Corner Mixed-Use
For Sale
$745,000
1229 South 6th Street, Philadelphia, PA 19147
Ground-floor storefront paired with three occupied residential apartments in Passyunk Square.
Property Size2,864 SF
Price / SF$260.13
Days on Market192
Property Features for 1229 South 6th Street
General Information
Standard status
Active
Size
2,864 SF
Property subtype
Multi-Family / Fee Simple
Zoning
CMX1
Net Operating Income
$61,800
Site & Location
Corner Location
Yes
Highway Access
Yes
Additional Details
Cap Rate
6.6%
Taxes and HOA fees
Annual Taxes
$6,996
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1915
Buildings
1
Listing Agency:
BHHS Fox & Roach-Art Museum
(267) 334-0686
Listed By:
Amira Coleman · License #RS350967
(267) 334-0686
Source:
Compass
Added: Feb 20
Changed: Aug 30
Last Checked: Aug 30 at 9:53AM
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 BHHS Fox & Roach-Art Museum
Investment Insights
Based on property information with market context.
This corner mixed-use property combines a ground-level commercial storefront with three 1-bedroom, 1-bath apartments above. The residential units are fully occupied and separately metered, with updated kitchens and bathrooms, hardwood flooring, and a consistent rental history. The building was constructed in 1915 and includes 2,864 in reported property size.
The property is located at 1229 South 6th Street in Philadelphia’s Passyunk Square area, near East Passyunk Avenue’s restaurants, cafés, and boutique retail. Center City, public transit, and major highways are within minutes. The asset produces a 6.6% cap rate, with rent increases taking effect April 1.
The property is located at 1229 South 6th Street in Philadelphia’s Passyunk Square area, near East Passyunk Avenue’s restaurants, cafés, and boutique retail. Center City, public transit, and major highways are within minutes. The asset produces a 6.6% cap rate, with rent increases taking effect April 1.
Key Highlights
- Mixed‑use configuration with a ground‑floor commercial storefront and three residential units
- Three fully occupied 1‑bedroom/1‑bath apartments
- Residential units are separately metered
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
$48,874
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
6.56%
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%
$977,480
$977.5K
Cap Rate 7%
$698,200
$698.2K
Cap Rate 9%
$543,044
$543.0K
Market Conditions
NOI Build-Up for 2,864 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
$73.9K $25.80/SF
− Vacancy
−$4.1K −$1.42/SF
EGI
$69.8K $24.38/SF
− OpEx
−$20.9K −$7.31/SF
NOI
$48.9K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$977,480
Cap Rate 7%
$698,200
Cap Rate 9%
$543,044
Alternative Uses
Best Use
Multifamily LT 5
$698.2K
$610.9K – $814.6K
NOI $48,874 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$643.6K
$563.1K – $750.8K
NOI $45,049 @ 7.0% cap · market cap 6.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,041
Businesses Nearby
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor storefront paired with three occupied residential apartments in Passyunk Square.
Where is this mixed-use property located?
The property is located at 1229 South 6th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: Mixed‑use configuration with a ground‑floor commercial storefront and three residential units; Three fully occupied 1‑bedroom/1‑bath apartments; Residential units are separately metered
