Mixed-Use Live-Work
178 W MASTER Street Philadelphia, PA 19122
For Sale
$399,000
MULTI_FAMILY - PHILADELPHIA, PA
Property Size1,836 SF
Lot Size0.04 Acres
Price / SF$217.32
Days on Market141
Property Features for 178 W MASTER Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Standard status
Active
Size
1,836 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
3229
Utilities
Cooling system
Ductless
Building Details
Year built
1915
Number of units
2
Building materials
Brick, Stucco
Listing Agency:
Elfant Wissahickon-Chestnut Hill
(215) 247-3600
Listed By:
Miriam Mosquera-Martinez · License #RS334645
(215) 247-3600
Added: Mar 10
Changed: Jul 15
Last Checked: Jul 28 at 3:06PM
MLS# PAPH2592138
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property combines a commercial space on the first floor with a bright two-bedroom bi-level apartment on the second floor. The configuration lends itself to a live-work arrangement, or it may be considered for conversion into a two-unit building as part of the buyer’s plans.
The property is located in Philadelphia, PA 19122. The listing notes zoning RSA-5 and indicates that a variance will be required for multi-family use. The lot size is listed at 0.0372 acres and the property size is listed as 1,836 square feet.
As presented, the building offers an income-focused structure with commercial and residential components under one roof. Seller financing is also referenced in the remarks as being available with only 15% down.
The property is located in Philadelphia, PA 19122. The listing notes zoning RSA-5 and indicates that a variance will be required for multi-family use. The lot size is listed at 0.0372 acres and the property size is listed as 1,836 square feet.
As presented, the building offers an income-focused structure with commercial and residential components under one roof. Seller financing is also referenced in the remarks as being available with only 15% down.
Key Highlights
- Year built 1915 brick and stucco property with ductless cooling and on‑street parking
- First floor includes commercial space; second floor has a bright 2‑bedroom bi‑level apartment
- Potential live/work setup or conversion to a multi‑family building (variance required for multi‑family use)
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $47.4k | $25.80 |
| − Vacancy | −$2.6k | −$1.42 |
| EGI | $44.8k | $24.38 |
| − OpEx | −$13.4k | −$7.31 |
| NOI | $31.3k | $17.06 |
1,836 SF · lease $25.80/SF/yr · vacancy 5.51% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$447.6K
$391.6K – $522.2K
NOI $31,331 @ 7.0% cap · market cap 7.85%
Second Best
Apartment 5plus
$412.6K
$361.0K – $481.3K
NOI $28,879 @ 7.0% cap · market cap 7.24%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two-level setup includes a commercial space on the first floor and a two-bedroom bi-level apartment above.
Where is this duplex located?
The property is located at 178 W MASTER Street 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: Year built 1915 brick and stucco property with ductless cooling and on‑street parking; First floor includes commercial space; second floor has a bright 2‑bedroom bi‑level apartment; Potential live/work setup or conversion to a multi‑family building (variance required for multi‑family use)
