Mixed-Use Building with
New
For Sale
$599,900
1901 S 16TH STREET, Philadelphia, PA 19145
Ground-floor commercial space and two upper-level apartments provide a combined residential and business configuration.
Property Size2,372 SF
Price / SF$252.91
Days on Market5
Property Features for 1901 S 16TH STREET
General Information
Standard status
Active
Size
2,372 SF
Property subtype
Commercial
Building Details
Year Built
1920
Listing Agency:
Mercury Real Estate Group
(215) 462-5100
Listed By:
Loc Voong
(215) 808-8006
Source:
Cummingsrealtors
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 1 at 11:25AM
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 Mercury Real Estate Group
Investment Insights
Based on property information with market context.
At 1901 S. 16th Street, this 2,372-square-foot mixed-use property contains commercial space on the first floor and an apartment on each of the two floors above. Both apartments have three bedrooms and two full bathrooms. The ground-floor space is set up as a hair salon and includes trade fixtures, separate gas and electric service, and access to clean basement storage. An electric gate secures the garage. The building was constructed in 1920 and is zoned CMX-2.
Interior updates include hardwood floors, recessed lighting, windows, kitchens, and bathrooms. The apartments were renovated within the past few years, and the property has updated mechanical systems, including a fire alarm. Each unit has separate gas and electric utilities. Passyunk Square is within walking distance, with businesses including Ultimo Coffee, Hardena, and South Philadelphia Tap Room in the surrounding area.
Interior updates include hardwood floors, recessed lighting, windows, kitchens, and bathrooms. The apartments were renovated within the past few years, and the property has updated mechanical systems, including a fire alarm. Each unit has separate gas and electric utilities. Passyunk Square is within walking distance, with businesses including Ultimo Coffee, Hardena, and South Philadelphia Tap Room in the surrounding area.
Key Highlights
- 2,372‑square‑foot mixed‑use building with ground‑floor commercial space and two apartments
- Each apartment has 3 bedrooms and 2 full bathrooms
- First‑floor commercial space is configured as a hair salon and includes trade fixtures
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
$37,310
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
6.22%
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%
$746,200
$746.2K
Cap Rate 7%
$533,000
$533.0K
Cap Rate 9%
$414,556
$414.6K
Market Conditions
NOI Build-Up for 2,372 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
$72.0K $30.36/SF
− Vacancy
−$4.2K −$1.76/SF
EGI
$67.8K $28.60/SF
− OpEx
−$30.5K −$12.87/SF
NOI
$37.3K $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%
$746,200
Cap Rate 7%
$533,000
Cap Rate 9%
$414,556
Alternative Uses
Best Use
Apartment 5plus
$533.0K
$466.4K – $621.8K
NOI $37,310 @ 7.0% cap · market cap 6.22%
Second Best
Mixed Use
$402.6K
$352.2K – $469.7K
NOI $28,179 @ 7.0% cap · market cap 4.70%
Theoretical Best
Multifamily LT 5
$578.3K
$506.0K – $674.6K
NOI $40,478 @ 7.0% cap · market cap 6.75%
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
3,713
Businesses Nearby
Explore this area
Business Placement
Demographics for 19145, PA
47,079
Population
21,295
Households
2.2
Avg Household Size
38
Median Age
36%
College-Educated
89%
High-School Grad
4.8 sq mi
ZIP Area
9,808
Density / Sq Mi
$70,374
Median Household Income
$45,940
Median Earnings
$1,343
Median Rent
$290,100
Median Home Value
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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 - Ground-floor commercial space and two upper-level apartments provide a combined residential and business configuration.
Where is this mixed-use property located?
The property is located at 1901 S 16TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 2,372‑square‑foot mixed‑use building with ground‑floor commercial space and two apartments; Each apartment has 3 bedrooms and 2 full bathrooms; First‑floor commercial space is configured as a hair salon and includes trade fixtures
