Mixed-Use Property With
For Sale
$8,600,000
911913 RACE STREET, Philadelphia, PA 19107
Three-level restaurant space anchors upper-floor apartments in Philadelphia’s Chinatown district.
Property Size19,054 SF
Price / SF$451.35
Days on Market16
Property Features for 911913 RACE STREET
General Information
Standard status
Active
Size
19,054 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$25,896
Amenities
3
Flat
No Parking.
Building Details
Year Built
1965
Stories
5
Listing Agency:
Canaan Realty Services INC
(267) 221-0988
Listed By:
Yuhoi Lam
(267) 221-0988
Source:
Xome
Added: Aug 9
Changed: Aug 18
Last Checked: Aug 23 at 3:48AM
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.
Located at 911–913 Race Street, this mixed-use property contains 19,054 square feet and was built in 1965. The commercial component spans three levels, with a basement kitchen, first-floor dining hall, and second-floor banquet facilities. Additional restaurant improvements include private dining areas, walk-in refrigeration, preparation areas, and service equipment.
Twelve apartments occupy the floors above the restaurant, with a mix of one- and two-bedroom layouts. Residential interiors include kitchens, bathrooms, individual living areas, and select city views. The property is positioned in Philadelphia’s Chinatown near restaurants, businesses, cultural attractions, public transportation, and Center City amenities. Exterior information identifies a flat roof and no parking.
Twelve apartments occupy the floors above the restaurant, with a mix of one- and two-bedroom layouts. Residential interiors include kitchens, bathrooms, individual living areas, and select city views. The property is positioned in Philadelphia’s Chinatown near restaurants, businesses, cultural attractions, public transportation, and Center City amenities. Exterior information identifies a flat roof and no parking.
Key Highlights
- 19,054‑square‑foot mixed‑use property at 911–913 Race Street
- Three‑level restaurant with basement kitchen, dining hall, and banquet facilities
- 12 residential apartments with one- and two‑bedroom layouts
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
Current Use
Location Intelligence
Trade Area within ½ mile
1,721
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 restaurant space anchors upper-floor apartments in Philadelphia’s Chinatown district.
Where is this mixed-use property located?
The property is located at 911913 RACE STREET 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 with basement kitchen, dining hall, and banquet facilities; 12 residential apartments with one- and two‑bedroom layouts
