Studio Residential Income
For Sale
$71,900
1324 LOCUST STREET Unit 814, Philadelphia, PA 19107
Efficient studio condominium with extensive building services and resident amenities in Center City Philadelphia.
Property Size382 SF
Days on Market64
Property Features for 1324 LOCUST STREET Unit 814
General Information
Standard status
Active
Size
382 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$1,381
Building Details
Building Size
382 SF
Year Built
1900
Listing Agency:
Prosperity Real Estate & Investment Services
Listed By:
Kirk Waechter · License #RM423448
(866) 327-7673
Source:
Patmckennarealtors
Added: Jul 15
Changed: Sep 12
Last Checked: Sep 15 at 10:51AM
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 Prosperity Real Estate & Investment Services
Investment Insights
Based on property information with market context.
Unit 814 is a studio condominium within a residential income property at 1324 Locust Street in Philadelphia. The residence features an efficient layout suited to urban living and is being offered in AS-IS condition, with the buyer responsible for U&O. The building dates to 1900.
Building services include a 24-hour front desk, electronic entry, fitness center, laundry facilities, beauty and barber salons, business center, and complimentary lobby internet. The property is positioned in Center City, with the Avenue of the Arts and City Hall within walking distance.
Building services include a 24-hour front desk, electronic entry, fitness center, laundry facilities, beauty and barber salons, business center, and complimentary lobby internet. The property is positioned in Center City, with the Avenue of the Arts and City Hall within walking distance.
Key Highlights
- Studio condominium in Unit 814 at 1324 Locust Street
- Efficient studio floor plan
- Building constructed in 1900
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
8.36%
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 8.36%
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 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Efficient studio condominium with extensive building services and resident amenities in Center City Philadelphia.
Where is this residential income property located?
The property is located at 1324 LOCUST STREET Unit 814 Philadelphia, PA.
What is the asking price?
The asking price for this property is $71,900.
What are key features of this property?
This property features: Studio condominium in Unit 814 at 1324 Locust Street; Efficient studio floor plan; Building constructed in 1900
