Historic Loft Residential Income
For Sale
$349,999
428 N 13TH STREET Unit 4A, Philadelphia, PA 19123
Converted midrise unit offers open living space, exposed brick, original maple flooring, in-unit laundry, and indoor parking availability.
Property Size1,359 SF
Days on Market300
Property Features for 428 N 13TH STREET Unit 4A
General Information
Standard status
Active
Size
1,359 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$709
Building Details
Building Size
1,359 SF
Year Built
1897
Listing Agency:
BHHS Fox&Roach-Newtown Square
Listed By:
Rachel Brandoff · License #RS378047
(212) 518-7077
Source:
Patmckennarealtors
Added: Nov 13, 2025
Changed: Sep 4
Last Checked: Sep 8 at 9:32AM
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 BHHS Fox&Roach-Newtown Square
Investment Insights
Based on property information with market context.
Unit 4A is a 1,358-square-foot loft residence within a converted midrise building dating to 1897. The open layout includes one walled bedroom, with flexibility for a two- or three-bedroom arrangement as described. Original character remains throughout, including exposed brick, sanded beams, soaring ceilings, elevated track lighting, and maple flooring with visible patina. The unit also features an open kitchen, in-unit washer and dryer, and substantial storage.
The property is in Philadelphia’s Callowhill Historic District, with direct access to the Rail Park and secure indoor parking available in the building. Nearby transit includes the Broad Street Subway, two blocks away, while Reading Terminal Market, City Hall, the convention center, grocery stores, restaurants, and cultural venues are within walking distance. Building improvements include completed exterior brick renovation in 2025 and an elevator modernization project scheduled for June 2026.
The property is in Philadelphia’s Callowhill Historic District, with direct access to the Rail Park and secure indoor parking available in the building. Nearby transit includes the Broad Street Subway, two blocks away, while Reading Terminal Market, City Hall, the convention center, grocery stores, restaurants, and cultural venues are within walking distance. Building improvements include completed exterior brick renovation in 2025 and an elevator modernization project scheduled for June 2026.
Key Highlights
- 1,358‑square‑foot loft residence in a converted 1897 midrise building
- Open layout with one walled bedroom and flexibility for a two- or three‑bedroom arrangement
- Original exposed brick, maple flooring, beams, soaring ceilings, and elevated track lighting
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
$21,376
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
6.11%
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%
$427,520
$427.5K
Cap Rate 7%
$305,371
$305.4K
Cap Rate 9%
$237,511
$237.5K
Market Conditions
NOI Build-Up for 1,359 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
$41.3K $30.36/SF
− Vacancy
−$2.4K −$1.76/SF
EGI
$38.9K $28.60/SF
− OpEx
−$17.5K −$12.87/SF
NOI
$21.4K $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%
$427,520
Cap Rate 7%
$305,371
Cap Rate 9%
$237,511
Alternative Uses
Best Use
Apartment 5plus
$305.4K
$267.2K – $356.3K
NOI $21,376 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$331.3K
$289.9K – $386.5K
NOI $23,191 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
11,041
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Converted midrise unit offers open living space, exposed brick, original maple flooring, in-unit laundry, and indoor parking availability.
Where is this residential income property located?
The property is located at 428 N 13TH STREET Unit 4A Philadelphia, PA.
What is the asking price?
The asking price for this property is $349,999.
What are key features of this property?
This property features: 1,358‑square‑foot loft residence in a converted 1897 midrise building; Open layout with one walled bedroom and flexibility for a two- or three‑bedroom arrangement; Original exposed brick, maple flooring, beams, soaring ceilings, and elevated track lighting
