Philadelphia Industrial Building For
For Sale
Contact for pricing
1901 W Courtland St, Philadelphia, PA 19140
16,000 SF industrial building with 22 tenant spaces.
Property Size16,000 SF
Price / SF$86.56
Days on Market838
Property Features for 1901 W Courtland St
General Information
Standard status
Active
Size
16,000 SF
Property subtype
Industrial
Occupancy
100%
Lease Type
Gross
Investment Type
Stabilized
Net Operating Income
$156,611
Building Details
Stories
1
Tenancy
Multi
Listing Agency:
Delphi Property Group LLC
Listed By:
Jamie Weiner · License #RM422933
(215) 627-7300
Source:
Crexi
Added: May 21, 2024
Changed: Aug 14
Last Checked: Sep 5 at 1:36AM
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 Delphi Property Group LLC
Investment Insights
Based on property information with market context.
This 16,000 square foot industrial building is located in Philadelphia, PA. The building has been partitioned into 22 tenant spaces ranging in size from 400 to 1,000 square feet. Partitions were created with wood wall and metal gates, and the building, as well as each unit, is accessible via keyless entry. Since its acquisition in 2022, approximately $80,000 has been invested in renovations to improve the property. The building is fully leased, and the ownership has developed proprietary management software that allows prospective tenants to view vacant units and sign agreements without meeting a representative of the ownership onsite. Tenants sign electronic documents similar to typical self-storage contracts and can terminate their agreements at any time. Billing is every four weeks instead of monthly, therefore there are 13 billing periods instead of 12. Tenants are comprised of a mix of light industrial businesses including car detailing, car wrapping, tire recycling, tool storage, and cabinet makers.
Key Highlights
- Fully leased industrial building with 22 tenant spaces.
- Approximately 16,000 square feet of building space on a 17,460 square foot property.
- Keyless entry to the building and individual units.
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
$117,466
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
8.48%
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%
$2,349,320
$2.3M
Cap Rate 7%
$1,678,086
$1.7M
Cap Rate 9%
$1,305,178
$1.3M
Market Conditions
NOI Build-Up for 16,000 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
$182.4K $11.40/SF
− Vacancy
−$14.6K −$0.91/SF
EGI
$167.8K $10.49/SF
− OpEx
−$50.3K −$3.15/SF
NOI
$117.5K $7.34/SF
Area
Philadelphia, PA
Vacancy
8.00%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,349,320
Cap Rate 7%
$1,678,086
Cap Rate 9%
$1,305,178
Alternative Uses
Best Use
Flex RnD
$2.41M
$2.11M – $2.81M
NOI $168,480 @ 7.0% cap · market cap 12.16%
Second Best
Industrial
$1.68M
$1.47M – $1.96M
NOI $117,466 @ 7.0% cap · market cap 8.48%
Theoretical Best
Multifamily LT 5
$3.90M
$3.41M – $4.55M
NOI $273,038 @ 7.0% cap · market cap 19.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,392
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19140, PA
52,124
Population
23,104
Households
2.3
Avg Household Size
36
Median Age
9%
College-Educated
73%
High-School Grad
3.2 sq mi
ZIP Area
16,289
Density / Sq Mi
$33,149
Median Household Income
$31,508
Median Earnings
$1,085
Median Rent
$101,100
Median Home Value
Market
Vacancy Rate% for Industrial in Philadelphia, PA
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Frequently Asked Questions
What type of property is this?
Flex space - 16,000 SF industrial building with 22 tenant spaces.
Where is this flex space located?
The property is located at 1901 W Courtland St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: Fully leased industrial building with 22 tenant spaces.; Approximately 16,000 square feet of building space on a 17,460 square foot property.; Keyless entry to the building and individual units.
