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    Property profile & analytics

    240 Girard Ave, Unit 42 Philadelphia, PA 19125-3929

    • Apartment buildings
    • 10,505 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Mar 17, 2022
    Value Estimations
    $2,595,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2683717
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 240 Girard Ave

    Year built
    1915
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.06 lot acres
    Property size
    10,505 SF
    Zone code
    CMX2
    Property type
    Apartment buildings
    APN
    88-1-8064-07
    APU
    881806407

    Description

    This exceptional Class A, 11-unit apartment building at 240 East Girard Avenue in Philadelphia, Pennsylvania, presents a compelling investment opportunity. Built in 2024, this four-story building boasts 6,900 square feet and offers a compelling price per square foot of $398.55 and a price per unit of $250,000. The property is zoned CMX2, allowing for a variety of uses. Currently in lease-up, this building benefits from strong rental demand in the vibrant Fishtown neighborhood, known for its culinary scene and thriving commercial and residential landscape. The building features desirable ground floor commercial spaces with excellent street visibility, enhancing its overall value and rental income potential. The asking price is $2,750,000, projecting a 7.32% pro forma cap rate. A significant advantage is the inclusion of a 10-year tax abatement, further enhancing the investment's attractiveness. Detailed financial information is available upon request. This property is part of a larger portfolio of three boutique mixed-use buildings in Fishtown, offering a unique opportunity for investors seeking a high-return, low-risk investment in a prime Philadelphia location. The building's location within the top 10 US MSAs adds to its long-term investment potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,755,000
      6.5%
      $2,540,000
      7%
      $2,360,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,261,000
      Market price range: $3.26M - $5.02M
      AI Estimate
      $1,987,000
      Market price range: $969k - $4.55M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1323
    Latitude
    39.9693
    CBSA code
    37980
    CBSA name
    PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $24,411
    $174,390
    $1,569,510
    $1,743,900
    -
    $174,390
    $1,569,510
    $1,743,900

    Comparable in this City

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      8,809 SF

      2418 Frankford Ave, Unit 20

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    • Value Estimation
      $3,085,000
      9,720 SF

      2036 Frankford Ave

      APARTMENT HOUSE (5+ UNITS) • 9,720 SF
      2036 Frankford Ave, Philadelphia, PA 19125-1921
      View Details
    • Value Estimation by Request

      2476 Frankford Ave

      Multifamily properties
      2476 Frankford Ave, Philadelphia, PA 19125
      View Details
    • Value Estimation
      $20,630,000
      64,960 SF

      410 Memphis St, Unit 26

      APARTMENT HOUSE (5+ UNITS) • 64,960 SF
      410 Memphis St, Philadelphia, PA 19125-2642
      View Details
    • Value Estimation
      $22,080,000
      69,521 SF

      501 Girard Ave, Unit 27

      APARTMENT HOUSE (5+ UNITS) • 69,521 SF
      501 Girard Ave, Philadelphia, PA 19125-3380
      View Details
    • Value Estimation
      $2,100,000
      10,350 SF

      2210 Frankford Ave, Unit 14

      APARTMENT HOUSE (5+ UNITS) • 10,350 SF
      2210 Frankford Ave, Philadelphia, PA 19125-2054
      View Details

    Similar Nearby for Sale

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      Multi-unit building with commercial studio and residential unit in Fishtown.
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      New construction triplex in Fishtown, ideal for investment.
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      Fishtown Mixed-Use Triplex with City Views

      Fully occupied mixed-use triplex in Fishtown with commercial and residential units.
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      Mixed-use property in prime Fishtown location with high visibility.
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    Similar Nearby for Lease

    • $1,596 /Mo

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      Spacious Apartment with Private Patio

      Three-bedroom apartment featuring a private patio and in-unit laundry.
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      East Kensington Tri-Level Apartment

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      View Details
    Request Owner's contact information
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    240 Girard Ave, Unit 42
    Philadelphia, PA 19125-3929
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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.

    More about this property
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