Residential Income Property with
For Sale
$649,000
300 N 3RD STREET Unit 102, Philadelphia, PA 19106
Three-level condominium with two bedrooms, a den, and flexible lower-level living space.
Property Size2,119 SF
Price / SF$306.28
Days on Market183
Property Features for 300 N 3RD STREET Unit 102
General Information
Standard status
Active
Size
2,119 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2.5BA + den
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$9,759
Amenities
pet-friendly
storage unit
Building Details
Building Size
2,119 SF
Year Built
2009
Listing Agency:
MAXWELL REALTY COMPANY
Listed By:
Nancy L Alperin · License #RM050817L
(215) 620-0099
Source:
Patmckennarealtors
Added: Mar 10
Changed: Sep 4
Last Checked: Sep 7 at 9:52AM
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 MAXWELL REALTY COMPANY
Investment Insights
Based on property information with market context.
This 2,119-square-foot condominium spans three levels and includes two bedrooms, a den, 2.5 bathrooms, and a lower-level bonus area with recently installed hardwood flooring. The residence features an open living and dining arrangement, cherry hardwood floors, custom lighting, and a 19-foot arched window. Its kitchen includes granite countertops, custom all-wood cabinetry, and Viking stainless steel appliances. Two bedroom suites provide private baths, including a main-level suite with dual vanities, a soaking tub, and separate shower. The upper-level primary suite has a walk-in closet and tub/shower combination.
Additional property features include deeded garage parking with keyed entry, possible accommodation for electric vehicle charging, elevator and stair access, and a private storage unit. Built in 2009, the boutique building contains 16 residences. The property is located at 300 N 3RD STREET in Philadelphia’s Old City, near Penn’s Landing Dog Park, the Delaware River waterfront, Spruce Street Harbor Park, restaurants, shopping, and historic attractions.
Additional property features include deeded garage parking with keyed entry, possible accommodation for electric vehicle charging, elevator and stair access, and a private storage unit. Built in 2009, the boutique building contains 16 residences. The property is located at 300 N 3RD STREET in Philadelphia’s Old City, near Penn’s Landing Dog Park, the Delaware River waterfront, Spruce Street Harbor Park, restaurants, shopping, and historic attractions.
Key Highlights
- 2,119‑square‑foot condominium arranged across three levels
- Two bedrooms, a den, and 2.5 bathrooms
- 19‑foot arched window adds natural light to the main living level
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
$33,331
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
5.14%
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%
$666,620
$666.6K
Cap Rate 7%
$476,157
$476.2K
Cap Rate 9%
$370,344
$370.3K
Market Conditions
NOI Build-Up for 2,119 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
$64.3K $30.36/SF
− Vacancy
−$3.7K −$1.76/SF
EGI
$60.6K $28.60/SF
− OpEx
−$27.3K −$12.87/SF
NOI
$33.3K $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%
$666,620
Cap Rate 7%
$476,157
Cap Rate 9%
$370,344
Alternative Uses
Best Use
Apartment 5plus
$476.2K
$416.6K – $555.5K
NOI $33,331 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$516.6K
$452.0K – $602.7K
NOI $36,161 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
6,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 19106, PA
15,190
Population
9,913
Households
1.5
Avg Household Size
39
Median Age
80%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
16,878
Density / Sq Mi
$129,779
Median Household Income
$93,953
Median Earnings
$2,219
Median Rent
$528,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-level condominium with two bedrooms, a den, and flexible lower-level living space.
Where is this residential income property located?
The property is located at 300 N 3RD STREET Unit 102 Philadelphia, PA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 2,119‑square‑foot condominium arranged across three levels; Two bedrooms, a den, and 2.5 bathrooms; 19‑foot arched window adds natural light to the main living level
