Short-Term Rental Building with
For Sale
$1,975,000
142123 N Front Street, Philadelphia, PA 19122
Licensed, operating furnished rental property with flexible unit layouts and shared outdoor space.
Property Size7,560 SF
Price / SF$261.24
Days on Market361
Property Features for 142123 N Front Street
General Information
Standard status
Active
Size
7,560 SF
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
4 x open layout, 2 x 2BR/2BA
Multifamily Units
6
Additional Details
Furnished
Yes
Amenities
rear patio
Building Details
Year Built
2019
Buildings
1
Stories
4
Listing Agency:
MSC Retail,Inc.
(215) 568-2600
Listed By:
Josh Weiss · License #RS324559
Source:
Deepcreeklake
Added: Sep 7, 2025
Changed: Sep 1
Last Checked: Aug 31 at 8:09PM
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 short-term rental building is configured for furnished apartment stays and is being offered with furniture, fixtures, and equipment, excluding management-branded materials. The property contains 7,560 square feet across four floors. Four open-layout units occupy the first and second floors, while the upper levels contain two bi-level apartments, each with a 2BR/2BA configuration. Interior details include 27' width, 10' ceilings throughout, abundant natural light, and contemporary finishes.
A landscaped rear patio is available to all units, adding shared outdoor space to the building’s residential layout. The property is situated in Fishtown, with surrounding restaurants and nightlife identified as demand drivers for short-term stays.
A landscaped rear patio is available to all units, adding shared outdoor space to the building’s residential layout. The property is situated in Fishtown, with surrounding restaurants and nightlife identified as demand drivers for short-term stays.
Key Highlights
- Fully licensed and operational short‑term rental building
- Constructed in 2019 with 7,560 square feet
- Six units: four open‑layout units plus 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
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
587
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 - Licensed, operating furnished rental property with flexible unit layouts and shared outdoor space.
Where is this short term rental property located?
The property is located at 142123 N Front Street 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 building; Constructed in 2019 with 7,560 square feet; Six units: four open‑layout units plus two bi‑level 2BR/2BA apartments
