Penthouse Residential Income
For Sale
$440,000
2429-41 LOCUST STREET #608, Philadelphia, PA 19103
One-bedroom condominium with loft-style interiors, abundant light, a partial river view, and one deeded parking space.
Property Size814 SF
Price / SF$540.54
Days on Market16
Property Features for 2429-41 LOCUST STREET #608
General Information
Standard status
Active
Size
814 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
fitness center
Building Details
Year Built
1900
Listing Agency:
Re/Max One Realty
(215) 953-8800
Listed By:
Patrick M. Frain · License #RS281662
(215) 480-7248
Source:
Cummingsrealtors
Added: Aug 24
Changed: Sep 7
Last Checked: Sep 7 at 7:40AM
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 Re/Max One Realty
Investment Insights
Based on property information with market context.
This residential income property is an 814-square-foot, one-bedroom loft condominium on the penthouse floor. The residence has abundant natural light, high ceilings, loft-style character, a partial view toward the Schuylkill River, and one deeded parking space. The building dates to 1900 and provides access to an on-site fitness center.
Locust Point is near a dog walk, neighborhood dog park, Markward Playground, and the Schuylkill River Trail. The property is also close to 30th Street Station, the University of Pennsylvania, Children's Hospital of Philadelphia, and the Hospital of the University of Pennsylvania. Center City, restaurants, cafes, shopping, recreation, and waterfront trails are within convenient reach.
Locust Point is near a dog walk, neighborhood dog park, Markward Playground, and the Schuylkill River Trail. The property is also close to 30th Street Station, the University of Pennsylvania, Children's Hospital of Philadelphia, and the Hospital of the University of Pennsylvania. Center City, restaurants, cafes, shopping, recreation, and waterfront trails are within convenient reach.
Key Highlights
- 814 SF one‑bedroom loft condominium on the penthouse floor
- One deeded parking space included
- Partial view of the Schuylkill River
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
$12,804
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
2.91%
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%
$256,080
$256.1K
Cap Rate 7%
$182,914
$182.9K
Cap Rate 9%
$142,267
$142.3K
Market Conditions
NOI Build-Up for 814 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
$24.7K $30.36/SF
− Vacancy
−$1.4K −$1.76/SF
EGI
$23.3K $28.60/SF
− OpEx
−$10.5K −$12.87/SF
NOI
$12.8K $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%
$256,080
Cap Rate 7%
$182,914
Cap Rate 9%
$142,267
Alternative Uses
Best Use
Apartment 5plus
$182.9K
$160.1K – $213.4K
NOI $12,804 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$198.4K
$173.6K – $231.5K
NOI $13,891 @ 7.0% cap · market cap 3.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
10,875
Businesses Nearby
Explore this area
Business Placement
Demographics for 19103, PA
28,717
Population
20,064
Households
1.4
Avg Household Size
36
Median Age
81%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
47,862
Density / Sq Mi
$97,940
Median Household Income
$76,680
Median Earnings
$1,955
Median Rent
$551,700
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium with loft-style interiors, abundant light, a partial river view, and one deeded parking space.
Where is this residential income property located?
The property is located at 2429-41 LOCUST STREET #608 Philadelphia, PA.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: 814 SF one‑bedroom loft condominium on the penthouse floor; One deeded parking space included; Partial view of the Schuylkill River
