CMX1-Zoned
For Sale
$575,000
1243 South 8th Street, Philadelphia, PA 19147
Vacant corner property with separately metered units and private laundry.
Property Size2,416 SF
Lot Size0.02 Acres
Price / SF$237
Days on Market383
Property Features for 1243 South 8th Street
General Information
Standard status
Active
Size
2,416 SF
Lot size
0.02 Acres
Property subtype
Multi-Family / Fee Simple
Zoning
CMX1
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,975
Amenities
private laundry
unfinished basement
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1915
Listing Agency:
BHHS Fox & Roach-Center City Walnut
(267) 246-1264
Listed By:
Greg Williams
(267) 246-1264
Source:
Compass
Added: Aug 14, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:34PM
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-Center City Walnut
Investment Insights
Based on property information with market context.
Built in 1915, this three-unit property contains approximately 2,416 square feet on a 1,064 sq ft corner lot. The units occupy separate floors and were most recently configured as residential apartments, each offering 2 bedrooms, 1 bathroom, and private laundry. Separate metering serves all three units. A substantial unfinished basement provides additional space and is accessible from the first floor as well as through exterior bilco doors.
The property is located at 1243 South 8th Street in Philadelphia’s 19147 area and carries CMX1 zoning. It is currently vacant and offered in As-Is Condition, allowing the next owner to determine its renovation and operating plan within the property’s existing configuration.
The property is located at 1243 South 8th Street in Philadelphia’s 19147 area and carries CMX1 zoning. It is currently vacant and offered in As-Is Condition, allowing the next owner to determine its renovation and operating plan within the property’s existing configuration.
Key Highlights
- Three‑unit property with approximately 2,416 square feet
- 1,064 sq ft corner lot with CMX1 zoning
- Each unit includes 2 bedrooms and 1 bathroom
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
$41,229
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
7.17%
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%
$824,580
$824.6K
Cap Rate 7%
$588,986
$589.0K
Cap Rate 9%
$458,100
$458.1K
Market Conditions
NOI Build-Up for 2,416 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
$62.3K $25.80/SF
− Vacancy
−$3.4K −$1.42/SF
EGI
$58.9K $24.38/SF
− OpEx
−$17.7K −$7.31/SF
NOI
$41.2K $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%
$824,580
Cap Rate 7%
$588,986
Cap Rate 9%
$458,100
Alternative Uses
Best Use
Multifamily LT 5
$589.0K
$515.4K – $687.2K
NOI $41,229 @ 7.0% cap · market cap 7.17%
Second Best
Apartment 5plus
$542.9K
$475.0K – $633.4K
NOI $38,003 @ 7.0% cap · market cap 6.61%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,517
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?
Triplex - Vacant corner property with separately metered units and private laundry.
Where is this triplex located?
The property is located at 1243 South 8th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Three‑unit property with approximately 2,416 square feet; 1,064 sq ft corner lot with CMX1 zoning; Each unit includes 2 bedrooms and 1 bathroom
