Mixed-Use Building with
1515 McKean Street Philadelphia, PA 19145
New
For Sale
Contact for pricing
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 Market5
Property Features for 1515 McKean Street
General Information
- Standard status
- Active
- Size
- 1,878 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1920
Listing Agency:
MPN Realty, Inc.
(215) 584-2672
Listed By:
Alexandra Charen · License #PA
Source:
Crexi
Added: Jul 20
Changed: Jul 24
Last Checked: Jul 24 at 3:15AM
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 MPN Realty, Inc.
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 For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.6k | $21.60 |
| − Vacancy | −$4.9k | −$2.59 |
| EGI | $35.7k | $19.01 |
| − OpEx | −$13.4k | −$7.13 |
| NOI | $22.3k | $11.88 |
1,878 SF · lease $21.60/SF/yr · vacancy 12.00% · expense 37.50%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
V Marks the Shop
Grocery & Convenience Store
Forbidden Closet Vintage
(Bike/Boat/Book/etc) Store
FAQs
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 Street 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
