Corner Mixed-Use
For Sale
$1,975,000
701 Girard Avenue, Philadelphia, PA 19123
Corner mixed-use property with a 13-unit residential mix and commercial space on Girard Avenue, currently 85% complete.
Property Size8,600 SF
Price / SF$229.65
Days on Market188
Property Features for 701 Girard Avenue
General Information
Standard status
Active
Size
8,600 SF
Property subtype
Mixed Use
Zoning
CMX2
Additional Details
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$16,260
Amenities
Central Air
3
CMX2
No Parking.
36.00 x 81.00
Building Details
Year Built
1915
Listing Agency:
KW Empower
(267) 813-2985
Listed By:
Richard Cassell · License #RS330536
(267) 813-2985
Source:
Xome
Added: Feb 3
Changed: Aug 8
Last Checked: Aug 10 at 3:03AM
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.
Corner mixed-use building consisting of 1 building and 1 townhouse, currently 85% complete. The residential component includes 13 units ranging from studios through 3 bedrooms. The property also features commercial space on Girard Avenue, aligning with its mixed-use configuration.
The asset is described as being surrounded by new development in Northern Liberties and is identified with CMX2 zoning. Rental revenue is described in connection with a Section 8 rent schedule, including Group 4 rents.
This is a value-add construction opportunity with the property positioned as an expansive, double-wide development already in progress.
The asset is described as being surrounded by new development in Northern Liberties and is identified with CMX2 zoning. Rental revenue is described in connection with a Section 8 rent schedule, including Group 4 rents.
This is a value-add construction opportunity with the property positioned as an expansive, double-wide development already in progress.
Key Highlights
- Corner mixed‑use building with 13 units and commercial space on Girard Ave
- 13‑unit residential mix includes studios through 3 bedrooms
- Value‑add work is 85% complete
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
$135,274
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
6.85%
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%
$2,705,480
$2.7M
Cap Rate 7%
$1,932,486
$1.9M
Cap Rate 9%
$1,503,044
$1.5M
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
$261.1K $30.36/SF
− Vacancy
−$15.1K −$1.76/SF
EGI
$246.0K $28.60/SF
− OpEx
−$110.7K −$12.87/SF
NOI
$135.3K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$2,705,480
Cap Rate 7%
$1,932,486
Cap Rate 9%
$1,503,044
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,274 @ 7.0% cap · market cap 6.85%
Second Best
Mixed Use
$1.46M
$1.28M – $1.70M
NOI $102,168 @ 7.0% cap · market cap 5.17%
Theoretical Best
Multifamily LT 5
$2.10M
$1.83M – $2.45M
NOI $146,758 @ 7.0% cap · market cap 7.43%
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
3,111
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Corner mixed-use property with a 13-unit residential mix and commercial space on Girard Avenue, currently 85% complete.
Where is this apartment building located?
The property is located at 701 Girard Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Corner mixed‑use building with 13 units and commercial space on Girard Ave; 13‑unit residential mix includes studios through 3 bedrooms; Value‑add work is 85% complete
