Medical Office Condo
For Sale
$1,200,000
8939 Ridge Avenue, Philadelphia, PA 19128
Five connected condo units operate as one continuous medical office with front entry and rear common parking.
Property Size3,000 SF
Price / SF$400
Days on Market158
Property Features for 8939 Ridge Avenue
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multi-Family
Additional Details
Office Units
5
Taxes and HOA fees
Annual Taxes
$1,832
Amenities
Central Air
3
Ceramic Tile, Vinyl, Laminate, Carpet
Shingle
CA2
Parking.
Lot.
1.00 x 1887.00
Business Park, Asphalt, Paved Road.
Building Details
Year Built
1980
Tenancy
Multi
Listing Agency:
Keller Williams Real Estate-Blue Bell
(215) 817-0320
Listed By:
Albert LaBrusciano · License #RS149026A
(215) 817-0320
Source:
Xome
Added: Mar 21
Changed: Aug 12
Last Checked: Aug 24 at 4:26AM
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 Real Estate-Blue Bell
Investment Insights
Based on property information with market context.
This property is currently used as a medical office and consists of five total condo units that are all connected and function as one continuous building. Parking is available on site, with an entrance in front of the building and common area parking located in the rear.
The property is positioned in a well-traveled area and is described as being close to public transportation and local shops. It is currently occupied under a leased setup.
The unit offered is Unit 3 within the overall connected medical office condominium configuration.
The property is positioned in a well-traveled area and is described as being close to public transportation and local shops. It is currently occupied under a leased setup.
The unit offered is Unit 3 within the overall connected medical office condominium configuration.
Key Highlights
- 5 total condo units connected and operated as one continuous medical office with a front entry and rear common parking
- Current tenant under a triple net lease
- Central air cooling; heating system listed as "3"
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
$39,479
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
3.29%
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%
$789,580
$789.6K
Cap Rate 7%
$563,986
$564.0K
Cap Rate 9%
$438,656
$438.7K
Market Conditions
NOI Build-Up for 3,000 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
$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 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%
$789,580
Cap Rate 7%
$563,986
Cap Rate 9%
$438,656
Alternative Uses
Best Use
Office B
$564.0K
$493.5K – $658.0K
NOI $39,479 @ 7.0% cap · market cap 3.29%
Second Best
Healthcare Medical
$555.4K
$486.0K – $648.0K
NOI $38,880 @ 7.0% cap · market cap 3.24%
Theoretical Best
Multifamily LT 5
$731.4K
$639.9K – $853.3K
NOI $51,195 @ 7.0% cap · market cap 4.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Multi-tenant
Tenancy
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
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Five connected condo units operate as one continuous medical office with front entry and rear common parking.
Where is this medical office space located?
The property is located at 8939 Ridge Avenue 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: 5 total condo units connected and operated as one continuous medical office with a front entry and rear common parking; Current tenant under a triple net lease; Central air cooling; heating system listed as "3"
