One-Bedroom Residential Income
For Sale
$169,990
1324 LOCUST STREET Unit 206, Philadelphia, PA 19107
Condominium residence with a granite kitchen, building fitness center, attended lobby, laundry, and community room.
Property Size632 SF
Price / SF$268.97
Days on Market74
Property Features for 1324 LOCUST STREET Unit 206
General Information
Standard status
Active
Size
632 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
HOA Fee
$783.41
Taxes and HOA fees
Annual Taxes
$2,145
Amenities
grand lobby
24/7 lobby attendant
fitness center
on-site laundry facility
community room
on-site bicycle parking
free wireless internet in lobby
pet-friendly
Building Details
Building Size
632 SF
Year Built
1922
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
(215) 280-7455
Listed By:
John Featherman · License #AB067755
(215) 280-7455
Source:
Patmckennarealtors
Added: Jun 20
Changed: Aug 30
Last Checked: Aug 31 at 9:31PM
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 BHHS Fox & Roach The Harper at Rittenhouse Square
Investment Insights
Based on property information with market context.
Unit 206 is a 632 sq. ft. one-bedroom condominium residence within the Arts Condominium, a 1922 building at 1324 Locust Street. The interior combines laminate flooring in the living room with carpeting in the bedroom. The kitchen is equipped with granite countertops, a built-in microwave, full-size oven, full-size refrigerator, and a granite peninsula suited to dining or entertaining.
Building amenities include a grand lobby with a 24/7 attendant, fitness center, community room, on-site laundry, and bicycle parking available for an additional fee. The association fee includes electricity, heat, water, fitness center access, and Comcast/Xfinity Performance Internet; cable television is optional. The building permits one cat or one dog up to 40 lb. The property is across from the Academy of Music and immediately off Broad Street in Center City Philadelphia.
Building amenities include a grand lobby with a 24/7 attendant, fitness center, community room, on-site laundry, and bicycle parking available for an additional fee. The association fee includes electricity, heat, water, fitness center access, and Comcast/Xfinity Performance Internet; cable television is optional. The building permits one cat or one dog up to 40 lb. The property is across from the Academy of Music and immediately off Broad Street in Center City Philadelphia.
Key Highlights
- 632 sq. ft. one‑bedroom condominium residence
- Built in 1922 at 1324 Locust Street Unit: 206
- Granite kitchen with built‑in microwave, full‑size oven, and full‑size refrigerator
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
$9,941
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
5.85%
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%
$198,820
$198.8K
Cap Rate 7%
$142,014
$142.0K
Cap Rate 9%
$110,456
$110.5K
Market Conditions
NOI Build-Up for 632 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
$19.2K $30.36/SF
− Vacancy
−$1.1K −$1.76/SF
EGI
$18.1K $28.60/SF
− OpEx
−$8.1K −$12.87/SF
NOI
$9.9K $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%
$198,820
Cap Rate 7%
$142,014
Cap Rate 9%
$110,456
Alternative Uses
Best Use
Apartment 5plus
$142.0K
$124.3K – $165.7K
NOI $9,941 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$154.1K
$134.8K – $179.8K
NOI $10,785 @ 7.0% cap · market cap 6.34%
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 - Condominium residence with a granite kitchen, building fitness center, attended lobby, laundry, and community room.
Where is this residential income property located?
The property is located at 1324 LOCUST STREET Unit 206 Philadelphia, PA.
What is the asking price?
The asking price for this property is $169,990.
What are key features of this property?
This property features: 632 sq. ft. one‑bedroom condominium residence; Built in 1922 at 1324 Locust Street Unit: 206; Granite kitchen with built‑in microwave, full‑size oven, and full‑size refrigerator
