Residential Income Property with
For Sale
$520,000
122 NEW STREET #4C, Philadelphia, PA 19106
Fourth-floor condominium residence with updated finishes, private outdoor areas, and secure elevator access in Old City.
Property Size1,219 SF
Price / SF$426.58
Days on Market56
Property Features for 122 NEW STREET #4C
General Information
Standard status
Active
Size
1,219 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
private courtyard
outdoor common areas
Central A/C
Forced Air
Building Details
Year Built
2006
Listed By:
Tom Greer · License #RS324020
(267) 974-1450
Source:
Kw
Added: Jul 24
Changed: Sep 17
Last Checked: Sep 16 at 2:54PM
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 Tom Greer
Investment Insights
Based on property information with market context.
This fourth-floor condominium residence at Nouveau Condominiums includes 2 bedrooms, 2 full bathrooms, and 1,219 square feet of living area. The open interior features hardwood flooring, floor-to-ceiling windows, an electric fireplace, custom electric shades, and an updated kitchen with granite counters, stainless steel appliances, a center island, and recessed lighting. The primary suite includes an ensuite bath with a double vanity, frameless glass shower, and soaking tub. In-unit laundry, central A/C, forced air, and one assigned garage parking space add practical convenience.
Built in 2006, the professionally managed condominium provides secure elevator entry, a landscaped private courtyard, and outdoor common areas. The property is located at 122 New Street in Philadelphia’s Old City neighborhood, near restaurants, cafés, galleries, boutique shopping, Penn’s Landing, Race Street Pier, Cherry Street Pier, Independence Mall, and public transportation.
Built in 2006, the professionally managed condominium provides secure elevator entry, a landscaped private courtyard, and outdoor common areas. The property is located at 122 New Street in Philadelphia’s Old City neighborhood, near restaurants, cafés, galleries, boutique shopping, Penn’s Landing, Race Street Pier, Cherry Street Pier, Independence Mall, and public transportation.
Key Highlights
- 2‑bedroom, 2‑bathroom fourth‑floor condominium residence
- 1,219 square feet of living space
- One assigned garage parking space with secure elevator access
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
$19,174
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
3.69%
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%
$383,480
$383.5K
Cap Rate 7%
$273,914
$273.9K
Cap Rate 9%
$213,044
$213.0K
Market Conditions
NOI Build-Up for 1,219 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
$37.0K $30.36/SF
− Vacancy
−$2.1K −$1.76/SF
EGI
$34.9K $28.60/SF
− OpEx
−$15.7K −$12.87/SF
NOI
$19.2K $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%
$383,480
Cap Rate 7%
$273,914
Cap Rate 9%
$213,044
Alternative Uses
Best Use
Apartment 5plus
$273.9K
$239.7K – $319.6K
NOI $19,174 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$297.2K
$260.0K – $346.7K
NOI $20,802 @ 7.0% cap · market cap 4.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
6,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 19106, PA
15,190
Population
9,913
Households
1.5
Avg Household Size
39
Median Age
80%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
16,878
Density / Sq Mi
$129,779
Median Household Income
$93,953
Median Earnings
$2,219
Median Rent
$528,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Fourth-floor condominium residence with updated finishes, private outdoor areas, and secure elevator access in Old City.
Where is this residential income property located?
The property is located at 122 NEW STREET #4C Philadelphia, PA.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bathroom fourth‑floor condominium residence; 1,219 square feet of living space; One assigned garage parking space with secure elevator access
