Mixed-Use Property with
For Sale
$639,900
904 S 8th St, Philadelphia, PA 19123
Three-level building combines a vacant ground-floor office with two one-bedroom apartments.
Property Size2,700 SF
Price / SF$237
Days on Market22
Property Features for 904 S 8th St
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Residential Income
Additional Details
Floor
First Floor
Utilities to Site
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$7,370
Building Details
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
KW Empower
(215) 783-3698
Listed By:
Mario J Tropea Jr
(215) 783-3698
Source:
Exprealty
Added: Jul 23
Changed: Aug 13
Last Checked: Aug 13 at 2:28AM
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 KW Empower
Investment Insights
Based on property information with market context.
This 2,700-square-foot mixed-use property has a storefront and office component on the first floor, which is currently vacant. The upper levels provide two separate one-bedroom apartments, each with a modern bathroom and kitchen. Separate utilities serve the property.
Located at 904 S 8th St in Philadelphia’s Italian Market area, the building offers a combination of commercial and residential space within a three-level configuration. The property includes a two-family dwelling above the ground-floor office use, creating distinct spaces across the building.
Located at 904 S 8th St in Philadelphia’s Italian Market area, the building offers a combination of commercial and residential space within a three-level configuration. The property includes a two-family dwelling above the ground-floor office use, creating distinct spaces across the building.
Key Highlights
- 2,700 SF mixed‑use building at 904 S 8th St, Philadelphia, PA
- Ground‑floor storefront and office space is currently vacant
- Two one‑bedroom apartments occupy the second and third floors
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
$46,075
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
7.20%
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%
$921,500
$921.5K
Cap Rate 7%
$658,214
$658.2K
Cap Rate 9%
$511,944
$511.9K
Market Conditions
NOI Build-Up for 2,700 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
$69.7K $25.80/SF
− Vacancy
−$3.8K −$1.42/SF
EGI
$65.8K $24.38/SF
− OpEx
−$19.7K −$7.31/SF
NOI
$46.1K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$921,500
Cap Rate 7%
$658,214
Cap Rate 9%
$511,944
Alternative Uses
Best Use
Multifamily LT 5
$658.2K
$575.9K – $767.9K
NOI $46,075 @ 7.0% cap · market cap 7.20%
Second Best
Apartment 5plus
$606.7K
$530.9K – $707.8K
NOI $42,470 @ 7.0% cap · market cap 6.64%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6,626
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
Market
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level building combines a vacant ground-floor office with two one-bedroom apartments.
Where is this mixed-use property located?
The property is located at 904 S 8th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: 2,700 SF mixed‑use building at 904 S 8th St, Philadelphia, PA; Ground‑floor storefront and office space is currently vacant; Two one‑bedroom apartments occupy the second and third floors
