Licensed Short-Term Rental
For Sale
$1,975,000
1421-23 N FRONT ST, Philadelphia, PA 19122
Fully furnished, operational property with a landscaped rear patio accessible to every unit.
Property Size7,560 SF
Price / SF$261.24
Days on Market45
Property Features for 1421-23 N FRONT ST
General Information
Standard status
Active
Size
7,560 SF
Property subtype
Multi-Family
Listing Agency:
MSC Retail, Inc.
(215) 568-2600
Listed By:
Josh Weiss · License #RS324559
(215) 605-8355
Source:
Opal-realestate
Added: Jul 20
Changed: Aug 29
Last Checked: Sep 2 at 3:57AM
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 MSC Retail, Inc.
Investment Insights
Based on property information with market context.
Constructed in 2019, this fully licensed and operational short-term rental property includes furniture, fixtures, and equipment, excluding management-branded materials. The building contains six apartments: four open-layout units across the first and second floors, plus two bi-level apartments on the third and fourth floors, each configured with 2BR/2BA. The 7,560-square-foot structure is 27 feet wide and features 10-foot ceilings, abundant natural light, and contemporary interiors. A landscaped rear patio is available to all residents and guests.
Located in Philadelphia’s Fishtown, the property is surrounded by destination restaurants and nightlife. The sale includes the existing furnishings and operational FF&E, providing a complete short-term rental setup in a newly constructed building.
Located in Philadelphia’s Fishtown, the property is surrounded by destination restaurants and nightlife. The sale includes the existing furnishings and operational FF&E, providing a complete short-term rental setup in a newly constructed building.
Key Highlights
- Fully licensed and operational short‑term rental property
- 7,560‑square‑foot building constructed in 2019
- Six units: four open‑layout apartments and two bi‑level 2BR/2BA apartments
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
$118,915
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
6.02%
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%
$2,378,300
$2.4M
Cap Rate 7%
$1,698,786
$1.7M
Cap Rate 9%
$1,321,278
$1.3M
Market Conditions
NOI Build-Up for 7,560 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
$229.5K $30.36/SF
− Vacancy
−$13.3K −$1.76/SF
EGI
$216.2K $28.60/SF
− OpEx
−$97.3K −$12.87/SF
NOI
$118.9K $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%
$2,378,300
Cap Rate 7%
$1,698,786
Cap Rate 9%
$1,321,278
Alternative Uses
Best Use
Apartment 5plus
$1.70M
$1.49M – $1.98M
NOI $118,915 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.84M
$1.61M – $2.15M
NOI $129,011 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,513
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Fully furnished, operational property with a landscaped rear patio accessible to every unit.
Where is this short term rental property located?
The property is located at 1421-23 N FRONT ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Fully licensed and operational short‑term rental property; 7,560‑square‑foot building constructed in 2019; Six units: four open‑layout apartments and two bi‑level 2BR/2BA apartments
