Three-Story Mixed-Use
178 W MASTER ST, Philadelphia, PA 19122
For Sale
$399,000
Ground-floor commercial space pairs with an upgraded two-bedroom residence and private entrance.
Property Size1,836 SF
Price / SF$217.32
Days on Market95
Property Features for 178 W MASTER ST
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Amenities
backyard
Building Details
Buildings
Stories
Listing Agency:
Elfant Wissahickon-Chestnut Hill
Listed By:
Miriam Mosquera-Martinez · License PA RS334645
(215) 247-3600
Source:
Graves
Added: Aug 8
Changed: Nov 9
Last Checked: Nov 8 at 5:43AM
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
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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 / Yr
$24,161
Cap Rate
6.06%
Suggested Prices Based on Cap Rates
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
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 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 6.06%
Second Best
Mixed Use
$311.6K
$272.7K – $363.5K
NOI $21,812 @ 7.0% cap · market cap 5.47%
Theoretical Best
Multifamily LT 5
$447.6K
$391.6K – $522.2K
NOI $31,331 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
3,461
Businesses Nearby
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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
$341,000
Median Home Value
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Market
Average Price Trend$/SF for Mixed-use properties in Philadelphia, PA
Properties on Market for Mixed-use properties in Philadelphia
Vacancy Rate% for Office in Philadelphia, PA
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 ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $399,000.
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
