Bi-Level Loft Residential Income
For Sale
$524,900
1203 N 3RD N Unit 202, Philadelphia, PA 19122
Flexible loft residence with secure indoor parking, exposed structural details, and a recently installed HVAC system.
Property Size1,374 SF
Days on Market22
Property Features for 1203 N 3RD N Unit 202
General Information
Standard status
Active
Size
1,374 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$5,635
Building Details
Building Size
1,374 SF
Year Built
1900
Listing Agency:
Space & Company
Listed By:
Clark Fennimore · License #RS331876
(215) 625-3650
Source:
Patmckennarealtors
Added: Aug 15
Changed: Aug 28
Last Checked: Sep 5 at 7:06AM
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 Space & Company
Investment Insights
Based on property information with market context.
This bi-level residential income property offers two bedrooms, two full bathrooms, and an open loft den or flex area. The interior combines polished concrete and wood flooring with exposed brick, structural steel beams, and ceilings exceeding 15 feet. Oversized windows bring natural light into the living areas, while the kitchen includes granite counters, stainless steel appliances, and gas cooking. The primary bathroom features a spa shower and deep soaking tub; the second bathroom has a tiled stall shower. A stackable washer and dryer is also included.
The residence comes with assigned indoor parking in a secured attached garage, along with additional storage space. The HVAC system was installed in July 2024. Located at 1203 N 3RD N Unit: 202 in Philadelphia, the property is within walking distance of Fishtown and Northern Liberties.
The residence comes with assigned indoor parking in a secured attached garage, along with additional storage space. The HVAC system was installed in July 2024. Located at 1203 N 3RD N Unit: 202 in Philadelphia, the property is within walking distance of Fishtown and Northern Liberties.
Key Highlights
- Two‑bedroom, two‑bathroom bi‑level loft with an open den or flex area
- Ceilings over 15 feet with exposed brick and structural steel beams
- Polished concrete and wood flooring throughout the interior
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
$21,612
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
4.12%
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%
$432,240
$432.2K
Cap Rate 7%
$308,743
$308.7K
Cap Rate 9%
$240,133
$240.1K
Market Conditions
NOI Build-Up for 1,374 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
$41.7K $30.36/SF
− Vacancy
−$2.4K −$1.76/SF
EGI
$39.3K $28.60/SF
− OpEx
−$17.7K −$12.87/SF
NOI
$21.6K $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%
$432,240
Cap Rate 7%
$308,743
Cap Rate 9%
$240,133
Alternative Uses
Best Use
Apartment 5plus
$308.7K
$270.2K – $360.2K
NOI $21,612 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$335.0K
$293.1K – $390.8K
NOI $23,447 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,530
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Flexible loft residence with secure indoor parking, exposed structural details, and a recently installed HVAC system.
Where is this residential income property located?
The property is located at 1203 N 3RD N Unit 202 Philadelphia, PA.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom bi‑level loft with an open den or flex area; Ceilings over 15 feet with exposed brick and structural steel beams; Polished concrete and wood flooring throughout the interior
