Corner Residential Income
For Sale
$105,000
1324 LOCUST STREET Unit 704, Philadelphia, PA 19107
Studio condominium with two-sided windows, a kitchenette, full bath, and building amenities in Center City.
Property Size388 SF
Days on Market19
Property Features for 1324 LOCUST STREET Unit 704
General Information
Standard status
Active
Size
388 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x studio
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,405
Amenities
24-hour front desk
on-site building management
fitness center
resident lounge
bike room
mail room
laundry facilities
printing stations
Building Details
Building Size
388 SF
Year Built
1900
Listing Agency:
Coldwell Banker Realty
(267) 241-2844
Listed By:
Jamie Raphael · License #RS305925
(267) 241-2844
Source:
Patmckennarealtors
Added: Jul 17
Changed: Aug 4
Last Checked: Aug 4 at 4:15AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Unit 704 at The Arts Condominium is a studio residence with windows on two sides, an open interior arrangement, kitchenette, full bathroom with updated cabinetry, and generous closet storage. Built in 1900, the property is suited to residential occupancy, a pied-à-terre, or investment use. The monthly condominium fee covers water, gas, electric, and internet, supporting a low-maintenance ownership structure.
Building services include a 24-hour front desk, on-site management, fitness center, resident lounge, bike room, mail room, laundry facilities, printing stations, and four elevators. The property is positioned in Center City near Avenue of the Arts, the Kimmel Center, Wilma Theater, Suzanne Roberts Theatre, Rittenhouse Square, Washington Square West, dining, shopping, and multiple public transportation options.
Building services include a 24-hour front desk, on-site management, fitness center, resident lounge, bike room, mail room, laundry facilities, printing stations, and four elevators. The property is positioned in Center City near Avenue of the Arts, the Kimmel Center, Wilma Theater, Suzanne Roberts Theatre, Rittenhouse Square, Washington Square West, dining, shopping, and multiple public transportation options.
Key Highlights
- Corner studio with windows on two sides
- Open layout with kitchenette and full bathroom
- Updated bathroom cabinetry and generous closet space
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 | $11.8k | $30.36 |
| − Vacancy | −$683 | −$1.76 |
| EGI | $11.1k | $28.60 |
| − OpEx | −$5.0k | −$12.87 |
| NOI | $6.1k | $15.73 |
388 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$87.2K
$76.3K – $101.7K
NOI $6,103 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$94.6K
$82.8K – $110.4K
NOI $6,621 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Utilities to site
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Studio condominium with two-sided windows, a kitchenette, full bath, and building amenities in Center City.
Where is this residential income property located?
The property is located at 1324 LOCUST STREET Unit 704 Philadelphia, PA.
What is the asking price?
The asking price for this property is $105,000.
What are key features of this property?
This property features: Corner studio with windows on two sides; Open layout with kitchenette and full bathroom; Updated bathroom cabinetry and generous closet space
