Historic 21-Unit Apartment
For Sale
Contact for pricing
538 FEDERAL STREET #009, Philadelphia, PA 19147
Adaptive reuse plans pair preserved industrial character with contemporary interior finishes.
Property Size594 SF
Price / SF$1.85
Days on Market51
Property Features for 538 FEDERAL STREET #009
General Information
Standard status
Active
Size
594 SF
Property subtype
Commercial
Site & Location
Neighborhood
Dickinson Narrows
Additional Details
Multifamily Units
21
Building Details
Year Built
1930
Buildings
1
Listing Agency:
JBMP Group
Listed By:
Maria A. Pacitti · License #RM423811
(267) 797-2175
Source:
Cummingsrealtors
Added: Sep 15
Changed: Nov 3
Last Checked: Nov 3 at 6:36AM
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 JBMP Group
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Investment Insights
Based on property information with market context.
This apartment property involves the adaptive reuse of a historic industrial structure into a 21-unit residential building. Original architectural elements are intended to complement updated interior finishes, creating a residential setting that retains the character of the existing building while introducing a contemporary design approach.
Constructed in 1930, the property offers a distinctive redevelopment profile centered on preserving its industrial character as part of the apartment conversion. The source information identifies the building as a boutique residential project with upscale finishes.
Constructed in 1930, the property offers a distinctive redevelopment profile centered on preserving its industrial character as part of the apartment conversion. The source information identifies the building as a boutique residential project with upscale finishes.
Key Highlights
- Planned conversion into a 21‑unit apartment building
- Historic industrial structure with original architectural character
- Contemporary finishes incorporated into the residential design
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,343
Suggested Prices Based on Cap Rates
Cap Rate 5%
$186,860
$186.9K
Cap Rate 7%
$133,471
$133.5K
Cap Rate 9%
$103,811
$103.8K
Market Conditions
NOI Build-Up for 594 SF
Gross rent
$18.0K $30.36/SF
− Vacancy
−$1.0K −$1.76/SF
EGI
$17.0K $28.60/SF
− OpEx
−$7.6K −$12.87/SF
NOI
$9.3K $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 Rate 5%
$186,860
Cap Rate 7%
$133,471
Cap Rate 9%
$103,811
Alternative Uses
Best Use
Apartment 5plus
$133.5K
$116.8K – $155.7K
NOI $9,343 @ 7.0% cap · market cap 849.36%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$144.8K
$126.7K – $169.0K
NOI $10,137 @ 7.0% cap · market cap 921.55%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
4,041
Businesses Nearby
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Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Adaptive reuse plans pair preserved industrial character with contemporary interior finishes.
Where is this apartment building located?
The property is located at 538 FEDERAL STREET #009 Philadelphia, PA.
What are key features of this property?
This property features: Planned conversion into a 21‑unit apartment building; Historic industrial structure with original architectural character; Contemporary finishes incorporated into the residential design
