Mixed-Use Building with
For Sale
$595,000
1515 Mckean St, Philadelphia, PA 19145
Two-story mixed-use building with ground-floor retail and a leased 1-bedroom residential unit with private outdoor deck.
Property Size1,878 SF
Price / SF$316.83
Days on Market92
Property Features for 1515 Mckean St
General Information
Standard status
Active
Size
1,878 SF
Property subtype
Mixed-Use
Occupancy
100%
Additional Details
Multifamily Units
1
Building Details
Building Size
1,878 SF
Year Built
1920
Stories
2
Tenancy
Multi
Listing Agency:
Mallin Panchelli Nadel Realty, Inc.
Listed By:
Alexandra Charen · License #RS351522
(215) 584-2672
Source:
Mpnrealty
Added: Jul 23
Changed: Oct 2
Last Checked: Oct 20 at 5:42PM
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 Mallin Panchelli Nadel Realty, Inc.
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Investment Insights
Based on property information with market context.
This two-story mixed-use building includes one ground-floor retail space of approximately 1,200 SF and one spacious 1-bedroom, 1-bath residential unit. The residential unit features a private outdoor deck, providing an outdoor living area directly with the home. The property is 100% leased, offering an occupied configuration across both the retail and residential components.
Located at 1515 McKean Street in South Philadelphia, the ground floor is occupied by Forbidden Closet, an established vintage boutique. The asset is positioned as a live/work fit for an owner-occupant or as immediate-income real estate for an investor seeking leased stability.
With retail and residential space under one ownership, the property provides a combined setup for day-to-day operating needs and a separate living arrangement within the same building footprint.
Located at 1515 McKean Street in South Philadelphia, the ground floor is occupied by Forbidden Closet, an established vintage boutique. The asset is positioned as a live/work fit for an owner-occupant or as immediate-income real estate for an investor seeking leased stability.
With retail and residential space under one ownership, the property provides a combined setup for day-to-day operating needs and a separate living arrangement within the same building footprint.
Key Highlights
- 1,878 SF two‑story mixed‑use building at 1515 McKean Street in South Philadelphia
- Ground‑floor retail space of approximately 1,200 SF
- Includes one 1‑bedroom/1‑bath residential unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,311
Cap Rate
3.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$446,220
$446.2K
Cap Rate 7%
$318,729
$318.7K
Cap Rate 9%
$247,900
$247.9K
Market Conditions
NOI Build-Up for 1,878 SF
Gross rent
$40.6K $21.60/SF
− Vacancy
−$4.9K −$2.59/SF
EGI
$35.7K $19.01/SF
− OpEx
−$13.4K −$7.13/SF
NOI
$22.3K $11.88/SF
Area
Philadelphia, PA
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$446,220
Cap Rate 7%
$318,729
Cap Rate 9%
$247,900
Alternative Uses
Best Use
Mixed Use
$318.7K
$278.9K – $371.9K
NOI $22,311 @ 7.0% cap · market cap 3.75%
Second Best
Retail
$303.2K
$265.3K – $353.8K
NOI $21,226 @ 7.0% cap · market cap 3.57%
Theoretical Best
Multifamily LT 5
$457.8K
$400.6K – $534.1K
NOI $32,048 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,713
Businesses Nearby
79k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 77%
Dining 18%
Electronics 2%
Apparel 2%
Citizens Bank
Shops & Services
16,632 visits/mo
0.2 miles
TD Bank
Shops & Services
14,055 visits/mo
0.3 miles
Lukoil
Shops & Services
12,912 visits/mo
0.5 miles
Wells Fargo
Shops & Services
8,249 visits/mo
0.4 miles
Starbucks
Dining
4,908 visits/mo
0.3 miles
Demographics for 19145, PA
47,079
Population
21,295
Households
2.2
Avg Household Size
38
Median Age
36%
College-Educated
89%
High-School Grad
4.8 sq mi
ZIP Area
9,808
Density / Sq Mi
$70,374
Median Household Income
$45,940
Median Earnings
$1,343
Median Rent
$290,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Philadelphia, PA
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use building with ground-floor retail and a leased 1-bedroom residential unit with private outdoor deck.
Where is this mixed-use property located?
The property is located at 1515 Mckean St Philadelphia, PA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 1,878 SF two‑story mixed‑use building at 1515 McKean Street in South Philadelphia; Ground‑floor retail space of approximately 1,200 SF; Includes one 1‑bedroom/1‑bath residential unit
