Mixed-Use Building with
New
For Sale
$1,475,000
1642 South Street, Philadelphia, PA 19146
Two residential units sit above a commercial space leased under a triple-net agreement.
Property Size3,785 SF
Days on Market2
Property Features for 1642 South Street
General Information
Standard status
Active
Size
3,785 SF
Property subtype
Multi-Family
Zoning
CMX2
Occupancy
100%
Site & Location
Neighborhood
South Philadelphia
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$16,346
Amenities
Sump Pump,Poured Concrete,Rough Bath Plumb,Outside Entrance
Electric
Yes
Natural Gas
No
Assessor
No Pool
Public
Y50
41.00 x 35.00
0.03
On Street
Concrete Perimeter
233560.00
Building Details
Building Size
3,785 SF
Year Built
2002
Tenancy
Multi
Listing Agency:
Compass Pennsylvania, LLC
(267) 435-8015
Listed By:
Matthew Ostroff · License #RS372536
(215) 901-2141
Source:
Knot6
Added: Oct 29
Last Checked: Oct 29 at 2:46PM
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 Compass Pennsylvania, LLC
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Investment Insights
Based on property information with market context.
Built in 2002, this mixed-use property at 1642 South Street includes two apartments, each with two bedrooms and two bathrooms, above a ground-floor commercial space. The building is fully occupied, and the commercial tenancy is structured as a triple-net lease. A five-year renewal has been signed, with an additional five-year option noted.
The property occupies a corner position on South Street in Philadelphia and is zoned CMX2.
The property occupies a corner position on South Street in Philadelphia and is zoned CMX2.
Key Highlights
- Two 2‑bedroom, 2‑bathroom apartments
- Ground‑floor commercial tenant under a triple‑net lease
- Commercial lease renewed for five years, with an additional five‑year option noted
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,591
Cap Rate
4.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,291,820
$1.3M
Cap Rate 7%
$922,729
$922.7K
Cap Rate 9%
$717,678
$717.7K
Market Conditions
NOI Build-Up for 3,785 SF
Gross rent
$97.7K $25.80/SF
− Vacancy
−$5.4K −$1.42/SF
EGI
$92.3K $24.38/SF
− OpEx
−$27.7K −$7.31/SF
NOI
$64.6K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,291,820
Cap Rate 7%
$922,729
Cap Rate 9%
$717,678
Alternative Uses
Best Use
Multifamily LT 5
$922.7K
$807.4K – $1.08M
NOI $64,591 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$850.5K
$744.2K – $992.3K
NOI $59,536 @ 7.0% cap · market cap 4.04%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
13,820
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residential units sit above a commercial space leased under a triple-net agreement.
Where is this mixed-use property located?
The property is located at 1642 South Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Two 2‑bedroom, 2‑bathroom apartments; Ground‑floor commercial tenant under a triple‑net lease; Commercial lease renewed for five years, with an additional five‑year option noted
