Residential Income Property with Historic
New
For Sale
$379,000
1003-05 S 46TH STREET Unit 3, Philadelphia, PA 19143
Second-floor condominium blends preserved period character with updated kitchen and bath improvements.
Property Size1,250 SF
Price / SF$303.20
Days on Market5
Property Features for 1003-05 S 46TH STREET Unit 3
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,820
Building Details
Building Size
1,250 SF
Year Built
1895
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Melani Lamond · License #AB048377L
(215) 356-7266
Source:
Patmckennarealtors
Added: Sep 15
Changed: Sep 17
Last Checked: Sep 18 at 10:55AM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
This 1,250-square-foot second-floor condominium is part of a six-unit residential building constructed in 1895. The interior retains beamed ceilings, oak floors with decorative borders, and original wood trim, while the kitchen and bathroom have received recent renovations. A spacious living room opens toward a covered front porch, and the layout includes two bedrooms, an office, dining or family room, and a rear porch with fire-escape access.
The property is at 1003-05 S 46TH STREET in Philadelphia’s Cedar Park neighborhood, near the intersection of 46th Street and Springfield Avenue. Baltimore Avenue, local shops, restaurants, and bars are one block away, as are trolley lines on Baltimore and Chester Avenues. The trolley route reaches Center City in 15 minutes and serves the University of Pennsylvania, Drexel University, and the 30th St. transportation hub. The residence is within the Penn Alexander School catchment area; location does not guarantee admission.
The property is at 1003-05 S 46TH STREET in Philadelphia’s Cedar Park neighborhood, near the intersection of 46th Street and Springfield Avenue. Baltimore Avenue, local shops, restaurants, and bars are one block away, as are trolley lines on Baltimore and Chester Avenues. The trolley route reaches Center City in 15 minutes and serves the University of Pennsylvania, Drexel University, and the 30th St. transportation hub. The residence is within the Penn Alexander School catchment area; location does not guarantee admission.
Key Highlights
- 1,250‑square‑foot second‑floor condominium in a six‑unit building
- Built in 1895 with beamed ceilings, oak floors, and original woodwork
- Two bedrooms plus office, dining room, or family room
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
$12,044
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
3.18%
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%
$240,880
$240.9K
Cap Rate 7%
$172,057
$172.1K
Cap Rate 9%
$133,822
$133.8K
Market Conditions
NOI Build-Up for 1,250 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
$23.7K $18.96/SF
− Vacancy
−$1.8K −$1.44/SF
EGI
$21.9K $17.52/SF
− OpEx
−$9.9K −$7.88/SF
NOI
$12.0K $9.64/SF
Area
ZIP 19143
Vacancy
7.60%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
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%
$240,880
Cap Rate 7%
$172,057
Cap Rate 9%
$133,822
Alternative Uses
Best Use
Apartment 5plus
$172.1K
$150.6K – $200.7K
NOI $12,044 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$428.4K
$374.9K – $499.8K
NOI $29,990 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,373
Businesses Nearby
Explore this area
Business Placement
Demographics for 19143, PA
64,648
Population
31,391
Households
2.1
Avg Household Size
36
Median Age
32%
College-Educated
91%
High-School Grad
3.1 sq mi
ZIP Area
20,854
Density / Sq Mi
$47,964
Median Household Income
$38,189
Median Earnings
$1,235
Median Rent
$152,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor condominium blends preserved period character with updated kitchen and bath improvements.
Where is this residential income property located?
The property is located at 1003-05 S 46TH STREET Unit 3 Philadelphia, PA.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: 1,250‑square‑foot second‑floor condominium in a six‑unit building; Built in 1895 with beamed ceilings, oak floors, and original woodwork; Two bedrooms plus office, dining room, or family room
