Mixed-Use Restaurant and
For Sale
$1,800,000
809 N 2nd St, Philadelphia, PA 19123
First-floor restaurant built in 2021 can be delivered vacant; second-floor 3 bed/2 bath apartment renovated 2020–2021.
Property Size4,350 SF
Price / SF$413.79
Days on Market48
Property Features for 809 N 2nd St
General Information
Standard status
Active
Size
4,350 SF
Building Details
Year Built
2005
Listing Agency:
Geis Realty Group, Inc.
Listed By:
James E Eaton Jr. · License #RM422218
(610) 975-4269
Source:
Kandorre
Added: Jul 21
Changed: Aug 15
Last Checked: Sep 5 at 11:54AM
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 Geis Realty Group, Inc.
Investment Insights
Based on property information with market context.
This mixed-use property offers a first-floor restaurant space built in 2021. The restaurant can be delivered vacant upon settlement, providing flexibility for an investor or owner-occupant.
A second-floor residential apartment is configured as a 3-bedroom, 2-bath unit. The apartment was renovated during 2020–2021 and has been leased by the same tenant for the past three years.
Located at 809 N 2nd St in Philadelphia’s Norther Liberties, the building is set up to combine active restaurant income potential with ongoing residential tenancy.
A second-floor residential apartment is configured as a 3-bedroom, 2-bath unit. The apartment was renovated during 2020–2021 and has been leased by the same tenant for the past three years.
Located at 809 N 2nd St in Philadelphia’s Norther Liberties, the building is set up to combine active restaurant income potential with ongoing residential tenancy.
Key Highlights
- Year built 2005 building with first‑floor restaurant and second‑floor apartment
- First‑floor restaurant built in 2021 can be delivered vacant upon settlement
- Second‑floor apartment offers 3 bedrooms and 2 bathrooms
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
$68,423
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
3.80%
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%
$1,368,460
$1.4M
Cap Rate 7%
$977,471
$977.5K
Cap Rate 9%
$760,256
$760.3K
Market Conditions
NOI Build-Up for 4,350 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
$132.1K $30.36/SF
− Vacancy
−$7.7K −$1.76/SF
EGI
$124.4K $28.60/SF
− OpEx
−$56.0K −$12.87/SF
NOI
$68.4K $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%
$1,368,460
Cap Rate 7%
$977,471
Cap Rate 9%
$760,256
Alternative Uses
Best Use
Apartment 5plus
$977.5K
$855.3K – $1.14M
NOI $68,423 @ 7.0% cap · market cap 3.80%
Second Best
Specialty Retail
$900.5K
$787.9K – $1.05M
NOI $63,032 @ 7.0% cap · market cap 3.50%
Theoretical Best
Multifamily LT 5
$1.06M
$927.9K – $1.24M
NOI $74,232 @ 7.0% cap · market cap 4.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,201
Businesses Nearby
129k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 34%
Shops & Services 33%
Dining 23%
Groceries 5%
Target
Superstores
43,947 visits/mo
0.5 miles
McDonald's
Dining
23,463 visits/mo
0.5 miles
Lukoil
Shops & Services
22,388 visits/mo
0.2 miles
Fine Wine & Good Spirits
Groceries
6,966 visits/mo
0.5 miles
Dunkin' Donuts
Dining
6,253 visits/mo
0.2 miles
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 Retail in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - First-floor restaurant built in 2021 can be delivered vacant; second-floor 3 bed/2 bath apartment renovated 2020–2021.
Where is this conventional restaurant located?
The property is located at 809 N 2nd St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Year built 2005 building with first‑floor restaurant and second‑floor apartment; First‑floor restaurant built in 2021 can be delivered vacant upon settlement; Second‑floor apartment offers 3 bedrooms and 2 bathrooms
