Mixed-Use Building with
For Sale
$399,000
178 W MASTER ST, Philadelphia, PA 19122
Two-level configuration combines commercial space with residential living in a live-work format.
Property Size1,836 SF
Price / SF$217.32
Days on Market48
Property Features for 178 W MASTER ST
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Multi-family
Zoning
RSA-5
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Building Details
Stories
2
Listing Agency:
Elfant Wissahickon-Chestnut Hill
Listed By:
Miriam Mosquera-Martinez · License #RS334645
(215) 247-3600
Source:
Sandrasellstheshore
Added: Sep 4
Changed: Oct 11
Last Checked: Oct 20 at 8:15PM
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.
Built in 1915, this 1,836-square-foot mixed-use property combines a first-floor commercial area with a bright, two-bedroom bi-level apartment above. The arrangement supports a live-work configuration, with distinct commercial and residential components within the same building.
Located in Old Kensington, the property is within walking distance of Northern Liberties and Fishtown, with cafes, shops, and nightlife nearby. The property is zoned RSA-5. A variance is required for multifamily use, and the existing layout may also support consideration of a two-unit conversion subject to applicable approvals.
Located in Old Kensington, the property is within walking distance of Northern Liberties and Fishtown, with cafes, shops, and nightlife nearby. The property is zoned RSA-5. A variance is required for multifamily use, and the existing layout may also support consideration of a two-unit conversion subject to applicable approvals.
Key Highlights
- 1,836‑square‑foot mixed‑use property built in 1915
- First‑floor commercial space paired with a second‑floor two‑bedroom bi‑level apartment
- Live‑work configuration with commercial and residential components
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
Lease Details
1
Residential units
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
Vacancy Rate% for Office in Philadelphia, PA
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level configuration combines commercial space with residential living in a live-work format.
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: 1,836‑square‑foot mixed‑use property built in 1915; First‑floor commercial space paired with a second‑floor two‑bedroom bi‑level apartment; Live‑work configuration with commercial and residential components
