
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
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 - Corner property combines residential units with commercial space and is 85% complete.
Where is this mixed-use property located?
The property is located at 701-3 W GIRARD AVE Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 13‑unit mixed‑use property with studios through three‑bedroom layouts; 8,600‑square‑foot double‑wide property; One building plus one townhouse
