Two-Bedroom Residential Income
For Sale
$550,000
Pending
1420 LOCUST STREET Unit 29A, Philadelphia, PA 19102
Updated kitchen and two full bathrooms complement expansive eastern city views.
Property Size1,524 SF
Days on Market53
Property Features for 1420 LOCUST STREET Unit 29A
General Information
Standard status
Pending
Size
1,524 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,040
Amenities
24-hour doorman
fitness center
aquatic center
in-unit washer/dryer
valet parking
Building Details
Building Size
1,524 SF
Year Built
1977
Listing Agency:
Allan Domb Real Estate
Listed By:
Allan Domb · License #RB043135A
(215) 545-1500
Source:
Patmckennarealtors
Added: Jul 30
Changed: Sep 17
Last Checked: Sep 19 at 12:45PM
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 Allan Domb Real Estate
Investment Insights
Based on property information with market context.
This two-bedroom, two-bathroom residence at Academy House includes an open great room with separate living and dining areas, oversized windows, and eastern views extending from the Delaware River toward Center City. The kitchen has white cabinetry, granite countertops, a tile backsplash, breakfast bar, and stainless steel appliances. A primary suite includes a walk-in closet with built-ins and a private bathroom, while the second bedroom offers built-in shelving and storage. Hardwood flooring serves the common areas, with carpeting in both bedrooms. A stacked LG washer and dryer is located within the residence.
Academy House provides a 24-hour doorman, fitness and aquatic center, and valet parking in the building garage, subject to availability. The property is at 1420 Locust Street in Philadelphia's Center City, near Rittenhouse Square, Washington Square, the Broad Street and Market Street office corridors, Philadelphia International Airport, and Amtrak's 30th Street Station. Built in 1977.
Academy House provides a 24-hour doorman, fitness and aquatic center, and valet parking in the building garage, subject to availability. The property is at 1420 Locust Street in Philadelphia's Center City, near Rittenhouse Square, Washington Square, the Broad Street and Market Street office corridors, Philadelphia International Airport, and Amtrak's 30th Street Station. Built in 1977.
Key Highlights
- Two‑bedroom, two‑bathroom residence with eastern views toward Center City
- Open great room supports separate living and dining areas
- Updated kitchen with granite counters, breakfast bar, and stainless steel appliances
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
$23,972
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
4.36%
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%
$479,440
$479.4K
Cap Rate 7%
$342,457
$342.5K
Cap Rate 9%
$266,356
$266.4K
Market Conditions
NOI Build-Up for 1,524 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
$46.3K $30.36/SF
− Vacancy
−$2.7K −$1.76/SF
EGI
$43.6K $28.60/SF
− OpEx
−$19.6K −$12.87/SF
NOI
$24.0K $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%
$479,440
Cap Rate 7%
$342,457
Cap Rate 9%
$266,356
Alternative Uses
Best Use
Apartment 5plus
$342.5K
$299.7K – $399.5K
NOI $23,972 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$371.5K
$325.1K – $433.5K
NOI $26,007 @ 7.0% cap · market cap 4.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated kitchen and two full bathrooms complement expansive eastern city views.
Where is this residential income property located?
The property is located at 1420 LOCUST STREET Unit 29A Philadelphia, PA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom residence with eastern views toward Center City; Open great room supports separate living and dining areas; Updated kitchen with granite counters, breakfast bar, and stainless steel appliances
