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 Market9
Property Features for 1213-15 LOCUST STREET Unit 3
General Information
Standard status
Active
Size
1,852 SF
Property subtype
Unit/Flat/Apartment
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: Sep 11
Last Checked: Sep 15 at 9:10AM
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
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 = 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
$29,131
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
3.33%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
