Mixed-Use Building with
New
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 Market3
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
Last Checked: Sep 6 at 8:53AM
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.
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 = 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
6.06%
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 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.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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 - 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
