High-Floor Residential Income
For Sale
$239,900
1420 LOCUST STREET Unit 24M, Philadelphia, PA 19102
One-bedroom condominium with south-facing views, a Juliet balcony, in-unit laundry, and access to building amenities.
Property Size725 SF
Days on Market1151
Property Features for 1420 LOCUST STREET Unit 24M
General Information
Standard status
Active
Size
725 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Center City
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,465
Amenities
Juliet balcony
24-hour doorman
fitness center
aquatic center
valet parking
in-unit washer/dryer
Building Details
Building Size
725 SF
Year Built
1977
Listing Agency:
Allan Domb Real Estate
Listed By:
Allan Domb · License #RB043135A
(215) 545-1500
Source:
Patmckennarealtors
Added: Sep 8, 2023
Changed: Oct 31
Last Checked: Nov 1 at 2:25PM
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 Allan Domb Real Estate
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Investment Insights
Based on property information with market context.
This one-bedroom condominium occupies a high floor at The Academy House and includes southern views with a south-facing Juliet balcony off the living room. The kitchen has wood cabinetry, a pass-through to the living room, tile flooring, and a tile backsplash. A generously sized bedroom provides substantial closet space, while the bathroom includes a large vanity and a shower/tub combination. A stackable washer/dryer is located within the unit.
Built in 1977, The Academy House offers residents a 24-hour doorman, fitness facilities, and an aquatic center. Valet parking is available in the building garage, subject to availability. The property is in Center City, within walking distance of Rittenhouse Square, Washington Square, and the Broad Street and Market Street office corridors.
Built in 1977, The Academy House offers residents a 24-hour doorman, fitness facilities, and an aquatic center. Valet parking is available in the building garage, subject to availability. The property is in Center City, within walking distance of Rittenhouse Square, Washington Square, and the Broad Street and Market Street office corridors.
Key Highlights
- One‑bedroom condominium on a high floor at The Academy House
- South‑facing Juliet balcony connected to the living room
- Wood cabinetry, pass‑through, tile floor, and tile backsplash in the kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,404
Cap Rate
4.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$228,080
$228.1K
Cap Rate 7%
$162,914
$162.9K
Cap Rate 9%
$126,711
$126.7K
Market Conditions
NOI Build-Up for 725 SF
Gross rent
$22.0K $30.36/SF
− Vacancy
−$1.3K −$1.76/SF
EGI
$20.7K $28.60/SF
− OpEx
−$9.3K −$12.87/SF
NOI
$11.4K $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 Rate 5%
$228,080
Cap Rate 7%
$162,914
Cap Rate 9%
$126,711
Alternative Uses
Best Use
Apartment 5plus
$162.9K
$142.6K – $190.1K
NOI $11,404 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$176.7K
$154.7K – $206.2K
NOI $12,372 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
25,331
Businesses Nearby
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Business Placement
Demographics for 19102, PA
7,568
Population
4,606
Households
1.6
Avg Household Size
32
Median Age
87%
College-Educated
98%
High-School Grad
0.2 sq mi
ZIP Area
37,840
Density / Sq Mi
$114,844
Median Household Income
$79,552
Median Earnings
$2,249
Median Rent
$412,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium with south-facing views, a Juliet balcony, in-unit laundry, and access to building amenities.
Where is this residential income property located?
The property is located at 1420 LOCUST STREET Unit 24M Philadelphia, PA.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: One‑bedroom condominium on a high floor at The Academy House; South‑facing Juliet balcony connected to the living room; Wood cabinetry, pass‑through, tile floor, and tile backsplash in the kitchen
