Six-Story Mixed-Use
New
For Sale
$6,600,000
1606-08 Locust Street, Philadelphia, PA 19103
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 Market4
Property Features for 1606-08 Locust Street
General Information
Standard status
Active
Size
13,884 SF
Total Parking Spaces
2
Elevators
Yes
Lot size
0.12 Acres
Property subtype
Multifamily
Zoning
CMX-3
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 1BR, 17 x studio, 7 x efficiency
Multifamily Units
28
Amenities
elevator service
Building Details
Building Size
13,884 SF
Buildings
2
Stories
6
Construction
brick and granite
Tenancy
Multi
Listing Agency:
Mallin Panchelli Nadel Realty Inc
Listed By:
Veronica Blum · License #RS290724
(267) 238-1728
Source:
Mpnrealty
Added: Sep 24
Last Checked: Sep 26 at 4:30AM
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.
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 = 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
$218,389
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
3.31%
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%
$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
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
$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 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%
$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.
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
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
