Studio Condominium with Fitness
For Sale
$73,999
1324 LOCUST STREET Unit 809, Philadelphia, PA 19107
Tenant occupancy extends through May 31, 2027, with laundry, lobby staffing, and other condominium amenities.
Property Size318 SF
Days on Market212
Property Features for 1324 LOCUST STREET Unit 809
General Information
Standard status
Active
Size
318 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$1,139
Building Details
Building Size
318 SF
Year Built
1922
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
Listed By:
John Featherman · License #AB067755
(215) 280-7455
Source:
Patmckennarealtors
Added: Feb 2
Changed: Aug 30
Last Checked: Aug 31 at 9:23PM
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.
This 318-square-foot studio condominium at the Arts Condominium includes laminate flooring and a full bathroom with a tub. The unit is currently leased through May 31, 2027. The building dates to 1922 and provides a grand lobby, fitness center, community room, on-site laundry, bicycle parking, and a 24/7 lobby attendant. Units are cable ready, and the lobby offers wireless internet access. The property is pet friendly for one cat or one dog weighing up to 40 pounds.
The condominium is located at 1324 Locust Street in Philadelphia, across from the Academy of Music and near Center City East and the Avenue of the Arts. Building services include electric, heat, water, fitness center access, and Comcast/Xfinity Performance Internet through the condominium fee.
The condominium is located at 1324 Locust Street in Philadelphia, across from the Academy of Music and near Center City East and the Avenue of the Arts. Building services include electric, heat, water, fitness center access, and Comcast/Xfinity Performance Internet through the condominium fee.
Key Highlights
- 318‑square‑foot studio condominium
- Laminate flooring and full bathroom with tub
- Tenant occupancy through May 31, 2027
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
$5,002
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
6.76%
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%
$100,040
$100.0K
Cap Rate 7%
$71,457
$71.5K
Cap Rate 9%
$55,578
$55.6K
Market Conditions
NOI Build-Up for 318 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
$9.7K $30.36/SF
− Vacancy
−$560 −$1.76/SF
EGI
$9.1K $28.60/SF
− OpEx
−$4.1K −$12.87/SF
NOI
$5.0K $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%
$100,040
Cap Rate 7%
$71,457
Cap Rate 9%
$55,578
Alternative Uses
Best Use
Apartment 5plus
$71.5K
$62.5K – $83.4K
NOI $5,002 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$77.5K
$67.8K – $90.5K
NOI $5,427 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Tenant occupancy extends through May 31, 2027, with laundry, lobby staffing, and other condominium amenities.
Where is this residential income property located?
The property is located at 1324 LOCUST STREET Unit 809 Philadelphia, PA.
What is the asking price?
The asking price for this property is $73,999.
What are key features of this property?
This property features: 318‑square‑foot studio condominium; Laminate flooring and full bathroom with tub; Tenant occupancy through May 31, 2027
