Three-Story Mixed-Use
New
For Sale
$449,000
178 W MASTER STREET, Philadelphia, PA 19122
Ground-floor commercial space pairs with an upgraded two-bedroom residence and private entrance.
Property Size1,836 SF
Days on Market5
Property Features for 178 W MASTER STREET
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$3,229
Amenities
backyard
Building Details
Building Size
1,836 SF
Year Built
1915
Buildings
1
Stories
3
Listing Agency:
Elfant Wissahickon-Chestnut Hill
(215) 247-3600
Listed By:
Miriam Mosquera-Martinez · License #RS334645
(215) 247-3600
Source:
Patmckennarealtors
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 12:49PM
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 Elfant Wissahickon-Chestnut Hill
Investment Insights
Based on property information with market context.
This three-story mixed-use property combines commercial and residential components within a 1915 building. The first-floor commercial area offers an open arrangement, a half bathroom, and access to a large rear yard. The space also connects to a full basement that remains unfinished and is reached from outside.
A bi-level apartment occupies the second and third floors, with two bedrooms, one bathroom, and a private entrance separate from the commercial area. The residence has been recently upgraded. The property is located on W Master Street in Philadelphia, between Northern Liberties and Fishtown, and is near Hancock Park. Zoning and potential future uses should be independently verified.
A bi-level apartment occupies the second and third floors, with two bedrooms, one bathroom, and a private entrance separate from the commercial area. The residence has been recently upgraded. The property is located on W Master Street in Philadelphia, between Northern Liberties and Fishtown, and is near Hancock Park. Zoning and potential future uses should be independently verified.
Key Highlights
- Three‑story mixed‑use building constructed in 1915
- Ground‑floor commercial area with open layout and half bathroom
- Large backyard accessible from the commercial space
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
$24,161
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
5.38%
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%
$483,220
$483.2K
Cap Rate 7%
$345,157
$345.2K
Cap Rate 9%
$268,456
$268.5K
Market Conditions
NOI Build-Up for 1,836 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
$40.3K $21.96/SF
− Vacancy
−$8.1K −$4.41/SF
EGI
$32.2K $17.55/SF
− OpEx
−$8.1K −$4.39/SF
NOI
$24.2K $13.16/SF
Area
Philadelphia, PA
Vacancy
20.10%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$483,220
Cap Rate 7%
$345,157
Cap Rate 9%
$268,456
Alternative Uses
Best Use
Office B
$345.2K
$302.0K – $402.7K
NOI $24,161 @ 7.0% cap · market cap 5.38%
Second Best
Mixed Use
$311.6K
$272.7K – $363.5K
NOI $21,812 @ 7.0% cap · market cap 4.86%
Theoretical Best
Multifamily LT 5
$447.6K
$391.6K – $522.2K
NOI $31,331 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,461
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
Median Home Value
Market
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor commercial space pairs with an upgraded two-bedroom residence and private entrance.
Where is this mixed-use property located?
The property is located at 178 W MASTER STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three‑story mixed‑use building constructed in 1915; Ground‑floor commercial area with open layout and half bathroom; Large backyard accessible from the commercial space
