One-Bedroom Residential Income
New
For Sale
$425,000
138-40 N FRONT STREET Unit 2R, Philadelphia, PA 19106
Condominium residence with private ground-floor parking, elevator access, and expansive city views.
Property Size907 SF
Days on Market7
Property Features for 138-40 N FRONT STREET Unit 2R
General Information
Standard status
Active
Size
907 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1.5BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,541
Building Details
Building Size
907 SF
Year Built
2014
Listing Agency:
Coldwell Banker Realty
Listed By:
Olivia Scarlett Soares · License #RS342663
(904) 316-0090
Source:
Patmckennarealtors
Added: Sep 10
Changed: Sep 15
Last Checked: Sep 15 at 9:41AM
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.
This 2014 condominium residence offers one bedroom, one and a half baths, and an open living arrangement framed by floor-to-ceiling windows. The interior includes 10-foot ceilings, recessed lighting, and a contemporary kitchen with Porcelanosa cabinetry, quartz counters, KitchenAid stainless steel appliances, a five-burner gas range, and counter seating. The bedroom includes substantial closet storage and an en suite bath with a double vanity and oversized walk-in shower featuring dual shower heads.
Private ground-floor parking and elevator service add convenience. The residence overlooks Philadelphia and the Ben Franklin Bridge and is situated in the historic Old City district, within walking distance of restaurants, shops, and historic landmarks. Center City, New Jersey, and I-95 are also accessible from the property.
Private ground-floor parking and elevator service add convenience. The residence overlooks Philadelphia and the Ben Franklin Bridge and is situated in the historic Old City district, within walking distance of restaurants, shops, and historic landmarks. Center City, New Jersey, and I-95 are also accessible from the property.
Key Highlights
- 2014 condominium residence with one bedroom and one and a half baths
- Private ground‑floor parking and elevator access
- 10‑foot ceilings and floor‑to‑ceiling windows
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
$14,267
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
3.36%
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%
$285,340
$285.3K
Cap Rate 7%
$203,814
$203.8K
Cap Rate 9%
$158,522
$158.5K
Market Conditions
NOI Build-Up for 907 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
$27.5K $30.36/SF
− Vacancy
−$1.6K −$1.76/SF
EGI
$25.9K $28.60/SF
− OpEx
−$11.7K −$12.87/SF
NOI
$14.3K $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%
$285,340
Cap Rate 7%
$203,814
Cap Rate 9%
$158,522
Alternative Uses
Best Use
Apartment 5plus
$203.8K
$178.3K – $237.8K
NOI $14,267 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$221.1K
$193.5K – $258.0K
NOI $15,478 @ 7.0% cap · market cap 3.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,185
Businesses Nearby
Explore this area
Business Placement
Demographics for 19106, PA
15,190
Population
9,913
Households
1.5
Avg Household Size
39
Median Age
80%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
16,878
Density / Sq Mi
$129,779
Median Household Income
$93,953
Median Earnings
$2,219
Median Rent
$528,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with private ground-floor parking, elevator access, and expansive city views.
Where is this residential income property located?
The property is located at 138-40 N FRONT STREET Unit 2R Philadelphia, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2014 condominium residence with one bedroom and one and a half baths; Private ground‑floor parking and elevator access; 10‑foot ceilings and floor‑to‑ceiling windows
