Live-Work Building 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 Market186
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
(215) 247-3600
Listed By:
Miriam Mosquera-Martinez · License #RS334645
(610) 639-4397
Added: Mar 10
Changed: Sep 3
Last Checked: Sep 11 at 7:06PM
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 1,836-square-foot live-work property combines a commercial space on the first floor with a bright two-bedroom bi-level apartment above. The building dates to 1915 and features brick and stucco construction, ductless cooling, and on-street parking.
Located in Old Kensington, the property is within walking distance of Northern Liberties and Fishtown, with cafes, shops, and nightlife nearby. RSA-5 zoning applies, and a variance will be required for multifamily use. The existing layout supports live-work occupancy, while conversion to a two-unit building is identified as a potential configuration.
Located in Old Kensington, the property is within walking distance of Northern Liberties and Fishtown, with cafes, shops, and nightlife nearby. RSA-5 zoning applies, and a variance will be required for multifamily use. The existing layout supports live-work occupancy, while conversion to a two-unit building is identified as a potential configuration.
Key Highlights
- 1,836 SF live‑work property on a 0.0372‑acre lot
- First‑floor commercial space with a two‑bedroom bi‑level apartment above
- RSA‑5 zoning; variance required for multifamily use
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
$31,331
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
7.85%
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%
$626,620
$626.6K
Cap Rate 7%
$447,586
$447.6K
Cap Rate 9%
$348,122
$348.1K
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
$47.4K $25.80/SF
− Vacancy
−$2.6K −$1.42/SF
EGI
$44.8K $24.38/SF
− OpEx
−$13.4K −$7.31/SF
NOI
$31.3K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$626,620
Cap Rate 7%
$447,586
Cap Rate 9%
$348,122
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
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Two-level configuration pairs a commercial ground floor with a residential unit above.
Where is this live-work space 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 SF live‑work property on a 0.0372‑acre lot; First‑floor commercial space with a two‑bedroom bi‑level apartment above; RSA‑5 zoning; variance required for multifamily use
