Prime Industrial Asset in
For Sale
$6,000,000
927-39 N Delaware Ave, Philadelphia, PA 19123
Rare industrial property in Northern Liberties/Fishtown near waterfront.
Property Size29,800 SF
Price / SF$201.34
Days on Market156
Property Features for 927-39 N Delaware Ave
General Information
Standard status
Active
Size
29,800 SF
Property subtype
Warehouse
Amenities
Rare Opportunity to Acquire a Prime Industrial Asset in the Core of Northern Liberties and Fishtown
Prime Position Adjacent to Rivers Casino and the Delaware River Waterfront
Surrounded By One of Philadelphia's Most Active and Transformative Multifamily Corridors
Immediate Proximity to Riverfront Amenities, Transit, and Dense Residential Growth
Strategically Located Minutes from Center City Philadelphia with Convenient Access to Interstate 95
Current Tenant Provides Strong In-Place Income with Exceptional Flexibility for Redevelopment or Adaptive Reuse
Building Details
Building Size
29,800 SF
Year Built
1930
Listing Agency:
Marcus & Millichap - Philadelphia
Listed By:
Brian Higgins · License #License(s): PA: RS335804
(215) 531-7093
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 16
Last Checked: Sep 5 at 3:53AM
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 Marcus & Millichap - Philadelphia
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$304,811
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
5.08%
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%
$6,096,220
$6.1M
Cap Rate 7%
$4,354,443
$4.4M
Cap Rate 9%
$3,386,789
$3.4M
Market Conditions
NOI Build-Up for 29,800 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
$389.8K $13.08/SF
− Vacancy
−$31.2K −$1.05/SF
EGI
$358.6K $12.03/SF
− OpEx
−$53.8K −$1.81/SF
NOI
$304.8K $10.23/SF
Area
Philadelphia, PA
Vacancy
8.00%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
15.00%
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%
$6,096,220
Cap Rate 7%
$4,354,443
Cap Rate 9%
$3,386,789
Alternative Uses
Best Use
Warehouse
$4.35M
$3.81M – $5.08M
NOI $304,811 @ 7.0% cap · market cap 5.08%
Second Best
Industrial
$3.13M
$2.73M – $3.65M
NOI $218,780 @ 7.0% cap · market cap 3.65%
Theoretical Best
Multifamily LT 5
$7.26M
$6.36M – $8.48M
NOI $508,534 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,521
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
Median Home Value
Market
Vacancy Rate% for Industrial in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
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.
