Renovated Mixed-Use
For Sale
Under Contract
$2,450,000
1108 PINE Street, Philadelphia, PA 19107
Multi-Family, PHILADELPHIA, PA
Property Size4,200 SF
Lot Size0.05 Acres
Price / SF$583.33
Days on Market838
Property Features for 1108 PINE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Subdivision
WASHINGTON SQ WEST
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active Under Contract
Size
4,200 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
7872
Utilities
Heating system
Forced Air
Cooling system
Ductless, Central Air
Amenities
bamboo and tile flooring
modern fire/security systems
Building Details
Year built
1968
Number of units
4
Building materials
Masonry
Listing Agency:
United Real Estate
(484) 367-7727
Listed By:
Michael A. Kelczewski
(302) 383-1983
Added: May 17, 2024
Changed: Aug 19
Last Checked: Sep 1 at 12:06PM
MLS# PAPH2356374
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This masonry mixed-use building contains more than 4,200 square feet, including approximately 2,500+ square feet of ground-floor commercial area configured as an art gallery. CMX1 zoning supports potential retail, studio, or professional office uses. The upper levels include four renovated one-bedroom, one-bathroom apartments, each separately metered and equipped with newer HVAC systems installed in 2022. Bamboo and tile flooring, updated layouts, and modern fire and security systems are also included.
The property overlooks Kahn Park in Washington Square West's Antique Row at 1108 Pine Street. Seger Park, Whole Foods, Tria, Mixto, Bleu Sushi, and SEPTA transit are identified nearby, placing the building within a walkable Center City setting. Tax abatement approval is in place, and the property includes forced-air heating, ductless and central air conditioning, and on-street parking.
The property overlooks Kahn Park in Washington Square West's Antique Row at 1108 Pine Street. Seger Park, Whole Foods, Tria, Mixto, Bleu Sushi, and SEPTA transit are identified nearby, placing the building within a walkable Center City setting. Tax abatement approval is in place, and the property includes forced-air heating, ductless and central air conditioning, and on-street parking.
Key Highlights
- 2,500+ sq ft of ground‑level commercial space configured as an art gallery
- Four one‑bedroom, one‑bathroom apartments, each separately metered
- Building size exceeds 4,200 sq ft
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
$71,673
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
2.93%
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%
$1,433,460
$1.4M
Cap Rate 7%
$1,023,900
$1.0M
Cap Rate 9%
$796,367
$796.4K
Market Conditions
NOI Build-Up for 4,200 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
$108.4K $25.80/SF
− Vacancy
−$6.0K −$1.42/SF
EGI
$102.4K $24.38/SF
− OpEx
−$30.7K −$7.31/SF
NOI
$71.7K $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%
$1,433,460
Cap Rate 7%
$1,023,900
Cap Rate 9%
$796,367
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$895.9K – $1.19M
NOI $71,673 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$943.8K
$825.8K – $1.10M
NOI $66,064 @ 7.0% cap · market cap 2.70%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
23,668
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 Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - CMX1-zoned building combines adaptable commercial space with four separately metered apartments near Kahn Park.
Where is this mixed-use property located?
The property is located at 1108 PINE Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 2,500+ sq ft of ground‑level commercial space configured as an art gallery; Four one‑bedroom, one‑bathroom apartments, each separately metered; Building size exceeds 4,200 sq ft
