Historic Bi-Level Income
For Sale
$299,900
240 S 13TH STREET Unit A, Philadelphia, PA 19107
Flexible one-bedroom condo with preserved hardwood floors, high ceilings, two walk-in closets, and a lower-level multipurpose room.
Property Size1,113 SF
Days on Market156
Property Features for 240 S 13TH STREET Unit A
General Information
Standard status
Active
Size
1,113 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$4,867
Building Details
Building Size
1,113 SF
Year Built
1900
Listing Agency:
24-7 Real Estate, LLC
Listed By:
Katie Luu · License #RSR001906
(215) 891-0777
Source:
Patmckennarealtors
Added: Apr 6
Changed: Aug 31
Last Checked: Sep 8 at 12:38PM
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 24-7 Real Estate, LLC
Investment Insights
Based on property information with market context.
Built in 1900, this bi-level condominium combines historic architectural character with a practical residential layout. The main level includes a living room with high ceilings, a large window, full bathroom, and kitchen with extensive cabinetry. Original hardwood flooring has been maintained and refinished. The lower level adds a flexible room that can serve as a den, guest bedroom, playroom, or fitness area, along with the primary bedroom and two large walk-in closets. A washer and dryer are located beside the bedroom. The residence is identified as a one-bedroom property, with additional sleeping-area flexibility on the lower level. Furnishings may be available upon request.
The property is in Philadelphia's city center, within walking distance of gyms, bars, restaurants, a fine arts theater, and cultural attractions. Chinatown, Broad Street Line, Rittenhouse Square, Penn's Landing, Italian Market, and the sports stadiums are also described as minutes away. Architectural details are associated with Frank Furness, who designed more than 600 Philadelphia landmarks.
The property is in Philadelphia's city center, within walking distance of gyms, bars, restaurants, a fine arts theater, and cultural attractions. Chinatown, Broad Street Line, Rittenhouse Square, Penn's Landing, Italian Market, and the sports stadiums are also described as minutes away. Architectural details are associated with Frank Furness, who designed more than 600 Philadelphia landmarks.
Key Highlights
- Bi‑level condominium built in 1900
- Original hardwood floors maintained and refinished
- Lower‑level room offers den, guest bedroom, playroom, or fitness use
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
$17,507
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
5.84%
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%
$350,140
$350.1K
Cap Rate 7%
$250,100
$250.1K
Cap Rate 9%
$194,522
$194.5K
Market Conditions
NOI Build-Up for 1,113 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
$33.8K $30.36/SF
− Vacancy
−$2.0K −$1.76/SF
EGI
$31.8K $28.60/SF
− OpEx
−$14.3K −$12.87/SF
NOI
$17.5K $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%
$350,140
Cap Rate 7%
$250,100
Cap Rate 9%
$194,522
Alternative Uses
Best Use
Apartment 5plus
$250.1K
$218.8K – $291.8K
NOI $17,507 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$271.3K
$237.4K – $316.6K
NOI $18,993 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
26,359
Businesses Nearby
Explore this area
Business Placement
Demographics for 19107, PA
17,600
Population
10,239
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
92%
High-School Grad
0.5 sq mi
ZIP Area
35,200
Density / Sq Mi
$70,382
Median Household Income
$57,694
Median Earnings
$1,691
Median Rent
$452,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Flexible one-bedroom condo with preserved hardwood floors, high ceilings, two walk-in closets, and a lower-level multipurpose room.
Where is this residential income property located?
The property is located at 240 S 13TH STREET Unit A Philadelphia, PA.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Bi‑level condominium built in 1900; Original hardwood floors maintained and refinished; Lower‑level room offers den, guest bedroom, playroom, or fitness use
