Full-Floor Residential Income
For Sale
$875,000
1213-15 LOCUST STREET Unit 3, Philadelphia, PA 19107
Historic condominium residence with private elevator entry, original architectural details, and high-end kitchen and bath finishes.
Property Size1,852 SF
Days on Market55
Property Features for 1213-15 LOCUST STREET Unit 3
General Information
Standard status
Active
Size
1,852 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Center City
Taxes and HOA fees
Annual Taxes
$10,638
Building Details
Building Size
1,852 SF
Year Built
1892
Listing Agency:
Elfant Wissahickon-Rittenhouse Square
Listed By:
Holly Mack-Ward · License #RS280577
(215) 866-0037
Source:
Patmckennarealtors
Added: Sep 8
Changed: Oct 31
Last Checked: Oct 30 at 9:54PM
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 Elfant Wissahickon-Rittenhouse Square
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Investment Insights
Based on property information with market context.
Unit 3 occupies an entire floor within a boutique condominium conversion of a historically significant Italianate building constructed in 1892. The residence combines loft-inspired proportions, high ceilings, oak flooring, oversized windows, leaded glass, and two original fireplaces with contemporary improvements. A private elevator entrance opens to a layout organized around spacious living and dining rooms, an open galley kitchen, two bedrooms, and en-suite bathrooms.
The kitchen includes a 12-foot island, pantry storage, Wolf range, Viking hood, Sub-Zero refrigerator, Miele dishwasher, quartz surfaces, and a Hansgrohe faucet. The primary suite features a walk-in closet and bathroom with radiant flooring, soaking tub, dual showerhead, heated towel rack, and Miele laundry machines. The second bedroom offers built-in bookcases, a double-width closet, and an en-suite bathroom with heated floors and an oversized step-in shower. A balcony extends from the dining room through custom French doors.
The building has five condominium units and a Mercer-tiled lobby. The property is near dining, Broad Street, SEPTA, PATCO, Jefferson quad, Kahn Park, and Seger Park.
The kitchen includes a 12-foot island, pantry storage, Wolf range, Viking hood, Sub-Zero refrigerator, Miele dishwasher, quartz surfaces, and a Hansgrohe faucet. The primary suite features a walk-in closet and bathroom with radiant flooring, soaking tub, dual showerhead, heated towel rack, and Miele laundry machines. The second bedroom offers built-in bookcases, a double-width closet, and an en-suite bathroom with heated floors and an oversized step-in shower. A balcony extends from the dining room through custom French doors.
The building has five condominium units and a Mercer-tiled lobby. The property is near dining, Broad Street, SEPTA, PATCO, Jefferson quad, Kahn Park, and Seger Park.
Key Highlights
- Full‑floor Unit 3 in a five‑unit boutique condominium conversion
- Private elevator entrance and balcony access from the dining room
- 1892 Italianate building with 17‑inch interior masonry walls
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,131
Cap Rate
3.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$582,620
$582.6K
Cap Rate 7%
$416,157
$416.2K
Cap Rate 9%
$323,678
$323.7K
Market Conditions
NOI Build-Up for 1,852 SF
Gross rent
$56.2K $30.36/SF
− Vacancy
−$3.3K −$1.76/SF
EGI
$53.0K $28.60/SF
− OpEx
−$23.8K −$12.87/SF
NOI
$29.1K $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 Rate 5%
$582,620
Cap Rate 7%
$416,157
Cap Rate 9%
$323,678
Alternative Uses
Best Use
Apartment 5plus
$416.2K
$364.1K – $485.5K
NOI $29,131 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$451.5K
$395.1K – $526.7K
NOI $31,604 @ 7.0% cap · market cap 3.61%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
26,359
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
Frequently Asked Questions
What type of property is this?
Residential income property - Historic condominium residence with private elevator entry, original architectural details, and high-end kitchen and bath finishes.
Where is this residential income property located?
The property is located at 1213-15 LOCUST STREET Unit 3 Philadelphia, PA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Full‑floor Unit 3 in a five‑unit boutique condominium conversion; Private elevator entrance and balcony access from the dining room; 1892 Italianate building with 17‑inch interior masonry walls
