Corner Two-Bedroom Residential Income
For Sale
$319,990
Pending
1420 LOCUST STREET Unit 20Q, Philadelphia, PA 19102
Center City condominium residence with integrated utilities, fitness amenities, pools, and concierge service.
Property Size1,019 SF
Days on Market440
Property Features for 1420 LOCUST STREET Unit 20Q
General Information
Standard status
Pending
Size
1,019 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$4,182
Building Details
Building Size
1,019 SF
Year Built
1977
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
(215) 280-7455
Listed By:
John Featherman · License #AB067755
(215) 280-7455
Source:
Patmckennarealtors
Added: Jun 19, 2025
Changed: Aug 28
Last Checked: Aug 30 at 9:09PM
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 corner condominium residence in the Academy House offers two bedrooms, one full bathroom, a powder room, and 1,019 square feet of interior space. The layout includes a living room, separate dining area, full kitchen, carpeted flooring, and an in-unit washer and dryer located in the main bathroom. Constructed in 1977, the property provides a residential configuration within a full-service condominium building.
Building amenities include a fitness center, two swim-in-place pools, a hot tub, aerobics and yoga areas, free weights, and a core-strengthening area. Residents also have access to an outdoor plaza with a sun deck, seating areas, fountain, and planters, along with a 24-hour front desk concierge. Valet and self-parking options are available at discounted rates, subject to availability.
The property is at 1420 Locust Street in Philadelphia’s Center City, near the Academy of Music, Kimmel Center, shopping, restaurants, SEPTA, and PATCO transportation hubs.
Building amenities include a fitness center, two swim-in-place pools, a hot tub, aerobics and yoga areas, free weights, and a core-strengthening area. Residents also have access to an outdoor plaza with a sun deck, seating areas, fountain, and planters, along with a 24-hour front desk concierge. Valet and self-parking options are available at discounted rates, subject to availability.
The property is at 1420 Locust Street in Philadelphia’s Center City, near the Academy of Music, Kimmel Center, shopping, restaurants, SEPTA, and PATCO transportation hubs.
Key Highlights
- Corner 2‑bedroom, 1.5‑bath condominium residence
- 1,019 square feet with separate dining area and full kitchen
- Built in 1977 within the Academy House condominium
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
$16,028
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
5.01%
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%
$320,560
$320.6K
Cap Rate 7%
$228,971
$229.0K
Cap Rate 9%
$178,089
$178.1K
Market Conditions
NOI Build-Up for 1,019 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
$30.9K $30.36/SF
− Vacancy
−$1.8K −$1.76/SF
EGI
$29.1K $28.60/SF
− OpEx
−$13.1K −$12.87/SF
NOI
$16.0K $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%
$320,560
Cap Rate 7%
$228,971
Cap Rate 9%
$178,089
Alternative Uses
Best Use
Apartment 5plus
$229.0K
$200.4K – $267.1K
NOI $16,028 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$248.4K
$217.4K – $289.8K
NOI $17,389 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Center City condominium residence with integrated utilities, fitness amenities, pools, and concierge service.
Where is this residential income property located?
The property is located at 1420 LOCUST STREET Unit 20Q Philadelphia, PA.
What is the asking price?
The asking price for this property is $319,990.
What are key features of this property?
This property features: Corner 2‑bedroom, 1.5‑bath condominium residence; 1,019 square feet with separate dining area and full kitchen; Built in 1977 within the Academy House condominium
