Loft-Style Residential Income
For Sale
$460,000
232 N 2ND STREET Unit A, Philadelphia, PA 19106
Second-floor condominium with a private deck, vaulted ceilings, hardwood flooring, and in-unit laundry.
Property Size1,612 SF
Price / SF$285.36
Days on Market21
Property Features for 232 N 2ND STREET Unit A
General Information
Standard status
Active
Size
1,612 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR loft-style
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,597
Amenities
private deck
in-unit laundry
hardwood floors
vaulted ceilings
multiple storage spaces
Building Details
Building Size
1,612 SF
Year Built
1900
Listing Agency:
KW Empower
Listed By:
Eden Silverstein · License #RS298610
(215) 421-6600
Source:
Patmckennarealtors
Added: Aug 19
Changed: Aug 31
Last Checked: Sep 7 at 6:59AM
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 KW Empower
Investment Insights
Based on property information with market context.
This 1,612-square-foot loft-style residential income property occupies the second floor of a private 4-unit building constructed in 1900. The one-bedroom condominium includes a private deck, hardwood floors, vaulted ceilings, in-unit laundry, and multiple storage areas. Three oversized windows bring natural light into the residence and face 2nd Street.
The property is located in Old City at 232 N 2nd Street, Unit A, Philadelphia, PA 19106. Parking options are available across the street at the Old City Parkominium, providing an off-site parking alternative for the unit.
The property is located in Old City at 232 N 2nd Street, Unit A, Philadelphia, PA 19106. Parking options are available across the street at the Old City Parkominium, providing an off-site parking alternative for the unit.
Key Highlights
- 1,612 sq ft loft‑style 1‑bedroom condominium
- Private deck with second‑floor placement
- Hardwood floors and vaulted ceilings
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
$25,356
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
5.51%
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%
$507,120
$507.1K
Cap Rate 7%
$362,229
$362.2K
Cap Rate 9%
$281,733
$281.7K
Market Conditions
NOI Build-Up for 1,612 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
$48.9K $30.36/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$46.1K $28.60/SF
− OpEx
−$20.7K −$12.87/SF
NOI
$25.4K $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%
$507,120
Cap Rate 7%
$362,229
Cap Rate 9%
$281,733
Alternative Uses
Best Use
Apartment 5plus
$362.2K
$317.0K – $422.6K
NOI $25,356 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$393.0K
$343.9K – $458.5K
NOI $27,509 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
13,449
Businesses Nearby
Explore this area
Business Placement
Demographics for 19106, PA
15,190
Population
9,913
Households
1.5
Avg Household Size
39
Median Age
80%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
16,878
Density / Sq Mi
$129,779
Median Household Income
$93,953
Median Earnings
$2,219
Median Rent
$528,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor condominium with a private deck, vaulted ceilings, hardwood flooring, and in-unit laundry.
Where is this residential income property located?
The property is located at 232 N 2ND STREET Unit A Philadelphia, PA.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: 1,612 sq ft loft‑style 1‑bedroom condominium; Private deck with second‑floor placement; Hardwood floors and vaulted ceilings
