Leased One-Bedroom Residential
New
For Sale
$235,000
1420 LOCUST STREET Unit 6M, Philadelphia, PA 19102
Updated unit with hardwood flooring, renovated kitchen and bath, in-unit laundry, and southern exposure.
Property Size721 SF
Days on Market7
Property Features for 1420 LOCUST STREET Unit 6M
General Information
Standard status
Active
Size
721 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,979
Amenities
24-hour doorman service
fitness/aquatic center
in-unit washer and dryer
Building Details
Building Size
721 SF
Year Built
1977
Tenancy
Single
Listing Agency:
Kurfiss Sotheby's International Realty
Listed By:
CONNOR GORMAN · License #RS350708
(215) 837-0403
Source:
Patmckennarealtors
Added: Sep 14
Changed: Sep 20
Last Checked: Sep 20 at 10:13AM
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 Kurfiss Sotheby's International Realty
Investment Insights
Based on property information with market context.
This one-bedroom residential property at 1420 Locust Street, Unit 6M, features a recently renovated kitchen with quartz countertops, subway tile backsplash, and stainless steel appliances. A tiled foyer leads to hardwood flooring throughout the unit, while the combined living and dining area receives southern exposure. The bedroom includes two oversized closets, and the updated bathroom has a large vanity and walk-in shower. An in-unit washer and dryer complete the layout.
Located in Philadelphia’s Center City, the property is within walking distance of Rittenhouse Square, Washington Square, the Kimmel Center, and the Broad and Market Street office corridors. Academy House provides 24-hour doorman service and access to a fitness and aquatic center. Valet garage parking is available for an additional monthly fee, subject to availability. The property is leased through 5/31/27, and the building was constructed in 1977.
Located in Philadelphia’s Center City, the property is within walking distance of Rittenhouse Square, Washington Square, the Kimmel Center, and the Broad and Market Street office corridors. Academy House provides 24-hour doorman service and access to a fitness and aquatic center. Valet garage parking is available for an additional monthly fee, subject to availability. The property is leased through 5/31/27, and the building was constructed in 1977.
Key Highlights
- One‑bedroom unit with hardwood flooring throughout
- Renovated kitchen with quartz counters, subway tile backsplash, and stainless steel appliances
- Updated bathroom with large vanity and walk‑in shower
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
$11,341
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
4.83%
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%
$226,820
$226.8K
Cap Rate 7%
$162,014
$162.0K
Cap Rate 9%
$126,011
$126.0K
Market Conditions
NOI Build-Up for 721 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
$21.9K $30.36/SF
− Vacancy
−$1.3K −$1.76/SF
EGI
$20.6K $28.60/SF
− OpEx
−$9.3K −$12.87/SF
NOI
$11.3K $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%
$226,820
Cap Rate 7%
$162,014
Cap Rate 9%
$126,011
Alternative Uses
Best Use
Apartment 5plus
$162.0K
$141.8K – $189.0K
NOI $11,341 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$175.8K
$153.8K – $205.1K
NOI $12,304 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
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 unit with hardwood flooring, renovated kitchen and bath, in-unit laundry, and southern exposure.
Where is this residential income property located?
The property is located at 1420 LOCUST STREET Unit 6M Philadelphia, PA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: One‑bedroom unit with hardwood flooring throughout; Renovated kitchen with quartz counters, subway tile backsplash, and stainless steel appliances; Updated bathroom with large vanity and walk‑in shower
