Building Details

Building Size 3,000 SF

Year Built 1980

Stories 1

Listing Agency: Keller Williams Real Estate-Blue Bell Show Phone

Listed By: Albert F LaBrusciano · License #RS149026A Show Phone

Source: Kempandassociatesre

Added: Oct 26 Changed: Oct 28 Last Checked: Oct 28 at 2:45PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

Configured as a medical office, the property combines 5 condominium units into one connected building. The building dates to 1980, and its zoning designation is CA2. A front entrance serves the space, with a parking lot in the shared rear area.

The property is near public transportation and local shops. The current tenant occupies the space under a triple-net lease.

Key Highlights

• Five condominium units connected as one medical office building
• Current tenant under a triple‑net lease
• 1980 construction

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,479

Cap Rate

3.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$789,580 $789.6K

Cap Rate 7%

$563,986 $564.0K

Cap Rate 9%

$438,656 $438.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,000 SF

Gross rent

$65.9K $21.96/SF

− Vacancy

−$13.2K −$4.41/SF

EGI

$52.6K $17.55/SF

− OpEx

−$13.2K −$4.39/SF

NOI

$39.5K $13.16/SF

Area

Philadelphia, PA

Vacancy

20.10%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$789,580

Cap Rate 7%

$563,986

Cap Rate 9%

$438,656

Alternative Uses

Best Use

Office B

$564.0K

$493.5K – $658.0K (±1% cap)

NOI $39,479 @ 7.0% cap · market cap 3.29%

Second Best

Healthcare Medical

$555.4K

$486.0K – $648.0K (±1% cap)

NOI $38,880 @ 7.0% cap · market cap 3.24%

Theoretical Best

Multifamily LT 5

$731.4K

$639.9K – $853.3K (±1% cap)

NOI $51,195 @ 7.0% cap · market cap 4.27%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Hair Salon Law Firm Auto Repair Shop HVAC Service Nail Salon Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

271

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 19128, PA

36,808

Population

19,006

Households

1.9

Avg Household Size

36

Median Age

55%

College-Educated

95%

High-School Grad

7.0 sq mi

ZIP Area

5,258

Density / Sq Mi

$89,639

Median Household Income

$64,861

Median Earnings

$1,563

Median Rent

$330,800

Median Home Value

Market

Vacancy Rate% for Office in Philadelphia, PA

14.2% 2019

14.1% 2020

16.2% 2021

19% 2022

20.5% 2023

19.6% 2024

19.7% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - The current occupant holds the space under a triple-net lease.

Where is this medical office space located?

The property is located at 8939-45 Ridge Avenue # 3 Philadelphia, PA.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: Five condominium units connected as one medical office building; Current tenant under a triple‑net lease; 1980 construction