Three-Bedroom Residential Income
New
For Sale
$975,000
233 CHESTNUT STREET Unit 4, Philadelphia, PA 19106
Fourth-floor condominium with open living areas, elevator access, private entry, and high-end kitchen finishes.
Property Size2,350 SF
Days on Market7
Property Features for 233 CHESTNUT STREET Unit 4
General Information
Standard status
Active
Size
2,350 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$13,858
Amenities
keypad entry
private entryway
floor-to-ceiling windows
wide plank floors
10-ft ceilings
sunken living room
gourmet kitchen with premium appliances
quartz countertops
walk-in closet
spa-like bathroom
in-unit laundry
storage locker
Building Details
Building Size
2,350 SF
Year Built
1900
Year Renovated
2013
Listing Agency:
KW Empower
Listed By:
Jonathan Evenchen · License #RS335586
(267) 391-9797
Source:
Patmckennarealtors
Added: Sep 14
Changed: Sep 20
Last Checked: Sep 20 at 11:45AM
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.
Residence 4 at 233 Chestnut Street is a fourth-floor condominium in a boutique building renovated in 2013. The home offers well over 2,000 square feet with three bedrooms, two full bathrooms, and one half bathroom. Its interior includes an open living and dining arrangement, wide-plank flooring, 10-foot ceilings, floor-to-ceiling south-facing windows, and a sunken living room. The kitchen is fitted with Wolf and Sub-Zero appliances and quartz countertops. A primary suite includes a walk-in closet area and private bathroom with double vanity, while another bedroom has its own bathroom with a tub. Additional features include a laundry room, substantial storage, and a separate storage locker.
Building access is secured by two keypad-entry doors, with a lobby and elevator serving the upper floors. The unit includes a private entry area and an additional secure door. The property is in Philadelphia's Old City at 233 Chestnut Street, near the Museum of the American Revolution and Penn's Landing, with access to I-676 and I-95. Restaurants, bars, and coffee shops in Old City and Society Hill are within steps of the building.
Building access is secured by two keypad-entry doors, with a lobby and elevator serving the upper floors. The unit includes a private entry area and an additional secure door. The property is in Philadelphia's Old City at 233 Chestnut Street, near the Museum of the American Revolution and Penn's Landing, with access to I-676 and I-95. Restaurants, bars, and coffee shops in Old City and Society Hill are within steps of the building.
Key Highlights
- Three‑bedroom, 2.5‑bath condominium with well over 2,000 square feet
- Building renovated in 2013 with secured keypad entry and elevator access
- Open interior with 10‑foot ceilings, wide‑plank floors, and south‑facing windows
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
$36,964
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
3.79%
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%
$739,280
$739.3K
Cap Rate 7%
$528,057
$528.1K
Cap Rate 9%
$410,711
$410.7K
Market Conditions
NOI Build-Up for 2,350 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
$71.3K $30.36/SF
− Vacancy
−$4.1K −$1.76/SF
EGI
$67.2K $28.60/SF
− OpEx
−$30.2K −$12.87/SF
NOI
$37.0K $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%
$739,280
Cap Rate 7%
$528,057
Cap Rate 9%
$410,711
Alternative Uses
Best Use
Apartment 5plus
$528.1K
$462.1K – $616.1K
NOI $36,964 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$572.9K
$501.3K – $668.4K
NOI $40,103 @ 7.0% cap · market cap 4.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
12,044
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Fourth-floor condominium with open living areas, elevator access, private entry, and high-end kitchen finishes.
Where is this residential income property located?
The property is located at 233 CHESTNUT STREET Unit 4 Philadelphia, PA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Three‑bedroom, 2.5‑bath condominium with well over 2,000 square feet; Building renovated in 2013 with secured keypad entry and elevator access; Open interior with 10‑foot ceilings, wide‑plank floors, and south‑facing windows
