Apartment Building with Ground-Floor
222 CHURCH STREET Philadelphia, PA 19106
222 CHURCH STREET, Philadelphia, PA, 19106
$12,000,000
For Sale
$12,000,000
Forty-five-unit apartment building with street-activating ground-floor commercial space and private outdoor areas for residents.
Property Size51,000 SF
Lot Size0.25 Acres
Price / SF$235.29
Days on Market180
Property Features for 222 CHURCH STREET
General Information
- Standard status
- Active
- Size
- 51,000 SF
- Lot size
- 0.25 Acres
Building Details
- Year Built
- 1849
Listing Agency
Keller Williams Liberty Place
Listed by
Ryan J McManus
Source
Kingswayrealty
Added: Jan 18 Checked: Jul 16 at 1:45 am
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 Keller Williams Liberty Place
Investment Insights
Based on property information with market context.
222 Church Street is a 6-story elevator apartment building with a stately redbrick facade and 45 total units, anchored by three ground-floor commercial spaces. The residential mix includes studios, 1-bedroom, and 2-bedroom apartments. Select units feature private balconies on the north side of the building and private decks on the west side, along with details such as hardwood floors, exposed brick and beam elements, and up to 20-foot ceilings in select units. Interiors include central HVAC and updated appliances, with lofted layouts available in select apartments.
The property sits on a massive ±1.25-acre lot that runs street-to-street from Market to Church, with ±167 feet of frontage on Old City Market Street. A cobblestone entry is located via Church Street. Zoning is CMX3, which may support “air-rights” vertical enhancement and short-term stay accommodations by-right. Public transit is nearby at the 2nd Street Station on the corner of Septa’s Market-Frankford line.
For operators and buyers, the combination of residential living space and street-level commercial activity creates an income-producing mixed-use profile, while the unit variety and private outdoor spaces can support a range of tenant preferences. The CMX3 zoning also provides additional pathways for how the property may be used and developed, including short-term stays and potential vertical expansion, subject to applicable approvals.
The property sits on a massive ±1.25-acre lot that runs street-to-street from Market to Church, with ±167 feet of frontage on Old City Market Street. A cobblestone entry is located via Church Street. Zoning is CMX3, which may support “air-rights” vertical enhancement and short-term stay accommodations by-right. Public transit is nearby at the 2nd Street Station on the corner of Septa’s Market-Frankford line.
For operators and buyers, the combination of residential living space and street-level commercial activity creates an income-producing mixed-use profile, while the unit variety and private outdoor spaces can support a range of tenant preferences. The CMX3 zoning also provides additional pathways for how the property may be used and developed, including short-term stays and potential vertical expansion, subject to applicable approvals.
Key Highlights
- 1849‑built, 6‑story elevator multifamily building with 45 apartments plus 3 ground‑floor commercial spaces.
- 151,000 SF building on a ~1.25‑acre lot running Market‑to‑Church, with ~67' frontage on Old City Market Street.
- Unit mix: studios (9%), 1BD (51%), 2BD (29%), plus commercial (11%); select units offer lofted layouts and ~20' ceilings.
Local Financial Insights For Apartment 5plus
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 | $1.55M | $30.36 |
| − Vacancy | −$89.8k | −$1.76 |
| EGI | $1.46M | $28.60 |
| − OpEx | −$656.3k | −$12.87 |
| NOI | $802.2k | $15.73 |
51,000 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$11.46M
$10.03M – $13.37M
NOI $802,205 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$12.43M
$10.88M – $14.51M
NOI $870,310 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Findley John MD
Physician
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FAQs
What type of property is this?
Apartment building - Forty-five-unit apartment building with street-activating ground-floor commercial space and private outdoor areas for residents.
Where is this apartment building located?
The property is located at 222 CHURCH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $12,000,000.
What are key features of this property?
This property features: 1849‑built, 6‑story elevator multifamily building with 45 apartments plus 3 ground‑floor commercial spaces.; 151,000 SF building on a ~1.25‑acre lot running Market‑to‑Church, with ~67' frontage on Old City Market Street.; Unit mix: studios (9%), 1BD (51%), 2BD (29%), plus commercial (11%); select units offer lofted layouts and ~20' ceilings.
