Tenant-Occupied Auto Mechanic
For Sale
Contact for pricing
2400 W Hunting Park Ave, Philadelphia, PA 19129
Tenant-occupied auto mechanic garage with redevelopment potential.
Property Size1,791 SF
Price / SF$181.46
Days on Market890
Property Features for 2400 W Hunting Park Ave
General Information
Standard status
Active
Size
1,791 SF
Class
C
Total Parking Spaces
25
Property subtype
Industrial, Land, Mixed Use, Special Purpose
Zoning
CMX2
Occupancy
100%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$42,000
Building Details
Year Built
1940
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Keller Williams Philly
Listed By:
Rich Cassell · License #PA RS330536
(609) 217-1577
Source:
Crexi
Added: Apr 1, 2024
Changed: Sep 4
Last Checked: Sep 6 at 7:32PM
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 Philly
Investment Insights
Based on property information with market context.
This property presents an opportunity to own a tenant-occupied auto mechanic garage with a 30-year tenancy. The property is located in a high-traffic area, directly across the street from a major development by a pharmaceutical company. Based on the lot size, the property has the potential to build 6 units by right. The property size is 1791 square feet and is located in Philadelphia, PA.
Key Highlights
- Opportunity to acquire a tenant‑occupied auto mechanic garage in a high‑traffic location.
- Potential for immediate rent reset with a new lease agreement.
- Development potential: Build 6 units by right.
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
$20,242
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
6.23%
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%
$404,840
$404.8K
Cap Rate 7%
$289,171
$289.2K
Cap Rate 9%
$224,911
$224.9K
Market Conditions
NOI Build-Up for 1,791 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
$32.2K $18.00/SF
− Vacancy
−$3.3K −$1.85/SF
EGI
$28.9K $16.15/SF
− OpEx
−$8.7K −$4.84/SF
NOI
$20.2K $11.30/SF
Area
Philadelphia, PA
Vacancy
10.30%
Lease Rate
$18.00 /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%
$404,840
Cap Rate 7%
$289,171
Cap Rate 9%
$224,911
Alternative Uses
Best Use
Retail
$289.2K
$253.0K – $337.4K
NOI $20,242 @ 7.0% cap · market cap 6.23%
Second Best
Industrial
$187.8K
$164.4K – $219.2K
NOI $13,149 @ 7.0% cap · market cap 4.05%
Theoretical Best
Multifamily LT 5
$436.6K
$382.0K – $509.4K
NOI $30,563 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
985
Businesses Nearby
284k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 34%
Dining 33%
Shops & Services 24%
Apparel 7%
ShopRite
Groceries
69,316 visits/mo
0.3 miles
Five Below
Shops & Services
28,323 visits/mo
0.3 miles
Wendy's
Dining
27,359 visits/mo
0.4 miles
Ross Dress for Less
Apparel
17,264 visits/mo
0.3 miles
Restaurant Depot
Groceries
16,525 visits/mo
0.4 miles
Demographics for 19129, PA
11,437
Population
6,228
Households
1.8
Avg Household Size
35
Median Age
60%
College-Educated
96%
High-School Grad
2.1 sq mi
ZIP Area
5,446
Density / Sq Mi
$77,225
Median Household Income
$58,576
Median Earnings
$1,471
Median Rent
$297,400
Median Home Value
Market
Vacancy Rate% for Retail in Philadelphia, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Tenant-occupied auto mechanic garage with redevelopment potential.
Where is this auto shop located?
The property is located at 2400 W Hunting Park Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Opportunity to acquire a tenant‑occupied auto mechanic garage in a high‑traffic location.; Potential for immediate rent reset with a new lease agreement.; Development potential: Build 6 units by right.
