Bi-Level Residential Income
For Sale
$425,000
309 N 3RD STREET #C, Philadelphia, PA 19106
Two-bedroom condominium with distinctive ceilings, private entry storage, and central air conditioning in Old City.
Property Size1,512 SF
Price / SF$281.08
Days on Market57
Property Features for 309 N 3RD STREET #C
General Information
Standard status
Active
Size
1,512 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Amenities
private entrance
bike storage
laundry closet
cathedral ceilings
hardwood floors
stainless steel appliances
skylight
walk-in closets
Central
Forced Air
Central A/C
Built-In Microwave
Dishwasher
Disposal
Dryer - Electric
Oven/Range - Gas
Refrigerator
Stainless Steel Appliances
Washer
Cable TV, Electric Available, Natural Gas Available
Building Details
Year Built
1900
Listing Agency:
KW Empower
Listed By:
Vincent Mancini · License #RS338007
(267) 242-9976
Source:
Kw
Added: Jul 14
Changed: Sep 7
Last Checked: Sep 7 at 7:13PM
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.
This bi-level residential income property is configured as a two-bedroom, one-and-a-half-bath condominium with 1,512 square feet of interior living space. The layout includes open living and dining areas, a kitchen with stainless steel appliances, gas cooking, built-in microwave, dishwasher, and disposal, plus a main-level powder room. The upper level adds a full bath, laundry closet with washer and electric dryer, and a primary bedroom with two walk-in closets. Cathedral ceilings, oversized windows, original hardwood floors, and a skylit second bedroom contribute to the interior character. A private ground-level entrance area provides additional coat and storage space along with dedicated bike storage. The residence is a third-floor walk-up, and the private stairway is outside the stated living area.
Located at 309 N 3rd Street in Philadelphia's Old City, the property is near restaurants, cafés, galleries, parks, theaters, and nightlife. The source information also notes a 95 Walk Score, public transportation access, and convenient connections to major highways and bridges. Northern Liberties is within walking distance. Built in 1900, the condominium is served by forced-air heating and central A/C.
Located at 309 N 3rd Street in Philadelphia's Old City, the property is near restaurants, cafés, galleries, parks, theaters, and nightlife. The source information also notes a 95 Walk Score, public transportation access, and convenient connections to major highways and bridges. Northern Liberties is within walking distance. Built in 1900, the condominium is served by forced-air heating and central A/C.
Key Highlights
- 1,512‑square‑foot bi‑level condominium with 2 bedrooms and 1.5 baths
- Cathedral ceilings, oversized windows, original hardwood floors, and western exposure
- Primary bedroom includes 2 walk‑in closets; second bedroom has a large skylight
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
$23,783
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
5.60%
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%
$475,660
$475.7K
Cap Rate 7%
$339,757
$339.8K
Cap Rate 9%
$264,256
$264.3K
Market Conditions
NOI Build-Up for 1,512 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
$45.9K $30.36/SF
− Vacancy
−$2.7K −$1.76/SF
EGI
$43.2K $28.60/SF
− OpEx
−$19.5K −$12.87/SF
NOI
$23.8K $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%
$475,660
Cap Rate 7%
$339,757
Cap Rate 9%
$264,256
Alternative Uses
Best Use
Apartment 5plus
$339.8K
$297.3K – $396.4K
NOI $23,783 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$368.6K
$322.5K – $430.0K
NOI $25,802 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
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 - Two-bedroom condominium with distinctive ceilings, private entry storage, and central air conditioning in Old City.
Where is this residential income property located?
The property is located at 309 N 3RD STREET #C Philadelphia, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1,512‑square‑foot bi‑level condominium with 2 bedrooms and 1.5 baths; Cathedral ceilings, oversized windows, original hardwood floors, and western exposure; Primary bedroom includes 2 walk‑in closets; second bedroom has a large skylight
