Double-Wide Live-Work
1601 South 2nd Street Philadelphia, PA 19148
1601 South 2nd Street, Philadelphia, PA, 19148
$1,400,000
For Sale
$1,400,000
Double-wide corner building with four entrances, brick exterior, and multi-level layout combining business space and residences.
Property Size6,235 SF
Price / SF$224.54
Days on Market862
Property Features for 1601 South 2nd Street
General Information
- Standard status
- Active
- Size
- 6,235 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1915
Listing agency
BHHS Fox & Roach-Center City Walnut
(215) 266-1537
Listed by
Patrick M Conway · License #RS217990L
(215) 266-1537
Source
Compass
Added: Mar 13, 2024 Updated: Jul 22 at 6:56AM Checked: Jul 22 at 6:56AM
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.
This double-wide corner building offers more than 5,500 square feet of living space with an architecturally detailed brick façade and woodwork. Four separate entrances provide flexible access across the structure, with abundant windows that bring natural light indoors. A deck and a private garage support day-to-day convenience.
The first level most recently served as business space and includes a spacious foyer, high ceilings, a private office, and two bonus rooms, with the garage excluded from the stated area. The second level is the main residence, featuring a double-wide living room with high ceilings, a gas fireplace, and built-in bookshelves, along with an expansive dining room with hardwood floors and a wall of windows. The kitchen includes wrap-around windows, ample cabinetry, and stainless-steel appliances, complemented by multiple bonus rooms, a walk-in cedar closet, a powder room, a laundry room, and a sizable deck.
The third level includes a primary bedroom with walls of windows and city views, a large walk-in closet, and a full bath with both a shower and tub, plus additional light-filled rooms, another full bath, and a flat roof above with potential for a roof deck. The lower level continues the business space with a family room, quiet room, lounge, bonus room, full eat-in kitchen, two utility rooms, and two powder rooms. The property is zoned for Residential/Multi-Family use and presents a versatile combination of live-work configurations.
The first level most recently served as business space and includes a spacious foyer, high ceilings, a private office, and two bonus rooms, with the garage excluded from the stated area. The second level is the main residence, featuring a double-wide living room with high ceilings, a gas fireplace, and built-in bookshelves, along with an expansive dining room with hardwood floors and a wall of windows. The kitchen includes wrap-around windows, ample cabinetry, and stainless-steel appliances, complemented by multiple bonus rooms, a walk-in cedar closet, a powder room, a laundry room, and a sizable deck.
The third level includes a primary bedroom with walls of windows and city views, a large walk-in closet, and a full bath with both a shower and tub, plus additional light-filled rooms, another full bath, and a flat roof above with potential for a roof deck. The lower level continues the business space with a family room, quiet room, lounge, bonus room, full eat-in kitchen, two utility rooms, and two powder rooms. The property is zoned for Residential/Multi-Family use and presents a versatile combination of live-work configurations.
Key Highlights
- Double‑wide corner building (32x63 ft) with over 5,500 sq ft across multiple levels
- Four separate entrances provide flexible access for business and/or residence use
- Residential/Multi‑Family zoning
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $189.3k | $30.36 |
| − Vacancy | −$11.0k | −$1.76 |
| EGI | $178.3k | $28.60 |
| − OpEx | −$80.2k | −$12.87 |
| NOI | $98.1k | $15.73 |
6,235 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.23M – $1.63M
NOI $98,074 @ 7.0% cap · market cap 7.01%
Second Best
Office B
$1.17M
$1.03M – $1.37M
NOI $82,050 @ 7.0% cap · market cap 5.86%
Theoretical Best
Multifamily LT 5
$1.52M
$1.33M – $1.77M
NOI $106,400 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Rachubinski Funeral Home ...
Social Service Agency
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FAQs
What type of property is this?
Multifamily property - Double-wide corner building with four entrances, brick exterior, and multi-level layout combining business space and residences.
Where is this multifamily property located?
The property is located at 1601 South 2nd Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Double‑wide corner building (32x63 ft) with over 5,500 sq ft across multiple levels; Four separate entrances provide flexible access for business and/or residence use; Residential/Multi‑Family zoning
