Studio Residential Income
For Sale
$72,000
1324 LOCUST STREET Unit 424, Philadelphia, PA 19107
Freshly painted condominium with updated finishes and access to fitness, laundry, mail, gathering, and bike-storage amenities.
Property Size323 SF
Days on Market62
Property Features for 1324 LOCUST STREET Unit 424
General Information
Standard status
Active
Size
323 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Center City
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,034
Amenities
fitness center
gathering space
mailroom
on-site laundry
secure bike storage
Building Details
Building Size
323 SF
Year Built
1900
Listing Agency:
Keller Williams Platinum Realty - Wyomissing
Listed By:
Chris Marrella · License #RS362685
(609) 442-9946
Source:
Patmckennarealtors
Added: Sep 1
Changed: Oct 25
Last Checked: Nov 1 at 11:39AM
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 Keller Williams Platinum Realty - Wyomissing
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Investment Insights
Based on property information with market context.
This studio condominium is located within the Arts Condominium Building and was freshly painted for a clean, move-in-ready presentation. Interior features include vinyl plank flooring, a full bathroom with a tiled shower surround and bathtub, and a compact layout designed around efficient residential use. The building dates to 1900.
Resident amenities include a lower-level fitness center, gathering space, dedicated mailroom, on-site laundry facilities, and secure bike storage. The property is situated in Center City Philadelphia near dining, shopping, public transportation, universities, and Philadelphia’s cultural attractions.
Resident amenities include a lower-level fitness center, gathering space, dedicated mailroom, on-site laundry facilities, and secure bike storage. The property is situated in Center City Philadelphia near dining, shopping, public transportation, universities, and Philadelphia’s cultural attractions.
Key Highlights
- Studio condominium in the Arts Condominium Building
- Freshly painted interior with vinyl plank flooring
- Full bathroom with tiled shower surround and bathtub
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$5,081
Cap Rate
7.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$101,620
$101.6K
Cap Rate 7%
$72,586
$72.6K
Cap Rate 9%
$56,456
$56.5K
Market Conditions
NOI Build-Up for 323 SF
Gross rent
$9.8K $30.36/SF
− Vacancy
−$569 −$1.76/SF
EGI
$9.2K $28.60/SF
− OpEx
−$4.2K −$12.87/SF
NOI
$5.1K $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 Rate 5%
$101,620
Cap Rate 7%
$72,586
Cap Rate 9%
$56,456
Alternative Uses
Best Use
Apartment 5plus
$72.6K
$63.5K – $84.7K
NOI $5,081 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$78.7K
$68.9K – $91.9K
NOI $5,512 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
26,359
Businesses Nearby
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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 - Freshly painted condominium with updated finishes and access to fitness, laundry, mail, gathering, and bike-storage amenities.
Where is this residential income property located?
The property is located at 1324 LOCUST STREET Unit 424 Philadelphia, PA.
What is the asking price?
The asking price for this property is $72,000.
What are key features of this property?
This property features: Studio condominium in the Arts Condominium Building; Freshly painted interior with vinyl plank flooring; Full bathroom with tiled shower surround and bathtub
