Bi-Level Residential Income
New
For Sale
$399,000
2808 W MASTER STREET Unit 2, Philadelphia, PA 19121
Three-bedroom condo with a roof deck, engineered hardwood floors, and three full bathrooms.
Property Size1,410 SF
Days on Market7
Property Features for 2808 W MASTER STREET Unit 2
General Information
Standard status
Active
Size
1,410 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$565
Amenities
roof deck
laundry room
Building Details
Building Size
1,410 SF
Year Built
2021
Listing Agency:
KW Empower
Listed By:
James F Roche Jr. · License #RS332204
(215) 714-9539
Source:
Patmckennarealtors
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 15 at 8:40AM
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 KW Empower
Investment Insights
Based on property information with market context.
Built in 2021, this bi-level condo offers three bedrooms and three full bathrooms across two living levels. The main floor includes a bedroom, full bath, kitchen with extensive cabinetry, and a generously sized living area. Engineered hardwood flooring, high ceilings, and abundant natural light are featured throughout. A laundry room is positioned near an upstairs bedroom, while the private roof deck provides substantial outdoor space and panoramic views.
The property is located at 2808 W Master Street Unit 2 in Philadelphia, one block from bus stops and within walking distance of restaurants, shops, grocery stores, the Schuylkill River Trail, and the Art Museum. Six years remain on the tax abatement.
The property is located at 2808 W Master Street Unit 2 in Philadelphia, one block from bus stops and within walking distance of restaurants, shops, grocery stores, the Schuylkill River Trail, and the Art Museum. Six years remain on the tax abatement.
Key Highlights
- Three‑bedroom, three‑bathroom bi‑level condo
- 2021 construction with engineered hardwood flooring
- Private roof deck with panoramic views and substantial outdoor space
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
$22,179
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
5.56%
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%
$443,580
$443.6K
Cap Rate 7%
$316,843
$316.8K
Cap Rate 9%
$246,433
$246.4K
Market Conditions
NOI Build-Up for 1,410 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
$42.8K $30.36/SF
− Vacancy
−$2.5K −$1.76/SF
EGI
$40.3K $28.60/SF
− OpEx
−$18.1K −$12.87/SF
NOI
$22.2K $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%
$443,580
Cap Rate 7%
$316,843
Cap Rate 9%
$246,433
Alternative Uses
Best Use
Apartment 5plus
$316.8K
$277.2K – $369.7K
NOI $22,179 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$343.7K
$300.8K – $401.0K
NOI $24,062 @ 7.0% cap · market cap 6.03%
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
1,258
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom condo with a roof deck, engineered hardwood floors, and three full bathrooms.
Where is this residential income property located?
The property is located at 2808 W MASTER STREET Unit 2 Philadelphia, PA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Three‑bedroom, three‑bathroom bi‑level condo; 2021 construction with engineered hardwood flooring; Private roof deck with panoramic views and substantial outdoor space
