Historic 21-Unit Apartment
For Sale
Contact for pricing
538 FEDERAL STREET #109, Philadelphia, PA 19147
Adaptive reuse project pairing original industrial character with contemporary apartment finishes.
Property Size520 SF
Price / SF$2.60
Days on Market51
Property Features for 538 FEDERAL STREET #109
General Information
Standard status
Active
Size
520 SF
Property subtype
Commercial
Site & Location
Neighborhood
Dickinson Narrows
Additional Details
Multifamily Units
21
Building Details
Year Built
1930
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 6:54AM
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 building conversion repurposes a 1930 industrial structure into a 21-unit residential property. The project retains the character of the former PECO substation while introducing updated interior finishes and a boutique apartment format.
The building combines nearly a century of architectural history with a contemporary residential program. Its adaptive-reuse design distinguishes the property from conventional multifamily construction and creates a defined identity for the completed apartment community.
The building combines nearly a century of architectural history with a contemporary residential program. Its adaptive-reuse design distinguishes the property from conventional multifamily construction and creates a defined identity for the completed apartment community.
Key Highlights
- 21‑unit apartment building conversion
- 1930 construction date
- Adaptive reuse of a former PECO substation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,179
Suggested Prices Based on Cap Rates
Cap Rate 5%
$163,580
$163.6K
Cap Rate 7%
$116,843
$116.8K
Cap Rate 9%
$90,878
$90.9K
Market Conditions
NOI Build-Up for 520 SF
Gross rent
$15.8K $30.36/SF
− Vacancy
−$916 −$1.76/SF
EGI
$14.9K $28.60/SF
− OpEx
−$6.7K −$12.87/SF
NOI
$8.2K $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%
$163,580
Cap Rate 7%
$116,843
Cap Rate 9%
$90,878
Alternative Uses
Best Use
Apartment 5plus
$116.8K
$102.2K – $136.3K
NOI $8,179 @ 7.0% cap · market cap 605.85%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$126.8K
$110.9K – $147.9K
NOI $8,874 @ 7.0% cap · market cap 657.33%
Zoning and permitted uses should be independently verified with authorities.
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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 project pairing original industrial character with contemporary apartment finishes.
Where is this apartment building located?
The property is located at 538 FEDERAL STREET #109 Philadelphia, PA.
What are key features of this property?
This property features: 21‑unit apartment building conversion; 1930 construction date; Adaptive reuse of a former PECO substation
