Loft-Style Residential Income
For Sale
$384,900
22 S FRONT STREET Unit 305, Philadelphia, PA 19106
One-bedroom residence with expansive windows, contemporary finishes, and access to doorman-building amenities.
Property Size995 SF
Days on Market898
Property Features for 22 S FRONT STREET Unit 305
General Information
Standard status
Active
Size
995 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR loft
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,618
Amenities
doorman
landscaped courtyard
shared roof deck
washer/dryer in unit
hardwood floors
stainless steel appliances
granite countertops
radiant heated floors
Building Details
Building Size
995 SF
Year Built
2007
Listing Agency:
Allan Domb Real Estate
Listed By:
Allan Domb · License #RB043135A
(215) 545-1500
Source:
Patmckennarealtors
Added: Mar 26, 2024
Changed: Sep 8
Last Checked: Sep 8 at 9:47AM
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 Allan Domb Real Estate
Investment Insights
Based on property information with market context.
This one-bedroom loft-style condominium occupies Unit 304 in a residential income property completed in 2007. The home combines hardwood flooring with an open kitchen fitted with wood cabinetry, stainless steel appliances, and granite work surfaces. A loft bedroom, in-unit washer and dryer, and bathroom with radiant heated flooring add practical features, while floor-to-ceiling windows bring substantial natural light into the residence.
The 42-unit, eight-story building includes a doorman, furnished lobby, landscaped courtyard, and shared roof deck. The roof deck provides views toward the city skyline, Benjamin Franklin Bridge, and the Delaware River waterfront. The property is in Old City and is within walking distance of restaurants, nightlife, and historical sites. Dogs and cats are permitted.
The 42-unit, eight-story building includes a doorman, furnished lobby, landscaped courtyard, and shared roof deck. The roof deck provides views toward the city skyline, Benjamin Franklin Bridge, and the Delaware River waterfront. The property is in Old City and is within walking distance of restaurants, nightlife, and historical sites. Dogs and cats are permitted.
Key Highlights
- One‑bedroom loft‑style condominium with floor‑to‑ceiling windows
- Open kitchen with wood cabinetry, stainless steel appliances, and granite countertops
- Bathroom features radiant heated floors; washer and dryer included in the unit
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
$15,651
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
4.07%
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%
$313,020
$313.0K
Cap Rate 7%
$223,586
$223.6K
Cap Rate 9%
$173,900
$173.9K
Market Conditions
NOI Build-Up for 995 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
$30.2K $30.36/SF
− Vacancy
−$1.8K −$1.76/SF
EGI
$28.5K $28.60/SF
− OpEx
−$12.8K −$12.87/SF
NOI
$15.7K $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%
$313,020
Cap Rate 7%
$223,586
Cap Rate 9%
$173,900
Alternative Uses
Best Use
Apartment 5plus
$223.6K
$195.6K – $260.9K
NOI $15,651 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$242.6K
$212.3K – $283.0K
NOI $16,980 @ 7.0% cap · market cap 4.41%
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
6,078
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 - One-bedroom residence with expansive windows, contemporary finishes, and access to doorman-building amenities.
Where is this residential income property located?
The property is located at 22 S FRONT STREET Unit 305 Philadelphia, PA.
What is the asking price?
The asking price for this property is $384,900.
What are key features of this property?
This property features: One‑bedroom loft‑style condominium with floor‑to‑ceiling windows; Open kitchen with wood cabinetry, stainless steel appliances, and granite countertops; Bathroom features radiant heated floors; washer and dryer included in the unit
