Old City Mixed-Use
239-00 RACE Street, Philadelphia, PA 19106
- Added:
- Mar 14, 2026
- Days on Market:
- 81
- Last Refresh:
- Jun 2 at 10:06 pm
Property Features for 239-00 RACE Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- On Street
- Standard status
- Active Under Contract
- Size
- 5,160 SF
Taxes and HOA fees
- Tax Annual Amount
- 19592
Utilities
- Heating system
- Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 1900
- Number of units
- 4
- Building materials
- Masonry
Listing agent Thomas A. Greer License #RS324020 (267) 974-1450
Listing office Keller Williams Real Estate - Newtown 12 Terry Drive, Newtown, PA (215) 860-4200
Listing date Mar 14, 2026
MLS# PAPH2594248
Listing URL
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Historic 1900 masonry building in Philadelphia's Old City.
- Mixed‑use property with 5 residential condominiums and a premier commercial office suite, generating immediate income.
- High‑end residential units featuring original craftsmanship like wide‑plank pine floors and marble fireplaces, combined with modern amenities.
- CMX‑3 zoning allows for significant future expansion, and the 735 sq ft cellar offers additional development potential.
- Recent capital improvements including a full roof replacement in 2023, new HVAC systems, and new water heaters.
- Near‑perfect Walk Score of 97, located in a stylish neighborhood close to cultural attractions, dining, and transportation.
Overview
Located in the heart of Philadelphia's Old City, 239 Race Street is a historic masonry structure built in 1900. This mixed-use property features five residential condominiums and a commercial office suite, totaling approximately 5,895 square feet. The residential units showcase industrial-chic design with original wide-plank pine floors, decorative marble fireplaces, and soaring 10-foot+ ceilings. Bespoke built-in library bookshelves, some with classic rolling ladders, add to the character. Massive factory-style windows provide ample natural light, and private patios, balconies, or decks offer outdoor living space. Each unit is equipped with in-unit laundry, appliances including dishwashers and gas ranges, and central A/C. The residential layouts include: Unit A (1 Bed / 1 Bath, 780 sq ft), Unit B (2 Bed / 1.5 Bath, 1,422 sq ft), Unit C (3 Bed / 2 Bath, 1,272 sq ft), Unit D (2 Bed / 1 Bath, 966 sq ft), and Unit E (1 Bed / 1 Bath + Den, 720 sq ft). The property is zoned CMX-3, allowing for potential future expansion, including vertical or rear extensions. A 735 square feet of cellar storage offers additional space for resident amenities or expanded commercial utility. The property benefits from a full roof replacement in 2023, new HVAC systems, and new water heaters. With a Walk Score of 97, the location is near the Benjamin Franklin Bridge, Race Street Pier, and Elfreth's Alley. The property includes a basement of 735 square feet. The building offers the option to operate a business from a commercial space while living upstairs or maintain the full building as an income-producing property.
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 | $156.7k | $30.36 |
| − Vacancy | −$9.1k | −$1.76 |
| EGI | $147.6k | $28.60 |
| − OpEx | −$66.4k | −$12.87 |
| NOI | $81.2k | $15.73 |
5,160 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.01M – $1.35M
NOI $81,164 @ 7.0% cap · market cap 5.07%
Second Best
Office B
$970.0K
$848.8K – $1.13M
NOI $67,903 @ 7.0% cap · market cap 4.24%
Theoretical Best
Multifamily LT 5
$1.26M
$1.10M – $1.47M
NOI $88,055 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Office Units
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Delaware
- State
- Pennsylvania
- Longitude
- -75.14438
- Latitude
- 39.95416
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Historic mixed-use property in Philadelphia's Old City neighborhood.
Where is this mixed-use property located?
The property is located at 239-00 RACE Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Historic 1900 masonry building in Philadelphia's Old City.; Mixed‑use property with 5 residential condominiums and a premier commercial office suite, generating immediate income.; High‑end residential units featuring original craftsmanship like wide‑plank pine floors and marble fireplaces, combined with modern amenities.
