4C Condo Unit with Two
For Sale
$549,900
122 NEW STREET Unit 4D, Philadelphia, PA 19106
Fourth-floor condo unit with two bedrooms and two full bathrooms, featuring an open layout and secure elevator access.
Property Size1,207 SF
Price / SF$451.11
Days on Market90
Property Features for 122 NEW STREET Unit 4D
General Information
Standard status
Active
Size
1,207 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Additional Details
Furnished
No
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$6,415
Amenities
in-unit laundry
private courtyard
outdoor common areas
Building Details
Building Size
1,207 SF
Year Built
2006
Listing Agency:
Century 21 Rauh & Johns
Listed By:
Frances Manzoni · License #RS349858
(609) 221-5737
Source:
Patmckennarealtors
Added: Jun 8
Changed: Sep 3
Last Checked: Sep 5 at 6:59AM
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 Century 21 Rauh & Johns
Investment Insights
Based on property information with market context.
Welcome to Nouveau Condominiums, a professionally managed boutique condominium building offering secured elevator access and well-maintained common outdoor space. Unit 4C is a meticulously maintained fourth-floor residence with 2 bedrooms, 2 full bathrooms, and 1,219 square feet of thoughtfully designed living space. Large floor-to-ceiling windows bring in natural light and showcase tree-lined city views.
Inside, an open-concept layout connects the living room and dining area, with rich hardwood flooring throughout the living areas and bedrooms. The living room is anchored by a sleek electric fireplace that provides supplemental heat. Electric window shades offer privacy and convenience at the touch of a button.
The updated kitchen features white cabinetry, granite countertops, a large center island with seating, stainless steel appliances, designer tile backsplash, and recessed lighting. The primary suite includes generous closet space and an ensuite bathroom with a double vanity, frameless glass walk-in shower, and soaking tub. A second bedroom sits near the full hall bathroom, suitable for guests or flexible living.
Additional amenities include in-unit laundry and one assigned garage parking space. Residents also have access to a beautifully landscaped private courtyard and outdoor common areas wrapped around the building. Built in 2006, the property is located in the heart of Philadelphia’s Old City, with convenient access to Penn’s Landing, Race Street Pier, Cherry Street Pier, Independence Mall, and public transportation.
Inside, an open-concept layout connects the living room and dining area, with rich hardwood flooring throughout the living areas and bedrooms. The living room is anchored by a sleek electric fireplace that provides supplemental heat. Electric window shades offer privacy and convenience at the touch of a button.
The updated kitchen features white cabinetry, granite countertops, a large center island with seating, stainless steel appliances, designer tile backsplash, and recessed lighting. The primary suite includes generous closet space and an ensuite bathroom with a double vanity, frameless glass walk-in shower, and soaking tub. A second bedroom sits near the full hall bathroom, suitable for guests or flexible living.
Additional amenities include in-unit laundry and one assigned garage parking space. Residents also have access to a beautifully landscaped private courtyard and outdoor common areas wrapped around the building. Built in 2006, the property is located in the heart of Philadelphia’s Old City, with convenient access to Penn’s Landing, Race Street Pier, Cherry Street Pier, Independence Mall, and public transportation.
Key Highlights
- Fourth‑floor Unit 4C with 2 bedrooms and 2 full bathrooms
- 1,219 square feet with floor‑to‑ceiling windows and tree‑lined city views
- Open‑concept layout with rich hardwood flooring and electric fireplace with supplemental heat
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
3.49%
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 3.49%
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 3.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Fourth-floor condo unit with two bedrooms and two full bathrooms, featuring an open layout and secure elevator access.
Where is this residential income property located?
The property is located at 122 NEW STREET Unit 4D Philadelphia, PA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Fourth‑floor Unit 4C with 2 bedrooms and 2 full bathrooms; 1,219 square feet with floor‑to‑ceiling windows and tree‑lined city views; Open‑concept layout with rich hardwood flooring and electric fireplace with supplemental heat
