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 Market69
Property Features for 1515 LOCUST STREET Unit 1000
General Information
Standard status
Active
Size
4,085 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Center City
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 23
Changed: Oct 29
Last Checked: Oct 28 at 3:52PM
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
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Investment Insights
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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 / Yr
$64,255
Cap Rate
3.48%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
25,331
Businesses Nearby
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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
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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
