Residential Income Property with Private
For Sale
$360,000
1509 CHRISTIAN STREET Unit 2, Philadelphia, PA 19146
Second-floor condo with deeded parking, two bedrooms, central air, and a private outdoor area.
Property Size940 SF
Days on Market17
Property Features for 1509 CHRISTIAN STREET Unit 2
General Information
Standard status
Active
Size
940 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$4,318
Amenities
private deck
central air conditioning
dedicated washer and dryer in basement
additional storage
Building Details
Building Size
940 SF
Year Built
1900
Listing Agency:
Keller Williams Main Line
(215) 435-2544
Listed By:
Adam Feine · License #RS336416
(215) 435-2544
Source:
Patmckennarealtors
Added: Aug 7
Changed: Aug 21
Last Checked: Aug 22 at 11:14AM
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 Keller Williams Main Line
Investment Insights
Based on property information with market context.
This second-floor condo combines an open living arrangement with practical residential features. The interior includes hardwood flooring, recessed lighting, oversized windows, and connected living and dining areas. Its kitchen is equipped with granite counters, stainless steel appliances, extensive cabinetry, and an island with seating. The primary bedroom opens onto a private deck, while the second bedroom can serve as an office, guest room, nursery, or exercise space. Central air conditioning, basement laundry, and additional storage are also included.
The property is located at 1509 Christian Street in Philadelphia, with deeded off-street parking and views toward Center City. Center City, Rittenhouse Square, Washington Avenue, and the Broad Street Line are identified as nearby destinations. Sprouts, Target, PetSmart, Christian Street Cafe, L'Anima, Starbucks, American Sardine Bar, the Christian Street YMCA, and Marian Anderson Recreation Center are also in the surrounding area.
The property is located at 1509 Christian Street in Philadelphia, with deeded off-street parking and views toward Center City. Center City, Rittenhouse Square, Washington Avenue, and the Broad Street Line are identified as nearby destinations. Sprouts, Target, PetSmart, Christian Street Cafe, L'Anima, Starbucks, American Sardine Bar, the Christian Street YMCA, and Marian Anderson Recreation Center are also in the surrounding area.
Key Highlights
- Second‑floor condo with two bedrooms and an open living and dining arrangement
- Private deck accessed directly from the primary bedroom
- Deeded off‑street parking included
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
$14,786
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
4.11%
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%
$295,720
$295.7K
Cap Rate 7%
$211,229
$211.2K
Cap Rate 9%
$164,289
$164.3K
Market Conditions
NOI Build-Up for 940 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
$28.5K $30.36/SF
− Vacancy
−$1.7K −$1.76/SF
EGI
$26.9K $28.60/SF
− OpEx
−$12.1K −$12.87/SF
NOI
$14.8K $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%
$295,720
Cap Rate 7%
$211,229
Cap Rate 9%
$164,289
Alternative Uses
Best Use
Apartment 5plus
$211.2K
$184.8K – $246.4K
NOI $14,786 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$229.2K
$200.5K – $267.4K
NOI $16,041 @ 7.0% cap · market cap 4.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,636
Businesses Nearby
Explore this area
Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor condo with deeded parking, two bedrooms, central air, and a private outdoor area.
Where is this residential income property located?
The property is located at 1509 CHRISTIAN STREET Unit 2 Philadelphia, PA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Second‑floor condo with two bedrooms and an open living and dining arrangement; Private deck accessed directly from the primary bedroom; Deeded off‑street parking included
