Furnished Residential Income
For Sale
$98,500
1324 LOCUST STREET Unit 1011, Philadelphia, PA 19107
Furnished efficiency condominium with central air, stainless-steel kitchenette appliances, and access to full-service high-rise amenities.
Property Size319 SF
Days on Market237
Property Features for 1324 LOCUST STREET Unit 1011
General Information
Standard status
Active
Size
319 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x efficiency
Multifamily Units
1
Additional Details
Furnished
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,275
Amenities
24-hour attended lobby
on-site management
fitness center
community room
bike storage
common laundry facilities
central air conditioning
Building Details
Building Size
319 SF
Year Built
1900
Listing Agency:
RE/MAX Central - Blue Bell
(610) 633-5908
Listed By:
Connie Brady · License #AB066090
(610) 633-5908
Source:
Patmckennarealtors
Added: Jan 5
Changed: Aug 28
Last Checked: Aug 29 at 4:11PM
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 RE/MAX Central - Blue Bell
Investment Insights
Based on property information with market context.
This furnished efficiency condominium occupies the 10th floor of the historic Arts Building, a 1900 high-rise in Philadelphia’s Avenue of the Arts. The residence combines a compact layout with newer flooring, central air conditioning, and a contemporary kitchenette equipped with a refrigerator, microwave, stove, deep sink, cabinetry, and glass backsplash. Furniture is included, supporting immediate residential use.
Building services include a 24-hour attended lobby, security, on-site management, fitness center, community room, bike storage, and shared laundry facilities. All utilities are included in the condo fee. The property is positioned near the Kimmel Center, Academy of Music, Broad Street theaters, City Hall, and Reading Terminal Market, with SEPTA, PATCO, and regional rail access nearby. Walk Score is 99 and Ride Score is 100.
Building services include a 24-hour attended lobby, security, on-site management, fitness center, community room, bike storage, and shared laundry facilities. All utilities are included in the condo fee. The property is positioned near the Kimmel Center, Academy of Music, Broad Street theaters, City Hall, and Reading Terminal Market, with SEPTA, PATCO, and regional rail access nearby. Walk Score is 99 and Ride Score is 100.
Key Highlights
- 10th‑floor efficiency condo in the historic Arts Building
- Built in 1900 with newer flooring and central air conditioning
- Furnished residence with stainless‑steel kitchenette appliances
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
$5,018
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
5.09%
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%
$100,360
$100.4K
Cap Rate 7%
$71,686
$71.7K
Cap Rate 9%
$55,756
$55.8K
Market Conditions
NOI Build-Up for 319 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
−$562 −$1.76/SF
EGI
$9.1K $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%
$100,360
Cap Rate 7%
$71,686
Cap Rate 9%
$55,756
Alternative Uses
Best Use
Apartment 5plus
$71.7K
$62.7K – $83.6K
NOI $5,018 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$77.8K
$68.1K – $90.7K
NOI $5,444 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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 - Furnished efficiency condominium with central air, stainless-steel kitchenette appliances, and access to full-service high-rise amenities.
Where is this residential income property located?
The property is located at 1324 LOCUST STREET Unit 1011 Philadelphia, PA.
What is the asking price?
The asking price for this property is $98,500.
What are key features of this property?
This property features: 10th‑floor efficiency condo in the historic Arts Building; Built in 1900 with newer flooring and central air conditioning; Furnished residence with stainless‑steel kitchenette appliances
