Two-Bedroom Residential Income
For Sale
$414,989
1232 N FRONT STREET Unit 4B, Philadelphia, PA 19122
Open layout pairs central air and in-unit laundry with a restaurant in the building.
Property Size1,137 SF
Days on Market226
Property Features for 1232 N FRONT STREET Unit 4B
General Information
Standard status
Active
Size
1,137 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,006
Amenities
washer/dryer
central air
Building Details
Building Size
1,137 SF
Year Built
2021
Listing Agency:
Realty Management Works LLC
Listed By:
Ryan Emanuel · License #RS333581
(215) 410-1498
Source:
Patmckennarealtors
Added: Feb 9
Changed: Sep 20
Last Checked: Sep 22 at 8:25PM
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 Realty Management Works LLC
Investment Insights
Based on property information with market context.
This two-bedroom, two-bathroom condominium offers an open floor plan with high-end finishes, abundant natural light, central air, and an in-unit washer and dryer. The residence is located within the Fishtown Station building and sits above Middle Child Clubhouse, an all-day restaurant and bar with breakfast, lunch, cocktails, dinner, pool table, and private dining offerings. Four years remain on the tax abatement.
The property is at 1232 N Front Street in Philadelphia’s Fishtown neighborhood. Girard Station on the Market-Frankford Line is steps away at Front and Girard, providing service toward Center City and University City. SEPTA bus routes 5, 25, 43, and 57, along with the Girard trolley Route G, are also nearby. Additional dining destinations along Frankford Avenue and throughout Fishtown include Kalaya, Suraya, Wm. Mulherin’s Sons, El Chingon Fishtown, Laser Wolf, and Meetinghouse.
The property is at 1232 N Front Street in Philadelphia’s Fishtown neighborhood. Girard Station on the Market-Frankford Line is steps away at Front and Girard, providing service toward Center City and University City. SEPTA bus routes 5, 25, 43, and 57, along with the Girard trolley Route G, are also nearby. Additional dining destinations along Frankford Avenue and throughout Fishtown include Kalaya, Suraya, Wm. Mulherin’s Sons, El Chingon Fishtown, Laser Wolf, and Meetinghouse.
Key Highlights
- Two‑bedroom, two‑bathroom condominium
- Four years remaining on the tax abatement
- Open floor plan with high‑end finishes and abundant natural light
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
$17,884
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
4.31%
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%
$357,680
$357.7K
Cap Rate 7%
$255,486
$255.5K
Cap Rate 9%
$198,711
$198.7K
Market Conditions
NOI Build-Up for 1,137 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
$34.5K $30.36/SF
− Vacancy
−$2.0K −$1.76/SF
EGI
$32.5K $28.60/SF
− OpEx
−$14.6K −$12.87/SF
NOI
$17.9K $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%
$357,680
Cap Rate 7%
$255,486
Cap Rate 9%
$198,711
Alternative Uses
Best Use
Apartment 5plus
$255.5K
$223.6K – $298.1K
NOI $17,884 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$277.2K
$242.5K – $323.4K
NOI $19,403 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,571
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Open layout pairs central air and in-unit laundry with a restaurant in the building.
Where is this residential income property located?
The property is located at 1232 N FRONT STREET Unit 4B Philadelphia, PA.
What is the asking price?
The asking price for this property is $414,989.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom condominium; Four years remaining on the tax abatement; Open floor plan with high‑end finishes and abundant natural light
