Mixed-Use Property with
For Sale
$399,000
178 W MASTER Street, Philadelphia, PA 19122
Multi-Family, PHILADELPHIA, PA
Property Size1,836 SF
Lot Size0.04 Acres
Price / SF$217.32
Days on Market235
Property Features for 178 W MASTER Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
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
Listed By:
Miriam Mosquera-Martinez · License #RS334645
(215) 247-3600
Added: Mar 10
Changed: Oct 10
Last Checked: Oct 29 at 11:06PM
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.
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Investment Insights
Based on property information with market context.
This 1,836-square-foot mixed-use building combines commercial space on the first floor with a two-bedroom, bi-level apartment on the second. Built in 1915, the property has brick and stucco construction, ductless cooling, and a 0.0372-acre lot. On-street parking is available.
The property is in Philadelphia’s Old Kensington area, with Northern Liberties and Fishtown nearby. Cafes, shops, and nightlife are also within walking distance. The existing commercial-and-residential layout supports a live-work arrangement; the upper-floor residence could also be considered for a two-unit conversion.
The property is in Philadelphia’s Old Kensington area, with Northern Liberties and Fishtown nearby. Cafes, shops, and nightlife are also within walking distance. The existing commercial-and-residential layout supports a live-work arrangement; the upper-floor residence could also be considered for a two-unit conversion.
Key Highlights
- 1,836‑square‑foot mixed‑use building on a 0.0372‑acre lot
- First‑floor commercial space with a two‑bedroom, bi‑level apartment above
- Brick and stucco construction; built in 1915
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
Vacancy Rate% for Office in Philadelphia, PA
Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space is paired with a two-bedroom bi-level residence above.
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 $399,000.
What are key features of this property?
This property features: 1,836‑square‑foot mixed‑use building on a 0.0372‑acre lot; First‑floor commercial space with a two‑bedroom, bi‑level apartment above; Brick and stucco construction; built in 1915
