Two-Parcel Commercial Land
New
For Sale
$599,985
838-840 N 12TH ST, Philadelphia, PA 19123
Combined parcels near Center City and Broad Street with existing residential units.
Property Size1,796 SF
Price / SF$334.07
Days on Market3
Property Features for 838-840 N 12TH ST
General Information
Standard status
Active
Size
1,796 SF
Property subtype
Multi-family
Listing Agency:
Keller Williams Platinum Realty - Wyomissing
(610) 898-1441
Listed By:
steven lee sims Sr. · License #RS289603
(717) 222-1549
Source:
Imanirealtors
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 11 at 11:48AM
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 Keller Williams Platinum Realty - Wyomissing
Investment Insights
Based on property information with market context.
This commercial land offering combines two parcels measuring 15 x 58 and 18 x 55, with both parcels required to transfer together. The property encompasses 1,796 square feet and is currently configured with two residential units: one one-bedroom apartment and one two-bedroom apartment.
Located at 838-840 N 12TH ST in Philadelphia’s Spring Garden area, the property is identified as being eight blocks from Center City and near Broad Street. Its two-parcel configuration provides a combined site for consideration by builders and investors evaluating redevelopment or continued residential use.
Located at 838-840 N 12TH ST in Philadelphia’s Spring Garden area, the property is identified as being eight blocks from Center City and near Broad Street. Its two-parcel configuration provides a combined site for consideration by builders and investors evaluating redevelopment or continued residential use.
Key Highlights
- Two parcels measuring 15 x 58 and 18 x 55
- Both parcels must be sold together as a package
- 1,796‑square‑foot property in Philadelphia’s Spring Garden 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
$28,250
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
4.71%
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%
$565,000
$565.0K
Cap Rate 7%
$403,571
$403.6K
Cap Rate 9%
$313,889
$313.9K
Market Conditions
NOI Build-Up for 1,796 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
$54.5K $30.36/SF
− Vacancy
−$3.2K −$1.76/SF
EGI
$51.4K $28.60/SF
− OpEx
−$23.1K −$12.87/SF
NOI
$28.3K $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%
$565,000
Cap Rate 7%
$403,571
Cap Rate 9%
$313,889
Alternative Uses
Best Use
Apartment 5plus
$403.6K
$353.1K – $470.8K
NOI $28,250 @ 7.0% cap · market cap 4.71%
Second Best
Mixed Use
$304.8K
$266.7K – $355.6K
NOI $21,336 @ 7.0% cap · market cap 3.56%
Theoretical Best
Multifamily LT 5
$437.8K
$383.1K – $510.8K
NOI $30,649 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,978
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Commercial land - Combined parcels near Center City and Broad Street with existing residential units.
Where is this commercial land located?
The property is located at 838-840 N 12TH ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $599,985.
What are key features of this property?
This property features: Two parcels measuring 15 x 58 and 18 x 55; Both parcels must be sold together as a package; 1,796‑square‑foot property in Philadelphia’s Spring Garden area
