Two-Level Residential Income
New
For Sale
$290,000
1647 E EYRE STREET Unit 3, Philadelphia, PA 19125
Open living and kitchen areas complement a private lower-level bedroom and bathroom.
Property Size912 SF
Days on Market5
Property Features for 1647 E EYRE STREET Unit 3
General Information
Standard status
Active
Size
912 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$571
Building Details
Building Size
912 SF
Year Built
2018
Listing Agency:
Philly LMG, LLC
Listed By:
Sabina Palermo · License #RS345386
(215) 821-5527
Source:
Patmckennarealtors
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 1:38PM
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 Philly LMG, LLC
Investment Insights
Based on property information with market context.
This two-level condominium, built in 2018, features an open main-floor living room and kitchen arranged for daily use and entertaining. The lower level contains a private one-bedroom, one-bathroom configuration, giving the residence a distinct separation between living and sleeping areas. Approximately one year remains on the property’s tax abatement.
The condominium is positioned near Frankford Avenue restaurants, cafés, bars, and boutiques, with Fishtown and East Kensington destinations also nearby. Fishtown Crossing, Front Street, and the Delaware River waterfront are identified as neighborhood staples. Public transportation and access to Center City add to the property’s urban connectivity.
The condominium is positioned near Frankford Avenue restaurants, cafés, bars, and boutiques, with Fishtown and East Kensington destinations also nearby. Fishtown Crossing, Front Street, and the Delaware River waterfront are identified as neighborhood staples. Public transportation and access to Center City add to the property’s urban connectivity.
Key Highlights
- Two‑level condominium with open living room and kitchen
- Private lower level with 1 bedroom and 1 bathroom
- Approximately one year remaining on tax abatement
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
$14,345
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
4.95%
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%
$286,900
$286.9K
Cap Rate 7%
$204,929
$204.9K
Cap Rate 9%
$159,389
$159.4K
Market Conditions
NOI Build-Up for 912 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
$27.7K $30.36/SF
− Vacancy
−$1.6K −$1.76/SF
EGI
$26.1K $28.60/SF
− OpEx
−$11.7K −$12.87/SF
NOI
$14.3K $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%
$286,900
Cap Rate 7%
$204,929
Cap Rate 9%
$159,389
Alternative Uses
Best Use
Apartment 5plus
$204.9K
$179.3K – $239.1K
NOI $14,345 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$222.3K
$194.5K – $259.4K
NOI $15,563 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,149
Businesses Nearby
Explore this area
Business Placement
Demographics for 19125, PA
25,325
Population
13,055
Households
1.9
Avg Household Size
34
Median Age
64%
College-Educated
94%
High-School Grad
1.4 sq mi
ZIP Area
18,089
Density / Sq Mi
$110,842
Median Household Income
$62,656
Median Earnings
$1,743
Median Rent
$373,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Open living and kitchen areas complement a private lower-level bedroom and bathroom.
Where is this residential income property located?
The property is located at 1647 E EYRE STREET Unit 3 Philadelphia, PA.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Two‑level condominium with open living room and kitchen; Private lower level with 1 bedroom and 1 bathroom; Approximately one year remaining on tax abatement
