Residential Income Condo
For Sale
$100,000
1324 LOCUST STREET Unit 1502, Philadelphia, PA 19107
Condominium unit offered separately or alongside three additional units in the same package.
Property Size320 SF
Days on Market593
Property Features for 1324 LOCUST STREET Unit 1502
General Information
Standard status
Active
Size
320 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Average Monthly Rent
$1,000
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,371
Building Details
Building Size
320 SF
Year Built
1900
Tenancy
Single
Listing Agency:
Fred R Levine Real Estate
(215) 465-3733
Listed By:
Fred R Levine · License #RB043558A
(215) 465-3733
Source:
Patmckennarealtors
Added: Jan 16, 2025
Changed: Aug 28
Last Checked: Aug 30 at 11:20PM
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 Fred R Levine Real Estate
Investment Insights
Based on property information with market context.
Unit 320 is a condominium property at 1324 Locust Street in Philadelphia, Pennsylvania 19107. The building dates to 1900, providing established building stock in a Center City location.
The unit may be purchased individually or together with Units 425, 715, and 1502 as part of a multi-unit offering.
The unit may be purchased individually or together with Units 425, 715, and 1502 as part of a multi-unit offering.
Key Highlights
- Condominium Unit 320 at 1324 Locust Street, Philadelphia, PA 19107
- Available individually or with Units 425, 715, and 1502
- Building constructed in 1900
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
$5,033
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
5.03%
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%
$100,660
$100.7K
Cap Rate 7%
$71,900
$71.9K
Cap Rate 9%
$55,922
$55.9K
Market Conditions
NOI Build-Up for 320 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
$9.7K $30.36/SF
− Vacancy
−$563 −$1.76/SF
EGI
$9.2K $28.60/SF
− OpEx
−$4.1K −$12.87/SF
NOI
$5.0K $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%
$100,660
Cap Rate 7%
$71,900
Cap Rate 9%
$55,922
Alternative Uses
Best Use
Apartment 5plus
$71.9K
$62.9K – $83.9K
NOI $5,033 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$78.0K
$68.3K – $91.0K
NOI $5,461 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
26,359
Businesses Nearby
Explore this area
Business Placement
Demographics for 19107, PA
17,600
Population
10,239
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
92%
High-School Grad
0.5 sq mi
ZIP Area
35,200
Density / Sq Mi
$70,382
Median Household Income
$57,694
Median Earnings
$1,691
Median Rent
$452,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium unit offered separately or alongside three additional units in the same package.
Where is this residential income property located?
The property is located at 1324 LOCUST STREET Unit 1502 Philadelphia, PA.
What is the asking price?
The asking price for this property is $100,000.
What are key features of this property?
This property features: Condominium Unit 320 at 1324 Locust Street, Philadelphia, PA 19107; Available individually or with Units 425, 715, and 1502; Building constructed in 1900
