Studio Residential Income
For Sale
$99,000
1324 LOCUST STREET Unit 314, Philadelphia, PA 19107
Tenant-occupied studio with a kitchenette, full bathroom, and building amenities including security, fitness, laundry, and bike storage.
Property Size382 SF
Days on Market15
Property Features for 1324 LOCUST STREET Unit 314
General Information
Standard status
Active
Size
382 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x Studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,313
Amenities
24hr security
gym
laundry room
mail room
bike storage
community room
Building Details
Building Size
382 SF
Year Built
1900
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
alaina bernstein · License #RS354405
(267) 918-0186
Source:
Patmckennarealtors
Added: Sep 2
Changed: Sep 14
Last Checked: Sep 15 at 10:46AM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
This tenant-occupied studio is located on the third floor of a historic condominium building constructed in 1900. The residence includes a full bathroom with tub, kitchenette, closet, and full-size refrigerator. HOA coverage includes all utilities, supporting straightforward occupancy and operating arrangements.
Building amenities include 24-hour security, a gym, laundry room, mail room, bike storage, and community room. The property is near schools, Jefferson Hospital, Rittenhouse Square, Washington Square West, and Old City, with museums, shopping, theaters, and restaurants nearby. Transit access includes the Broad Street Line, Market-Frankford Line, PATCO High Speed Line, and bus routes.
Building amenities include 24-hour security, a gym, laundry room, mail room, bike storage, and community room. The property is near schools, Jefferson Hospital, Rittenhouse Square, Washington Square West, and Old City, with museums, shopping, theaters, and restaurants nearby. Transit access includes the Broad Street Line, Market-Frankford Line, PATCO High Speed Line, and bus routes.
Key Highlights
- Studio unit on the 3rd floor of a historic building constructed in 1900
- Full bathroom with tub, kitchenette, closet, and full‑size refrigerator
- HOA includes all utilities
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
$6,009
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
6.07%
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%
$120,180
$120.2K
Cap Rate 7%
$85,843
$85.8K
Cap Rate 9%
$66,767
$66.8K
Market Conditions
NOI Build-Up for 382 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
$11.6K $30.36/SF
− Vacancy
−$673 −$1.76/SF
EGI
$10.9K $28.60/SF
− OpEx
−$4.9K −$12.87/SF
NOI
$6.0K $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%
$120,180
Cap Rate 7%
$85,843
Cap Rate 9%
$66,767
Alternative Uses
Best Use
Apartment 5plus
$85.8K
$75.1K – $100.2K
NOI $6,009 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$93.1K
$81.5K – $108.7K
NOI $6,519 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Tenant-occupied studio with a kitchenette, full bathroom, and building amenities including security, fitness, laundry, and bike storage.
Where is this residential income property located?
The property is located at 1324 LOCUST STREET Unit 314 Philadelphia, PA.
What is the asking price?
The asking price for this property is $99,000.
What are key features of this property?
This property features: Studio unit on the 3rd floor of a historic building constructed in 1900; Full bathroom with tub, kitchenette, closet, and full‑size refrigerator; HOA includes all utilities
