Top-Floor Residential Income
For Sale
$400,000
102-22 CHURCH STREET Unit 501, Philadelphia, PA 19106
Two-bedroom, two-bath residence with updated kitchen and access to two rooftop decks in an elevator building.
Property Size949 SF
Days on Market12
Property Features for 102-22 CHURCH STREET Unit 501
General Information
Standard status
Active
Size
949 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$4,647
Building Details
Building Size
949 SF
Year Built
1880
Listing Agency:
Keller Williams Real Estate - Media
(858) 449-1569
Listed By:
Stephen Paul Stout · License #RS340114
(858) 449-1569
Source:
Patmckennarealtors
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 30 at 9:50PM
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 Keller Williams Real Estate - Media
Investment Insights
Based on property information with market context.
This top-floor residential income property is configured with two bedrooms and two full bathrooms, including a primary suite with a private bathroom. The interior includes an updated kitchen with stainless steel appliances and subway tile backsplash. Located in an elevator building, the residence also provides nearly private access to two separate rooftop decks for outdoor use and city views. The building dates to 1880.
The property is at 102-22 Church Street in Philadelphia’s Historic Old City, on a cobblestone street within walking distance of Penn’s Landing. Restaurants, cafes, galleries, historic landmarks, shopping, nightlife, and other city attractions are also nearby. The Park at Penn’s Landing and I-95 cap project is planned to add pedestrian connections, green space, and park amenities along the waterfront.
The property is at 102-22 Church Street in Philadelphia’s Historic Old City, on a cobblestone street within walking distance of Penn’s Landing. Restaurants, cafes, galleries, historic landmarks, shopping, nightlife, and other city attractions are also nearby. The Park at Penn’s Landing and I-95 cap project is planned to add pedestrian connections, green space, and park amenities along the waterfront.
Key Highlights
- Top‑floor residence in an elevator building
- Two bedrooms and two full bathrooms
- Primary bedroom includes an en‑suite bath
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
$14,927
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
3.73%
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%
$298,540
$298.5K
Cap Rate 7%
$213,243
$213.2K
Cap Rate 9%
$165,856
$165.9K
Market Conditions
NOI Build-Up for 949 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
$28.8K $30.36/SF
− Vacancy
−$1.7K −$1.76/SF
EGI
$27.1K $28.60/SF
− OpEx
−$12.2K −$12.87/SF
NOI
$14.9K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /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%
$298,540
Cap Rate 7%
$213,243
Cap Rate 9%
$165,856
Alternative Uses
Best Use
Apartment 5plus
$213.2K
$186.6K – $248.8K
NOI $14,927 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$231.4K
$202.4K – $269.9K
NOI $16,195 @ 7.0% cap · market cap 4.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,887
Businesses Nearby
Explore this area
Business Placement
Demographics for 19106, PA
15,190
Population
9,913
Households
1.5
Avg Household Size
39
Median Age
80%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
16,878
Density / Sq Mi
$129,779
Median Household Income
$93,953
Median Earnings
$2,219
Median Rent
$528,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom, two-bath residence with updated kitchen and access to two rooftop decks in an elevator building.
Where is this residential income property located?
The property is located at 102-22 CHURCH STREET Unit 501 Philadelphia, PA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Top‑floor residence in an elevator building; Two bedrooms and two full bathrooms; Primary bedroom includes an en‑suite bath
