Condominium Residence with Hotel
For Sale
$179,900
1701 LOCUST STREET Unit 1516, Philadelphia, PA 19103
The 1928 flat pairs hardwood-floored living and dining areas with an open kitchen and an in-unit washer and dryer.
Property Size381 SF
Price / SF$472.18
Days on Market1665
Property Features for 1701 LOCUST STREET Unit 1516
General Information
Standard status
Active
Size
381 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Center City
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,781
Amenities
24-hour door-man service
fitness center
Building Details
Building Size
381 SF
Year Built
1928
Listing Agency:
Allan Domb Real Estate
Listed By:
Allan Domb · License #RB043135A
(215) 545-1500
Source:
Wagnerrealestate
Added: Apr 13, 2022
Changed: Nov 1
Last Checked: Nov 1 at 3:26PM
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 Allan Domb Real Estate
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Investment Insights
Based on property information with market context.
Unit 1516 at The Warwick is a 381-square-foot condominium flat built in 1928. Its living and dining room has hardwood flooring and baseboard molding, with an open kitchen featuring granite counters, wood cabinetry, stainless steel appliances, an enlarged sink, and a three-quarter-height refrigerator/freezer. The marble-appointed bathroom includes a wood vanity and shower/tub, while a GE stackable washer and dryer are also in the unit.
Building amenities include 24-hour doorman service and a fitness room, which is temporarily closed during hotel renovations. Hotel services are available for an additional fee.
Building amenities include 24-hour doorman service and a fitness room, which is temporarily closed during hotel renovations. Hotel services are available for an additional fee.
Key Highlights
- 381‑square‑foot condominium flat
- Built in 1928
- Hardwood floors in the living and dining room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$5,993
Cap Rate
3.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$119,860
$119.9K
Cap Rate 7%
$85,614
$85.6K
Cap Rate 9%
$66,589
$66.6K
Market Conditions
NOI Build-Up for 381 SF
Gross rent
$11.6K $30.36/SF
− Vacancy
−$671 −$1.76/SF
EGI
$10.9K $28.60/SF
− OpEx
−$4.9K −$12.87/SF
NOI
$6.0K $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%
$119,860
Cap Rate 7%
$85,614
Cap Rate 9%
$66,589
Alternative Uses
Best Use
Apartment 5plus
$85.6K
$74.9K – $99.9K
NOI $5,993 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$92.9K
$81.3K – $108.4K
NOI $6,502 @ 7.0% cap · market cap 3.61%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
21,096
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - The 1928 flat pairs hardwood-floored living and dining areas with an open kitchen and an in-unit washer and dryer.
Where is this residential income property located?
The property is located at 1701 LOCUST STREET Unit 1516 Philadelphia, PA.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: 381‑square‑foot condominium flat; Built in 1928; Hardwood floors in the living and dining room
