Updated Residential Income
New
For Sale
$315,000
1420 LOCUST STREET Unit 29C, Philadelphia, PA 19102
One-bedroom high-rise residence with renovated interiors, skyline views, and extensive full-service building amenities.
Property Size875 SF
Price / SF$360
Days on Market7
Property Features for 1420 LOCUST STREET Unit 29C
General Information
Standard status
Active
Size
875 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Furnished
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,055
Amenities
doorman
concierge
fitness center
indoor pool
whirlpool
sauna
business and meeting rooms
bicycle storage
outdoor plaza
valet parking
in-unit washer/dryer
Building Details
Building Size
875 SF
Year Built
1977
Listing Agency:
KW Empower
Listed By:
Gianna Ginnetti · License #RS324599
(267) 236-3900
Source:
Patmckennarealtors
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 14 at 7:49AM
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 KW Empower
Investment Insights
Based on property information with market context.
This updated one-bedroom residence occupies the 29th floor of Academy House and offers 875 square feet of interior space. The layout includes an open living and dining area, custom built-in storage, a renovated kitchen with granite counters and stainless steel appliances, an oversized bedroom, and an updated bathroom with an in-unit stacked washer and dryer. A stone accent wall, refreshed flooring, and select furnishings, including a 55-inch television, Sonos soundbar, and marble-top dining table with four chairs, are included in the sale.
Academy House provides full-service residential amenities, including a 24-hour doorman and concierge, fitness center, indoor pool, whirlpool, sauna, business and meeting rooms, bicycle storage, and a landscaped outdoor plaza. The association fee covers heat, air conditioning, electricity, water, trash, building maintenance, and amenity access. The property is near Rittenhouse Square, the Avenue of the Arts, the Kimmel Center, dining, shopping, and public transportation. Built in 1977.
Academy House provides full-service residential amenities, including a 24-hour doorman and concierge, fitness center, indoor pool, whirlpool, sauna, business and meeting rooms, bicycle storage, and a landscaped outdoor plaza. The association fee covers heat, air conditioning, electricity, water, trash, building maintenance, and amenity access. The property is near Rittenhouse Square, the Avenue of the Arts, the Kimmel Center, dining, shopping, and public transportation. Built in 1977.
Key Highlights
- 875‑square‑foot one‑bedroom residence on the 29th floor
- Open living and dining area with custom built‑in cabinetry and storage
- Renovated kitchen with granite countertops 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
$13,763
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
4.37%
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%
$275,260
$275.3K
Cap Rate 7%
$196,614
$196.6K
Cap Rate 9%
$152,922
$152.9K
Market Conditions
NOI Build-Up for 875 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
$26.6K $30.36/SF
− Vacancy
−$1.5K −$1.76/SF
EGI
$25.0K $28.60/SF
− OpEx
−$11.3K −$12.87/SF
NOI
$13.8K $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%
$275,260
Cap Rate 7%
$196,614
Cap Rate 9%
$152,922
Alternative Uses
Best Use
Apartment 5plus
$196.6K
$172.0K – $229.4K
NOI $13,763 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$213.3K
$186.7K – $248.9K
NOI $14,932 @ 7.0% cap · market cap 4.74%
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 - One-bedroom high-rise residence with renovated interiors, skyline views, and extensive full-service building amenities.
Where is this residential income property located?
The property is located at 1420 LOCUST STREET Unit 29C Philadelphia, PA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 875‑square‑foot one‑bedroom residence on the 29th floor; Open living and dining area with custom built‑in cabinetry and storage; Renovated kitchen with granite countertops and stainless steel appliances
