Renovated Mixed-Use
New
For Sale
$525,000
743 N 44TH STREET, Philadelphia, PA 19104
First-floor commercial space is paired with two upper-level apartments and on-site parking.
Property Size2,848 SF
Price / SF$184.34
Days on Market4
Property Features for 743 N 44TH STREET
General Information
Standard status
Active
Size
2,848 SF
Property subtype
Triplex
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Floor
1
Gross Income
$48,240
Building Details
Year Built
1925
Buildings
1
Abandoned
No
Listing Agency:
Legal Real Estate LLC
(215) 965-9700
Listed By:
Katherine Mejia · License #Rss337013
(267) 269-9086
Source:
Cummingsrealtors
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 21 at 7:03AM
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 Legal Real Estate LLC
Investment Insights
Based on property information with market context.
Located at 743 N 44TH STREET in Philadelphia, this 2,848-square-foot mixed-use building combines a first-floor office or business area with two apartments above. The property was renovated down to the studs and includes a wheelchair ramp, a garage currently used for storage, and a finished basement serving the commercial space. On-site parking is also provided.
Built in 1925, the legally zoned commercial property is fully occupied, with tenants responsible for all utilities. College campuses and Lancaster Avenue are nearby, while shopping and grocery stores are within walking distance. Center City is less than a 10-minute drive away, and nearby transportation supports access to the surrounding area.
Built in 1925, the legally zoned commercial property is fully occupied, with tenants responsible for all utilities. College campuses and Lancaster Avenue are nearby, while shopping and grocery stores are within walking distance. Center City is less than a 10-minute drive away, and nearby transportation supports access to the surrounding area.
Key Highlights
- 2,848 SF mixed‑use building with first‑floor commercial space and two upstairs apartments
- Renovated down to the studs; built in 1925
- Wheelchair ramp serves the first‑floor commercial area
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
$44,798
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
8.53%
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%
$895,960
$896.0K
Cap Rate 7%
$639,971
$640.0K
Cap Rate 9%
$497,756
$497.8K
Market Conditions
NOI Build-Up for 2,848 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
$86.5K $30.36/SF
− Vacancy
−$5.0K −$1.76/SF
EGI
$81.5K $28.60/SF
− OpEx
−$36.7K −$12.87/SF
NOI
$44.8K $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%
$895,960
Cap Rate 7%
$639,971
Cap Rate 9%
$497,756
Alternative Uses
Best Use
Multifamily LT 5
$694.3K
$607.5K – $810.0K
NOI $48,601 @ 7.0% cap · market cap 9.26%
Second Best
Apartment 5plus
$640.0K
$560.0K – $746.6K
NOI $44,798 @ 7.0% cap · market cap 8.53%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,564
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - First-floor commercial space is paired with two upper-level apartments and on-site parking.
Where is this mixed-use property located?
The property is located at 743 N 44TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,848 SF mixed‑use building with first‑floor commercial space and two upstairs apartments; Renovated down to the studs; built in 1925; Wheelchair ramp serves the first‑floor commercial area
