Residential Income Property with
For Sale
$1,849,000
1515 LOCUST STREET Unit 1000, Philadelphia, PA 19102
Three-bedroom penthouse with secure elevator access, open living areas, premium finishes, and a private outdoor terrace.
Property Size4,085 SF
Days on Market20
Property Features for 1515 LOCUST STREET Unit 1000
General Information
Standard status
Active
Size
4,085 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$26,062
Building Details
Building Size
4,085 SF
Year Built
1900
Listing Agency:
Allan Domb Real Estate
Listed By:
Allan Domb · License #RB043135A
(215) 545-1500
Source:
Patmckennarealtors
Added: Aug 21
Changed: Sep 4
Last Checked: Sep 8 at 10:02AM
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 Allan Domb Real Estate
Investment Insights
Based on property information with market context.
This three-bedroom penthouse at The Chelsea combines an expansive open-concept great room with a private balcony, gas fireplace, oversized windows, and hardwood flooring. The kitchen includes Bulthaup cabinetry, granite counters, a breakfast bar, and stainless steel appliances from Miele, Gaggenau, Bosch, and Sub-Zero. A separate den adds built-in display and storage cabinetry, while the bedroom wing features two guest rooms and a primary suite with two walk-in closets and a spa-style bathroom.
Building and residence features include secure elevator entry, a private elevator-vestibule storage room, laundry room, recessed and accent lighting, custom fixtures, electric shades, and a Nest thermostat. The primary bath includes a steam shower, jacuzzi tub, double vanity, and bidet toilet. The Chelsea is a pet-friendly boutique building with a secure lobby at 1515 Locust Street in Philadelphia’s Center City, near Rittenhouse Square, Washington Square, the Broad Street and Market Street office corridors, Philadelphia International Airport, and Amtrak’s 30th Street Station. Built in 1900.
Building and residence features include secure elevator entry, a private elevator-vestibule storage room, laundry room, recessed and accent lighting, custom fixtures, electric shades, and a Nest thermostat. The primary bath includes a steam shower, jacuzzi tub, double vanity, and bidet toilet. The Chelsea is a pet-friendly boutique building with a secure lobby at 1515 Locust Street in Philadelphia’s Center City, near Rittenhouse Square, Washington Square, the Broad Street and Market Street office corridors, Philadelphia International Airport, and Amtrak’s 30th Street Station. Built in 1900.
Key Highlights
- Three‑bedroom penthouse with private balcony and 13 oversized windows
- Secure elevator entry plus a large storage room off the elevator vestibule
- Kitchen with Bulthaup cabinetry, granite counters, and Miele, Gaggenau, Bosch, and Sub‑Zero appliances
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
$64,255
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
3.48%
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%
$1,285,100
$1.3M
Cap Rate 7%
$917,929
$917.9K
Cap Rate 9%
$713,944
$713.9K
Market Conditions
NOI Build-Up for 4,085 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
$124.0K $30.36/SF
− Vacancy
−$7.2K −$1.76/SF
EGI
$116.8K $28.60/SF
− OpEx
−$52.6K −$12.87/SF
NOI
$64.3K $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%
$1,285,100
Cap Rate 7%
$917,929
Cap Rate 9%
$713,944
Alternative Uses
Best Use
Apartment 5plus
$917.9K
$803.2K – $1.07M
NOI $64,255 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$995.9K
$871.4K – $1.16M
NOI $69,710 @ 7.0% cap · market cap 3.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
25,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 19102, PA
7,568
Population
4,606
Households
1.6
Avg Household Size
32
Median Age
87%
College-Educated
98%
High-School Grad
0.2 sq mi
ZIP Area
37,840
Density / Sq Mi
$114,844
Median Household Income
$79,552
Median Earnings
$2,249
Median Rent
$412,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom penthouse with secure elevator access, open living areas, premium finishes, and a private outdoor terrace.
Where is this residential income property located?
The property is located at 1515 LOCUST STREET Unit 1000 Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,849,000.
What are key features of this property?
This property features: Three‑bedroom penthouse with private balcony and 13 oversized windows; Secure elevator entry plus a large storage room off the elevator vestibule; Kitchen with Bulthaup cabinetry, granite counters, and Miele, Gaggenau, Bosch, and Sub‑Zero appliances
