Listing Agency: MSC Retail, Inc. Show Phone

Listed By: Josh Weiss · License #RS324559 Show Phone

Source: Imanirealtors

Added: Jul 20 Changed: Oct 6 Last Checked: Oct 16 at 8:40AM

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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.

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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.

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 / Yr

$118,915

Cap Rate

6.02%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,378,300 $2.4M

Cap Rate 7%

$1,698,786 $1.7M

Cap Rate 9%

$1,321,278 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,560 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $129,011 @ 7.0% cap · market cap 6.53%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Short term rental ...

Suggested Use

Top Pick Law Firm (Bike/Boat/Book/etc) Store Tanning Salon Clothing & Fashion Store Auto Parts Store Supermarket

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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