Mixed-Use Property with
For Sale
$849,900
1500 S 6th St, Philadelphia, PA 19147
Corner property combines an operating laundromat with two residential apartments, separate electric metering, decks, and flexible CMX-1 zoning.
Property Size3,654 SF
Price / SF$232.59
Days on Market49
Property Features for 1500 S 6th St
General Information
Standard status
Active
Size
3,654 SF
Zoning
CMX-1
Site & Location
Corner Location
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Business Included
Yes
Amenities
deck
Building Details
Year Built
1915
Buildings
1
Stories
3
Listing Agency:
Century 21 Advantage Gold-South Philadelphia
Listed By:
Phong D Lam
Source:
Bethsamberg
Added: Aug 1
Changed: Sep 8
Last Checked: Sep 15 at 10:55PM
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 Century 21 Advantage Gold-South Philadelphia
Investment Insights
Based on property information with market context.
This 3,654-square-foot mixed-use property, constructed in 1915, combines a coin-operated laundromat with two residential apartments above. The commercial space includes 26 dryers, 25 washers, tile flooring, ceiling fans, natural light, a small office, and a drink refrigerator. The second-floor residence offers three bedrooms, one full bathroom, a kitchen, living room, and deck. Above it, the third-floor apartment provides one primary bedroom, one full bathroom, kitchen, living room, dining room, and a second composite deck.
The property occupies a corner location at 1500 S 6th Street in Philadelphia’s Dickinson Narrows section of South Philadelphia. It is zoned CMX-1 Mixed-Use and has separate electric meters for the commercial space and both apartments. SEPTA bus stops and public transportation are accessible nearby, with shopping, supermarkets, restaurants, gyms, parks, and other amenities in the surrounding area.
Improvements include central air and gas heat installed in 2022 for the second-floor apartment, central air and electric heat installed in 2023 for the third-floor apartment, and a rubber roof installed in March 2026. The unfinished basement provides storage and houses water-heating equipment.
The property occupies a corner location at 1500 S 6th Street in Philadelphia’s Dickinson Narrows section of South Philadelphia. It is zoned CMX-1 Mixed-Use and has separate electric meters for the commercial space and both apartments. SEPTA bus stops and public transportation are accessible nearby, with shopping, supermarkets, restaurants, gyms, parks, and other amenities in the surrounding area.
Improvements include central air and gas heat installed in 2022 for the second-floor apartment, central air and electric heat installed in 2023 for the third-floor apartment, and a rubber roof installed in March 2026. The unfinished basement provides storage and houses water-heating equipment.
Key Highlights
- 3,654‑square‑foot corner mixed‑use property at 1500 S 6th Street, Philadelphia, PA 19147
- Coin laundromat includes 26 dryers and 25 washers
- Two residential apartments with decks above the commercial space
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
$57,476
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
6.76%
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%
$1,149,520
$1.1M
Cap Rate 7%
$821,086
$821.1K
Cap Rate 9%
$638,622
$638.6K
Market Conditions
NOI Build-Up for 3,654 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
$110.9K $30.36/SF
− Vacancy
−$6.4K −$1.76/SF
EGI
$104.5K $28.60/SF
− OpEx
−$47.0K −$12.87/SF
NOI
$57.5K $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%
$1,149,520
Cap Rate 7%
$821,086
Cap Rate 9%
$638,622
Alternative Uses
Best Use
Apartment 5plus
$821.1K
$718.5K – $957.9K
NOI $57,476 @ 7.0% cap · market cap 6.76%
Second Best
Mixed Use
$620.1K
$542.6K – $723.5K
NOI $43,410 @ 7.0% cap · market cap 5.11%
Theoretical Best
Multifamily LT 5
$890.8K
$779.4K – $1.04M
NOI $62,355 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,241
Businesses Nearby
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner property combines an operating laundromat with two residential apartments, separate electric metering, decks, and flexible CMX-1 zoning.
Where is this mixed-use property located?
The property is located at 1500 S 6th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: 3,654‑square‑foot corner mixed‑use property at 1500 S 6th Street, Philadelphia, PA 19147; Coin laundromat includes 26 dryers and 25 washers; Two residential apartments with decks above the commercial space
