Residential Income Property with
New
For Sale
$575,000
1420 LOCUST STREET Unit 12K, Philadelphia, PA 19102
Updated condominium residence with private outdoor space, full-service building amenities, and utilities included in monthly condominium fees.
Property Size1,590 SF
Price / SF$361.64
Days on Market5
Property Features for 1420 LOCUST STREET Unit 12K
General Information
Standard status
Active
Size
1,590 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Additional Details
HOA Fee
$1,673
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,367
Amenities
24/7 concierge
fitness center
endless swim-in-place pools
hot tub
aerobics area
free weights area
core-strengthening area
yoga room
outdoor plaza with sun deck
outdoor seating areas
fountain
landscaped planters
in-unit washer and dryer
private balcony
Building Details
Building Size
1,590 SF
Year Built
1977
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
Listed By:
John Featherman · License #AB067755
(215) 280-7455
Source:
Patmckennarealtors
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 1:01PM
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.
Residence 12K is a three-bedroom, two-and-a-half-bath condominium at Academy House, offering approximately 1,590 square feet with a private balcony. The interior includes an updated kitchen and bathrooms, a separate dining area, in-unit laundry, and substantial closet storage. Built in 1977, the property combines a spacious residential layout with the services and shared facilities of a full-service condominium building.
Academy House provides a 24/7 front desk concierge, fitness center, two endless swim-in-place pools, hot tub, aerobics area, free weights area, core-strengthening area, yoga room, and a landscaped outdoor plaza with sun deck, seating, fountain, and planters. Monthly condominium fees include electric, heat, air conditioning, hot and cold water, basic cable TV, and Internet. The building is at 1420 Locust Street in Philadelphia, near the Academy of Music and Kimmel Center, with restaurants, shopping, entertainment, SEPTA, and PATCO transportation nearby. Parking is separately available subject to availability.
Academy House provides a 24/7 front desk concierge, fitness center, two endless swim-in-place pools, hot tub, aerobics area, free weights area, core-strengthening area, yoga room, and a landscaped outdoor plaza with sun deck, seating, fountain, and planters. Monthly condominium fees include electric, heat, air conditioning, hot and cold water, basic cable TV, and Internet. The building is at 1420 Locust Street in Philadelphia, near the Academy of Music and Kimmel Center, with restaurants, shopping, entertainment, SEPTA, and PATCO transportation nearby. Parking is separately available subject to availability.
Key Highlights
- Three‑bedroom, two‑and‑a‑half‑bath condominium with approximately 1,590 square feet
- Private balcony, separate dining area, updated kitchen and bathrooms, and in‑unit washer and dryer
- Academy House includes 24/7 front desk concierge and fitness center
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
$25,010
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
4.35%
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%
$500,200
$500.2K
Cap Rate 7%
$357,286
$357.3K
Cap Rate 9%
$277,889
$277.9K
Market Conditions
NOI Build-Up for 1,590 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
$48.3K $30.36/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$45.5K $28.60/SF
− OpEx
−$20.5K −$12.87/SF
NOI
$25.0K $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%
$500,200
Cap Rate 7%
$357,286
Cap Rate 9%
$277,889
Alternative Uses
Best Use
Apartment 5plus
$357.3K
$312.6K – $416.8K
NOI $25,010 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$387.6K
$339.2K – $452.2K
NOI $27,133 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
25,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 19102, PA
7,568
Population
4,606
Households
1.6
Avg Household Size
32
Median Age
87%
College-Educated
98%
High-School Grad
0.2 sq mi
ZIP Area
37,840
Density / Sq Mi
$114,844
Median Household Income
$79,552
Median Earnings
$2,249
Median Rent
$412,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium residence with private outdoor space, full-service building amenities, and utilities included in monthly condominium fees.
Where is this residential income property located?
The property is located at 1420 LOCUST STREET Unit 12K Philadelphia, PA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Three‑bedroom, two‑and‑a‑half‑bath condominium with approximately 1,590 square feet; Private balcony, separate dining area, updated kitchen and bathrooms, and in‑unit washer and dryer; Academy House includes 24/7 front desk concierge and fitness center
