Mixed-Use Property on Broad
For Sale
$849,000
1602 S Broad St, Philadelphia, PA 19146
Well-maintained mixed-use property in South Philadelphia's Newbold neighborhood.
Property Size3,833 SF
Price / SF$221.50
Days on Market212
Property Features for 1602 S Broad St
General Information
Standard status
Active
Size
3,833 SF
Taxes and HOA fees
Annual Taxes
$8,715
Listing Agency:
BHHS Fox & Roach-Center City Walnut
(215) 627-6005
Listed By:
ERIC Andrew Dvotsky · License #RS332410
(267) 243-4652
Source:
Exprealty
Added: Feb 4
Changed: Sep 2
Last Checked: Sep 2 at 1:32AM
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 BHHS Fox & Roach-Center City Walnut
Investment Insights
Based on property information with market context.
Located on South Philadelphia’s Broad Street corridor in the Newbold neighborhood, this mixed-use property offers an opportunity for investors, owner-occupants, and medical professionals. The property features residential units with luxury finishes, in-unit washer and dryer, central air, and updated mechanical systems. Unit 3, a 2-bedroom, 2-bathroom unit, is leased at $2,000 per month, and Unit 2, a 2-bedroom, 1-bathroom unit, is leased at $1,825 per month. The location provides proximity to Methodist Hospital, the South Philadelphia Sports Complex and stadium district, Passyunk Avenue’s dining and retail corridor, and access to Center City via Broad Street transit. The building size is 3,833 square feet.
Key Highlights
- Prime location on highly visible Broad Street corridor in South Philadelphia's Newbold neighborhood.
- Strong in‑place income from stabilized residential units (Unit 3: $2,000/month, Unit 2: $1,825/month).
- Luxury residential finishes, in‑unit washer/dryer, and central air.**
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
$60,291
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
7.10%
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%
$1,205,820
$1.2M
Cap Rate 7%
$861,300
$861.3K
Cap Rate 9%
$669,900
$669.9K
Market Conditions
NOI Build-Up for 3,833 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
$116.4K $30.36/SF
− Vacancy
−$6.7K −$1.76/SF
EGI
$109.6K $28.60/SF
− OpEx
−$49.3K −$12.87/SF
NOI
$60.3K $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%
$1,205,820
Cap Rate 7%
$861,300
Cap Rate 9%
$669,900
Alternative Uses
Best Use
Apartment 5plus
$861.3K
$753.6K – $1.00M
NOI $60,291 @ 7.0% cap · market cap 7.10%
Second Best
Mixed Use
$650.5K
$569.2K – $758.9K
NOI $45,536 @ 7.0% cap · market cap 5.36%
Theoretical Best
Multifamily LT 5
$934.4K
$817.6K – $1.09M
NOI $65,410 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,265
Businesses Nearby
Explore this area
Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Well-maintained mixed-use property in South Philadelphia's Newbold neighborhood.
Where is this mixed-use property located?
The property is located at 1602 S Broad St Philadelphia, PA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Prime location on highly visible Broad Street corridor in South Philadelphia's Newbold neighborhood.; Strong in‑place income from stabilized residential units (Unit 3: $2,000/month, Unit 2: $1,825/month).; Luxury residential finishes, in‑unit washer/dryer, and central air.**
