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 Market9
Property Features for 1324 LOCUST STREET Unit 424
General Information
Standard status
Active
Size
323 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
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: Sep 4
Last Checked: Sep 8 at 9:38AM
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
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 = 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
$5,081
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
7.06%
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%
$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
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
$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 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%
$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.
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 - 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
