Historic Residential Income
New
For Sale
$395,000
242 S 13TH STREET Unit E, Philadelphia, PA 19107
Two-bedroom condominium unit with a 2023 kitchen renovation, private covered outdoor area, central air, and fitted storage.
Property Size889 SF
Days on Market7
Property Features for 242 S 13TH STREET Unit E
General Information
Standard status
Active
Size
889 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,357
Amenities
shared outdoor patio
laundry facilities
Building Details
Building Size
889 SF
Year Built
1900
Listing Agency:
SERHANT PENNSYLVANIA LLC
Listed By:
Justyna A Goldman · License #RS359180
(267) 290-6872
Source:
Patmckennarealtors
Added: Sep 10
Changed: Sep 13
Last Checked: Sep 15 at 11:29AM
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 SERHANT PENNSYLVANIA LLC
Investment Insights
Based on property information with market context.
Unit E is a two-bedroom condominium residence within a building constructed in 1900 and designed by Philadelphia architect Frank Furness. The property was originally planned as a single-family home before conversion to condominiums. Interior features include an open kitchen, dining, and living arrangement; a kitchen updated in 2023 with Bosch appliances, a Faber range hood, and streamlined cabinetry; a full bathroom; fitted closets; central air conditioning; and an original built-in hallway bookcase. One bedroom connects directly to a private covered outdoor area.
Residents have access to a shared patio and laundry facilities. The property is at 242 S 13TH STREET in Philadelphia’s Washington Square West, with Midtown Village, Rittenhouse Square, Washington Square, the Avenue of the Arts, the Kimmel Center, and Walnut and Chestnut Street shopping nearby. Jefferson, Wills Eye, and Pennsylvania Hospital are also identified as nearby institutions.
Residents have access to a shared patio and laundry facilities. The property is at 242 S 13TH STREET in Philadelphia’s Washington Square West, with Midtown Village, Rittenhouse Square, Washington Square, the Avenue of the Arts, the Kimmel Center, and Walnut and Chestnut Street shopping nearby. Jefferson, Wills Eye, and Pennsylvania Hospital are also identified as nearby institutions.
Key Highlights
- Two‑bedroom condominium unit in a building constructed in 1900
- Designed by Philadelphia architect Frank Furness
- Kitchen renovated in 2023 with Bosch appliances and a Faber range hood
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
$13,984
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
3.54%
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%
$279,680
$279.7K
Cap Rate 7%
$199,771
$199.8K
Cap Rate 9%
$155,378
$155.4K
Market Conditions
NOI Build-Up for 889 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
$27.0K $30.36/SF
− Vacancy
−$1.6K −$1.76/SF
EGI
$25.4K $28.60/SF
− OpEx
−$11.4K −$12.87/SF
NOI
$14.0K $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%
$279,680
Cap Rate 7%
$199,771
Cap Rate 9%
$155,378
Alternative Uses
Best Use
Apartment 5plus
$199.8K
$174.8K – $233.1K
NOI $13,984 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$216.7K
$189.6K – $252.9K
NOI $15,171 @ 7.0% cap · market cap 3.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
26,359
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium unit with a 2023 kitchen renovation, private covered outdoor area, central air, and fitted storage.
Where is this residential income property located?
The property is located at 242 S 13TH STREET Unit E Philadelphia, PA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two‑bedroom condominium unit in a building constructed in 1900; Designed by Philadelphia architect Frank Furness; Kitchen renovated in 2023 with Bosch appliances and a Faber range hood
