Renovated
For Sale
$1,200,000
1108 Locust St, Philadelphia, PA 19107
Three occupied apartments feature updated interiors, private laundry, central HVAC, and individually metered utilities.
Property Size2,380 SF
Price / SF$504.20
Days on Market47
Property Features for 1108 Locust St
General Information
Standard status
Active
Size
2,380 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$10,820
Listing Agency:
EXP Realty, LLC
(215) 490-2992
Listed By:
Anna DePalma
(215) 490-2992
Source:
Exprealty
Added: Jul 15
Changed: Aug 26
Last Checked: Aug 29 at 11:44AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This three-unit residential income property includes one apartment on each of the first three floors. The first-floor residence extends across two levels with a partially finished basement, one bedroom, one and one-half baths, and a flexible bonus room. The upper apartments each offer one bedroom and one bath, with walk-in closets; one includes a contemporary kitchen with a center island. All three apartments have in-unit washers and dryers. Central air conditioning and heating serve the property, while separate gas and electric meters and individual water heaters support each apartment. The common hallway has been renovated, and the property is fully occupied.
The building is located at 1108 Locust Street in Philadelphia’s Washington Square West neighborhood. Cafés, restaurants, boutiques, Pennsylvania Hospital, Jefferson University Hospital, PATCO, the Broad Street Line, Regional Rail, and multiple bus routes are all identified as nearby destinations or transportation options.
The building is located at 1108 Locust Street in Philadelphia’s Washington Square West neighborhood. Cafés, restaurants, boutiques, Pennsylvania Hospital, Jefferson University Hospital, PATCO, the Broad Street Line, Regional Rail, and multiple bus routes are all identified as nearby destinations or transportation options.
Key Highlights
- Three‑apartment property with all units currently occupied
- First‑floor bi‑level apartment includes a partially finished basement and bonus room
- Each apartment has an in‑unit washer and dryer
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
$40,614
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
3.38%
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%
$812,280
$812.3K
Cap Rate 7%
$580,200
$580.2K
Cap Rate 9%
$451,267
$451.3K
Market Conditions
NOI Build-Up for 2,380 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
$61.4K $25.80/SF
− Vacancy
−$3.4K −$1.42/SF
EGI
$58.0K $24.38/SF
− OpEx
−$17.4K −$7.31/SF
NOI
$40.6K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /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%
$812,280
Cap Rate 7%
$580,200
Cap Rate 9%
$451,267
Alternative Uses
Best Use
Multifamily LT 5
$580.2K
$507.7K – $676.9K
NOI $40,614 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$534.8K
$468.0K – $623.9K
NOI $37,436 @ 7.0% cap · market cap 3.12%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
25,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 19107, PA
17,600
Population
10,239
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
92%
High-School Grad
0.5 sq mi
ZIP Area
35,200
Density / Sq Mi
$70,382
Median Household Income
$57,694
Median Earnings
$1,691
Median Rent
$452,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three occupied apartments feature updated interiors, private laundry, central HVAC, and individually metered utilities.
Where is this triplex located?
The property is located at 1108 Locust St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑apartment property with all units currently occupied; First‑floor bi‑level apartment includes a partially finished basement and bonus room; Each apartment has an in‑unit washer and dryer
