Mixed-Use Property with
For Sale
$8,600,000
911 911-913 Race St, Philadelphia, PA 19107
Three-level dining and banquet operation occupies the commercial portion, with apartments arranged on the upper floors.
Property Size19,054 SF
Price / SF$451.35
Days on Market11
Property Features for 911 911-913 Race St
General Information
Standard status
Active
Size
19,054 SF
Additional Details
Gross Income
$356,400
Public Transit
Yes
Multifamily Units
12
Building Details
Year Built
1965
Listing Agency:
Canaan Realty Services INC
Listed By:
Yuhoi Lam
(215) 333-1826
Source:
Upgradebymichaud
Added: Aug 24
Changed: Aug 31
Last Checked: Sep 1 at 9:34PM
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 Canaan Realty Services INC
Investment Insights
Based on property information with market context.
This mixed-use property at 911–913 Race Street combines a three-level restaurant operation with 12 residential apartments. The commercial component includes a basement kitchen, first-floor dining hall, and second-floor banquet facilities, along with private dining areas, walk-in refrigeration, preparation areas, and service equipment. The property contains 19,054 square feet and was built in 1965.
The apartments include one- and two-bedroom layouts with kitchens, bathrooms, and individual living areas. Select residences offer city views. The property is situated in Philadelphia’s Chinatown, near restaurants, businesses, cultural attractions, public transportation, and Center City amenities.
The apartments include one- and two-bedroom layouts with kitchens, bathrooms, and individual living areas. Select residences offer city views. The property is situated in Philadelphia’s Chinatown, near restaurants, businesses, cultural attractions, public transportation, and Center City amenities.
Key Highlights
- 19,054‑square‑foot mixed‑use property at 911–913 Race Street
- Three‑level restaurant operation with basement kitchen, dining hall, and banquet facilities
- 12 residential apartments above the commercial space
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
$299,710
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
3.49%
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%
$5,994,200
$6.0M
Cap Rate 7%
$4,281,571
$4.3M
Cap Rate 9%
$3,330,111
$3.3M
Market Conditions
NOI Build-Up for 19,054 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
$578.5K $30.36/SF
− Vacancy
−$33.6K −$1.76/SF
EGI
$544.9K $28.60/SF
− OpEx
−$245.2K −$12.87/SF
NOI
$299.7K $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%
$5,994,200
Cap Rate 7%
$4,281,571
Cap Rate 9%
$3,330,111
Alternative Uses
Best Use
Apartment 5plus
$4.28M
$3.75M – $5.00M
NOI $299,710 @ 7.0% cap · market cap 3.49%
Second Best
Specialty Retail
$3.94M
$3.45M – $4.60M
NOI $276,092 @ 7.0% cap · market cap 3.21%
Theoretical Best
Multifamily LT 5
$4.65M
$4.06M – $5.42M
NOI $325,154 @ 7.0% cap · market cap 3.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
15,819
Businesses Nearby
Explore this area
Business Placement
Demographics for 19107, PA
17,600
Population
10,239
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
92%
High-School Grad
0.5 sq mi
ZIP Area
35,200
Density / Sq Mi
$70,382
Median Household Income
$57,694
Median Earnings
$1,691
Median Rent
$452,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level dining and banquet operation occupies the commercial portion, with apartments arranged on the upper floors.
Where is this mixed-use property located?
The property is located at 911 911-913 Race St Philadelphia, PA.
What is the asking price?
The asking price for this property is $8,600,000.
What are key features of this property?
This property features: 19,054‑square‑foot mixed‑use property at 911–913 Race Street; Three‑level restaurant operation with basement kitchen, dining hall, and banquet facilities; 12 residential apartments above the commercial space
