Office Buildings with NNN
New
For Sale
$1,200,000
9237 FRANKFORD AVENUE, Philadelphia, PA 19114
Three consecutive commercial buildings are occupied by a long-established real estate office.
Property Size5,100 SF
Price / SF$235.29
Days on Market7
Property Features for 9237 FRANKFORD AVENUE
General Information
Standard status
Active
Size
5,100 SF
Property subtype
Commercial
Zoning
CMX-2
Additional Details
Gross Income
$66,000
Highway Access
Yes
Building Details
Year Built
1935
Buildings
3
Tenancy
Single
Listing Agency:
RE/MAX Select Group
(215) 868-6379
Listed By:
Joseph McCabe · License #RM424069
(215) 868-6379
Source:
Cummingsrealtors
Added: Aug 9
Changed: Aug 15
Last Checked: Aug 15 at 7:50AM
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 RE/MAX Select Group
Investment Insights
Based on property information with market context.
This offering includes three consecutive commercial buildings at 9237, 9239, and 9241 Frankford Avenue, sold together as one package. The buildings contain approximately 5,100 square feet, along with basements and rear yards, and were constructed in 1935. CMX-2 zoning applies to the properties.
The buildings are occupied by a real estate office that has operated at the location since 1980. The tenancy is structured as a triple-net lease, with renewal scheduled for 9/2028. Under the lease arrangement, the tenant is responsible for property taxes, property insurance, trash fees, and maintenance expenses.
The properties are positioned in a Northeast Philadelphia business district near Wawa, Rite Aid, Burger King, banks, restaurants, professional offices, Holy Family University, Nazareth Academy, the Union League Golf Club at Torresdale, Northeast Philadelphia Airport, and the Linden Avenue boat ramp. Access is available to I-95, Route 1, Center City Philadelphia, and the Betsy Ross Bridge.
The buildings are occupied by a real estate office that has operated at the location since 1980. The tenancy is structured as a triple-net lease, with renewal scheduled for 9/2028. Under the lease arrangement, the tenant is responsible for property taxes, property insurance, trash fees, and maintenance expenses.
The properties are positioned in a Northeast Philadelphia business district near Wawa, Rite Aid, Burger King, banks, restaurants, professional offices, Holy Family University, Nazareth Academy, the Union League Golf Club at Torresdale, Northeast Philadelphia Airport, and the Linden Avenue boat ramp. Access is available to I-95, Route 1, Center City Philadelphia, and the Betsy Ross Bridge.
Key Highlights
- Three consecutive commercial buildings sold together at 9237, 9239, and 9241 Frankford Avenue
- Approximately 5100 square feet plus basements and rear yards
- CMX‑2 commercial zoning
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
$67,114
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
5.59%
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%
$1,342,280
$1.3M
Cap Rate 7%
$958,771
$958.8K
Cap Rate 9%
$745,711
$745.7K
Market Conditions
NOI Build-Up for 5,100 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
$112.0K $21.96/SF
− Vacancy
−$22.5K −$4.41/SF
EGI
$89.5K $17.55/SF
− OpEx
−$22.4K −$4.39/SF
NOI
$67.1K $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%
$1,342,280
Cap Rate 7%
$958,771
Cap Rate 9%
$745,711
Alternative Uses
Best Use
Office B
$958.8K
$838.9K – $1.12M
NOI $67,114 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.24M
$1.09M – $1.45M
NOI $87,031 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 19114, PA
32,645
Population
14,703
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
5.6 sq mi
ZIP Area
5,829
Density / Sq Mi
$76,076
Median Household Income
$48,257
Median Earnings
$1,369
Median Rent
$276,400
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?
Office building - Three consecutive commercial buildings are occupied by a long-established real estate office.
Where is this office building located?
The property is located at 9237 FRANKFORD 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: Three consecutive commercial buildings sold together at 9237, 9239, and 9241 Frankford Avenue; Approximately 5100 square feet plus basements and rear yards; CMX‑2 commercial zoning
