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    Prime Industrial Asset in Philadelphia Title is generated by Realmo AI

    927-39 N Delaware Ave, Philadelphia, PA 19123

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    Claim this Listing
    For Sale
    $6,000,000

    Rare industrial property in Northern Liberties/Fishtown near waterfront.

    Type:Warehouse
    Property size:
    29,800 SF
    Price / SF:
    $201/SF
    Added:
    Apr 3, 2026
    Days on Market:
    66
    Last Refresh:
    Apr 3 at 5:36 am

    Property Features for 927-39 N Delaware Ave

    General Information

    Standard status
    Active
    Size
    29,800 SF
    Property subtype
    Warehouse

    Building Details

    Year Built
    1930

    We can help!

    Listing Contact
    Brian Higgins

    Listing agent Brian Higgins License #PA: RS335804

    Listing office Philadelphia Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 Philadelphia Office

    HighLights

    • Prime industrial asset in the core of Northern Liberties/Fishtown, adjacent to Rivers Casino and the Delaware River waterfront.
    • Strong in‑place income from existing tenant (ROAR Nightclub) with flexibility for redevelopment or adaptive reuse.
    • Surrounded by a transformative multifamily corridor and minutes from Center City Philadelphia.
    • Convenient access to Interstate 95 for seamless north‑south connectivity.
    • Opportunity to extend existing tenancy for stable cash flow while awaiting market rebound.
    • Proximity to riverfront amenities, transit, and dense residential growth.

    Overview

    Located at 927 North Delaware Avenue in Philadelphia, Pennsylvania, this investment property presents a rare opportunity to acquire a prime industrial asset in the core of Northern Liberties/Fishtown. The property is situated directly adjacent to Rivers Casino and the Delaware River waterfront, surrounded by a transformative multifamily corridor. Its location provides convenient access to Interstate 95 and is just minutes from Center City Philadelphia, offering immediate access to employment, dining, and cultural hubs. The property is currently occupied by ROAR Nightclub, generating income while allowing flexibility for redevelopment or adaptive reuse. Given its proximity to riverfront amenities, transit, and residential growth, the site is positioned to capitalize on demographic and urban expansion trends. The property encompasses 29,800 square feet and offers potential for investors to extend the existing tenancy, creating a cash-flowing hold while awaiting a rebound in the multifamily market.

    Local Financial Insights For Warehouse

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $389.8k $13.08
    − Vacancy −$31.2k −$1.05
    EGI $358.6k $12.03
    − OpEx −$53.8k −$1.81
    NOI $304.8k $10.23
    29,800 SF · lease $13.08/SF/yr · vacancy 8.00% · expense 15.00%

    Alternative Uses

    Best Use
    Warehouse
    $4.35M
    $3.81M – $5.08M (±1% cap)
    NOI $304,811 @ 7.0% cap · market cap 5.08%
    Second Best
    Industrial
    $3.13M
    $2.73M – $3.65M (±1% cap)
    NOI $218,780 @ 7.0% cap · market cap 3.65%
    Theoretical Best
    Multifamily LT 5
    $7.26M
    $6.36M – $8.48M (±1% cap)
    NOI $508,534 @ 7.0% cap · market cap 8.48%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

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    • Stasher Luggage Storage — 164 N 3rd St, Philadelphia, PA 19106
    • CubeSmart Self Storage — 501 Callowhill St, Philadelphia, PA 19123
    • CubeSmart Self Storage — 456 N Christopher Columbus Blvd, Philadelphia, PA 19123

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.135212
    Latitude
    39.9630308

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    FAQs

    What type of property is this?
    Warehouse - Rare industrial property in Northern Liberties/Fishtown near waterfront.
    Where is this warehouse located?
    The property is located at 927-39 N Delaware Ave Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $6,000,000.
    What are key features of this property?
    This property features: Prime industrial asset in the core of Northern Liberties/Fishtown, adjacent to Rivers Casino and the Delaware River waterfront.; Strong in‑place income from existing tenant (ROAR Nightclub) with flexibility for redevelopment or adaptive reuse.; Surrounded by a transformative multifamily corridor and minutes from Center City Philadelphia.
    (215) 531-7093
    We can help!
    Listing Contact
    Brian Higgins
    Real Estate License ID: PA: RS335804
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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