Two-Bedroom Residential Income
For Sale
$540,000
343 N FRONT STREET Unit B, Philadelphia, PA 19106
Condominium offering garage parking, a rooftop deck, and smart-home technology.
Property Size1,516 SF
Days on Market220
Property Features for 343 N FRONT STREET Unit B
General Information
Standard status
Active
Size
1,516 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$926
Amenities
rooftop deck
Juliet balconies
smart-home technology
stainless steel appliances
Building Details
Building Size
1,516 SF
Year Built
2017
Listing Agency:
Houwzer, LLC
(609) 790-4824
Listed By:
Michael DeFiore · License #RS329854
(609) 790-4824
Source:
Patmckennarealtors
Added: Jan 15
Changed: Aug 21
Last Checked: Aug 22 at 10:47AM
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 Houwzer, LLC
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath condominium combines a contemporary interior with practical residential features. The open layout includes a white kitchen equipped with Bosch stainless steel appliances, quartz countertops, and subway tile backsplash. Extra-large windows, French doors, and Juliet balconies bring abundant natural light into the living area, while wide-plank hardwood floors and iron railing systems add a finished modern character. Both bathrooms feature tile finishes, granite countertops, and designer fixtures. Smart-home technology is integrated throughout the residence, and the property includes garage parking and access to a rooftop deck with skyline views.
Constructed in 2017, the home is located at 343 N Front Street in Philadelphia’s Old City. The property is near historic landmarks, the waterfront, marina, and Northern Liberties, with access to I-95 for regional commuting.
Constructed in 2017, the home is located at 343 N Front Street in Philadelphia’s Old City. The property is near historic landmarks, the waterfront, marina, and Northern Liberties, with access to I-95 for regional commuting.
Key Highlights
- 2‑bedroom, 2‑bath condominium at 343 N Front Street Unit B
- Constructed in 2017
- Garage parking included
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
$23,846
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
4.42%
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%
$476,920
$476.9K
Cap Rate 7%
$340,657
$340.7K
Cap Rate 9%
$264,956
$265.0K
Market Conditions
NOI Build-Up for 1,516 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
$46.0K $30.36/SF
− Vacancy
−$2.7K −$1.76/SF
EGI
$43.4K $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%
$476,920
Cap Rate 7%
$340,657
Cap Rate 9%
$264,956
Alternative Uses
Best Use
Apartment 5plus
$340.7K
$298.1K – $397.4K
NOI $23,846 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$369.6K
$323.4K – $431.2K
NOI $25,870 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,386
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 - Condominium offering garage parking, a rooftop deck, and smart-home technology.
Where is this residential income property located?
The property is located at 343 N FRONT STREET Unit B Philadelphia, PA.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium at 343 N Front Street Unit B; Constructed in 2017; Garage parking included
