High-Floor Residential Income
For Sale
$227,900
1324 LOCUST STREET Unit 1602, Philadelphia, PA 19107
Two-bedroom condominium with a den, open kitchen, and full-service building amenities in Center City.
Property Size1,268 SF
Days on Market435
Property Features for 1324 LOCUST STREET Unit 1602
General Information
Standard status
Active
Size
1,268 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,214
Amenities
24/7 front desk attendant
on-site management and maintenance
fitness center
business center
large laundry facilities
complimentary Wi-Fi in lobby and resident workspaces
Building Details
Building Size
1,268 SF
Year Built
1900
Listing Agency:
JG Real Estate LLC
(215) 467-4100
Listed By:
Ariel L Morgenstein · License #AB067988
(215) 467-4100
Source:
Patmckennarealtors
Added: May 27, 2025
Changed: Aug 4
Last Checked: Aug 4 at 4:21AM
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 JG Real Estate LLC
Investment Insights
Based on property information with market context.
This two-bedroom, one-and-a-half-bath condominium includes a den and occupies the 16th floor, identified as the building’s highest residential level. The interior combines hardwood flooring in the entry, living area, kitchen, and hallways with carpeting in the bedrooms and den. Its open kitchen is equipped with granite counters, cherry cabinetry, stainless steel appliances, substantial storage, and an L-shaped breakfast bar. A powder room serves the main living space, while the full bathroom is positioned near the bedrooms.
The Arts Condominium provides a 24/7 front desk, on-site management and maintenance, fitness and business centers, large laundry facilities, and complimentary Wi-Fi in the lobby and resident work areas. The property is near Avenue of the Arts and within walking distance of Rittenhouse Square, the Kimmel Center for the Performing Arts, Reading Terminal Market, restaurants, cafes, theaters, and nightlife. Public transportation, Jefferson and Penn hospitals, and major commuter routes are also accessible from the property.
The Arts Condominium provides a 24/7 front desk, on-site management and maintenance, fitness and business centers, large laundry facilities, and complimentary Wi-Fi in the lobby and resident work areas. The property is near Avenue of the Arts and within walking distance of Rittenhouse Square, the Kimmel Center for the Performing Arts, Reading Terminal Market, restaurants, cafes, theaters, and nightlife. Public transportation, Jefferson and Penn hospitals, and major commuter routes are also accessible from the property.
Key Highlights
- Two‑bedroom, 1.5‑bath condominium with a den on the 16th floor
- Highest residential level in The Arts Condominium
- Open kitchen with granite countertops, cherry cabinetry, and stainless steel appliances
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 | $38.5k | $30.36 |
| − Vacancy | −$2.2k | −$1.76 |
| EGI | $36.3k | $28.60 |
| − OpEx | −$16.3k | −$12.87 |
| NOI | $19.9k | $15.73 |
1,268 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$284.9K
$249.3K – $332.4K
NOI $19,945 @ 7.0% cap · market cap 8.75%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$309.1K
$270.5K – $360.6K
NOI $21,638 @ 7.0% cap · market cap 9.49%
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with a den, open kitchen, and full-service building amenities in Center City.
Where is this residential income property located?
The property is located at 1324 LOCUST STREET Unit 1602 Philadelphia, PA.
What is the asking price?
The asking price for this property is $227,900.
What are key features of this property?
This property features: Two‑bedroom, 1.5‑bath condominium with a den on the 16th floor; Highest residential level in The Arts Condominium; Open kitchen with granite countertops, cherry cabinetry, and stainless steel appliances
