14th-Floor Residential Income
New
For Sale
$69,900
1324 LOCUST STREET Unit 1420, Philadelphia, PA 19107
Unit 1420 is offered with rehabilitation work remaining for completion.
Property Size320 SF
Days on Market7
Property Features for 1324 LOCUST STREET Unit 1420
General Information
Standard status
Active
Size
320 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,292
Building Details
Building Size
320 SF
Year Built
1920
Listing Agency:
RE/MAX 2000
(215) 698-2000
Listed By:
Joseph F Gioia Sr. · License #RM422945
(215) 698-2000
Source:
Patmckennarealtors
Added: Jul 29
Changed: Aug 4
Last Checked: Aug 4 at 3:07AM
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 2000
Investment Insights
Based on property information with market context.
This residential income property comprises Unit 1420 on the 14th floor of a building constructed in 1920. Rehabilitation work remains unfinished, presenting a property in need of completion rather than a finished-condition offering.
The property is located at 1324 Locust Street in Philadelphia, Pennsylvania, within ZIP Code 19107.
The property is located at 1324 Locust Street in Philadelphia, Pennsylvania, within ZIP Code 19107.
Key Highlights
- Unit 1420 on the 14th floor
- Rehabilitation work remains unfinished
- Building constructed in 1920
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 | $9.7k | $30.36 |
| − Vacancy | −$563 | −$1.76 |
| EGI | $9.2k | $28.60 |
| − OpEx | −$4.1k | −$12.87 |
| NOI | $5.0k | $15.73 |
320 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$71.9K
$62.9K – $83.9K
NOI $5,033 @ 7.0% cap · market cap 7.20%
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 7.81%
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
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
$452,500
Median Home Value
Market
Average Price Trend$/SF for Residential income properties in Philadelphia, PA
Properties on Market for Residential income properties in Philadelphia
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Unit 1420 is offered with rehabilitation work remaining for completion.
Where is this residential income property located?
The property is located at 1324 LOCUST STREET Unit 1420 Philadelphia, PA.
What is the asking price?
The asking price for this property is $69,900.
What are key features of this property?
This property features: Unit 1420 on the 14th floor; Rehabilitation work remains unfinished; Building constructed in 1920
