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 Market44
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: Aug 31
Last Checked: Sep 4 at 2:35AM
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.
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 = 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
$22,311
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
3.75%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Philadelphia, PA
Questions? Ask Rey
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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
