Six-Unit Mixed-Use
New
For Sale
$1,700,000
1828 SOUTH STREET, Philadelphia, PA 19146
The property combines a commercial space with five fully occupied apartments.
Property Size5,685 SF
Days on Market5
Property Features for 1828 SOUTH STREET
General Information
Standard status
Active
Size
5,685 SF
Property subtype
Five Or More Units
Taxes and HOA fees
Annual Taxes
$15,546
Building Details
Building Size
5,685 SF
Year Built
1915
Listing Agency:
Realty Mark Associates
Listed By:
Valerie A Conicello · License #RS270855
(267) 808-6561
Source:
Patmckennarealtors
Added: Sep 28
Changed: Sep 30
Last Checked: Oct 1 at 7:03PM
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 Realty Mark Associates
Investment Insights
Based on property information with market context.
This mixed-use property at 1828 South Street includes 1827 Kater Street and contains six units: one commercial space and five apartments. Each apartment has two bedrooms, one bathroom, a kitchen, hardwood floors, a separate central air unit, and an in-unit washer and dryer. The building dates to 1915, and the commercial business is not part of the sale.
All five residential units are occupied. The property is in Graduate Hospital, with Rittenhouse Square and a selection of restaurants, bars, and cafes nearby.
All five residential units are occupied. The property is in Graduate Hospital, with Rittenhouse Square and a selection of restaurants, bars, and cafes nearby.
Key Highlights
- Six units: one commercial space and five residential apartments
- All five residential units are occupied
- Each apartment has 2 bedrooms, 1 bathroom, a kitchen, hardwood floors, separate central air, and a washer/dryer
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
$89,422
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
5.26%
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%
$1,788,440
$1.8M
Cap Rate 7%
$1,277,457
$1.3M
Cap Rate 9%
$993,578
$993.6K
Market Conditions
NOI Build-Up for 5,685 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
$172.6K $30.36/SF
− Vacancy
−$10.0K −$1.76/SF
EGI
$162.6K $28.60/SF
− OpEx
−$73.2K −$12.87/SF
NOI
$89.4K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,788,440
Cap Rate 7%
$1,277,457
Cap Rate 9%
$993,578
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,422 @ 7.0% cap · market cap 5.26%
Second Best
Mixed Use
$964.8K
$844.2K – $1.13M
NOI $67,538 @ 7.0% cap · market cap 3.97%
Theoretical Best
Multifamily LT 5
$1.39M
$1.21M – $1.62M
NOI $97,014 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
11,451
Businesses Nearby
Explore this area
Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
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 Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines a commercial space with five fully occupied apartments.
Where is this mixed-use property located?
The property is located at 1828 SOUTH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Six units: one commercial space and five residential apartments; All five residential units are occupied; Each apartment has 2 bedrooms, 1 bathroom, a kitchen, hardwood floors, separate central air, and a washer/dryer
