Six-Story Mixed-Use
1606-08 Locust Street, Philadelphia, PA 19103
For Sale
$6,600,000
The CMX-3-zoned assemblage combines apartments, ground-floor commercial space, and on-site parking.
Property Size13,884 SF
Lot Size0.12 Acres
Price / SF$475.37
Days on Market50
Property Features for 1606-08 Locust Street
General Information
Standard status
Size
Total Parking Spaces
Elevators
Lot size
Property subtype
Zoning
Site & Location
Neighborhood
Road Access
Public Transit
Units
Unit Mix
Multifamily Units
Amenities
elevator service
Building Details
Building Size
Buildings
Stories
Construction
Tenancy
Listing Agency:
Mallin Panchelli Nadel Realty Inc
Listed By:
Veronica Blum · License PA RS290724
(267) 238-1728
Source:
Mpnrealty
Added: Sep 24
Changed: Nov 11
Last Checked: Nov 12 at 5:14AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Two adjacent six-story buildings contain 13,884 SF of mixed-use space on a 5,040 SF lot. The layout includes 28 apartments—4 one-bedroom units, 17 studios, and 7 efficiency units—along with 3 ground-floor commercial spaces and 2 parking spaces. An elevator serves the building at 1606 Locust Street. The exteriors are brick and granite, with flat roofs.
The property is in Philadelphia’s Rittenhouse Square neighborhood, directly across from St. Mark’s Church. CMX-3 zoning applies to the site.
The property is in Philadelphia’s Rittenhouse Square neighborhood, directly across from St. Mark’s Church. CMX-3 zoning applies to the site.
Key Highlights
- Two adjacent buildings with 13,884 SF on a 5,040 SF lot
- 28 apartments: 4 one‑bedroom units, 17 studios, and 7 efficiency units
- Three ground‑floor commercial spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$218,389
Cap Rate
3.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,367,780
$4.4M
Cap Rate 7%
$3,119,843
$3.1M
Cap Rate 9%
$2,426,544
$2.4M
Market Conditions
NOI Build-Up for 13,884 SF
Gross rent
$421.5K $30.36/SF
− Vacancy
−$24.4K −$1.76/SF
EGI
$397.1K $28.60/SF
− OpEx
−$178.7K −$12.87/SF
NOI
$218.4K $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%
$4,367,780
Cap Rate 7%
$3,119,843
Cap Rate 9%
$2,426,544
Alternative Uses
Best Use
Apartment 5plus
$3.12M
$2.73M – $3.64M
NOI $218,389 @ 7.0% cap · market cap 3.31%
Second Best
Mixed Use
$2.36M
$2.06M – $2.75M
NOI $164,942 @ 7.0% cap · market cap 2.50%
Theoretical Best
Multifamily LT 5
$3.38M
$2.96M – $3.95M
NOI $236,929 @ 7.0% cap · market cap 3.59%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
28
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
21,096
Businesses Nearby
Explore this area
Business Placement
Demographics for 19103, PA
28,717
Population
20,064
Households
1.4
Avg Household Size
36
Median Age
81%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
47,862
Density / Sq Mi
$97,940
Median Household Income
$76,680
Median Earnings
$1,955
Median Rent
$551,700
Median Home Value
Market
Average Price Trend$/SF for Mixed-use properties in Philadelphia, PA
Properties on Market for Mixed-use properties in Philadelphia
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The CMX-3-zoned assemblage combines apartments, ground-floor commercial space, and on-site parking.
Where is this mixed-use property located?
The property is located at 1606-08 Locust Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $6,600,000.
What are key features of this property?
This property features: Two adjacent buildings with 13,884 SF on a 5,040 SF lot; 28 apartments: 4 one‑bedroom units, 17 studios, and 7 efficiency units; Three ground‑floor commercial spaces
