Historic One-Bedroom Loft
For Sale
$229,900
301 RACE STREET Unit 215, Philadelphia, PA 19106
Second-floor condominium in a converted historic warehouse with exposed masonry and open living space.
Property Size555 SF
Days on Market50
Property Features for 301 RACE STREET Unit 215
General Information
Standard status
Active
Size
555 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,806
Building Details
Building Size
555 SF
Year Built
1870
Construction
converted warehouse
Listing Agency:
Penn-Jersey Realty, LLC
Listed By:
James A. Olivieri · License #RM424469
(267) 339-4341
Source:
Patmckennarealtors
Added: Aug 3
Changed: Sep 17
Last Checked: Sep 21 at 6:56AM
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 Penn-Jersey Realty, LLC
Investment Insights
Based on property information with market context.
This one-bedroom loft condominium occupies the second floor of a warehouse conversion built in 1870. The residence retains industrial character through exposed masonry, large windows, and an open living area. The building is listed on the Philadelphia Register of Historic Places, adding a documented historic component to the property.
Located at 301 Race Street in Philadelphia’s Old City, the home is near Elfreth’s Alley, the Delaware River waterfront, Independence Historic Park, galleries, cafés, and restaurants. I-95, public transit, and Center City are also described as minutes away. The property is presented as suitable for either a primary residence or an investment use.
Located at 301 Race Street in Philadelphia’s Old City, the home is near Elfreth’s Alley, the Delaware River waterfront, Independence Historic Park, galleries, cafés, and restaurants. I-95, public transit, and Center City are also described as minutes away. The property is presented as suitable for either a primary residence or an investment use.
Key Highlights
- One‑bedroom loft condo on the 2nd floor
- Warehouse conversion built in 1870
- Listed on the Philadelphia Register of Historic Places
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
$8,730
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
3.80%
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%
$174,600
$174.6K
Cap Rate 7%
$124,714
$124.7K
Cap Rate 9%
$97,000
$97.0K
Market Conditions
NOI Build-Up for 555 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
$16.8K $30.36/SF
− Vacancy
−$977 −$1.76/SF
EGI
$15.9K $28.60/SF
− OpEx
−$7.1K −$12.87/SF
NOI
$8.7K $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%
$174,600
Cap Rate 7%
$124,714
Cap Rate 9%
$97,000
Alternative Uses
Best Use
Apartment 5plus
$124.7K
$109.1K – $145.5K
NOI $8,730 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$135.3K
$118.4K – $157.9K
NOI $9,471 @ 7.0% cap · market cap 4.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
10,341
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor condominium in a converted historic warehouse with exposed masonry and open living space.
Where is this residential income property located?
The property is located at 301 RACE STREET Unit 215 Philadelphia, PA.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: One‑bedroom loft condo on the 2nd floor; Warehouse conversion built in 1870; Listed on the Philadelphia Register of Historic Places
