Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    West Philadelphia Framed-Out Shell Title is generated by Realmo AI

    5924 Master Street, Philadelphia, PA 19151

    View on Map
    Claim this Listing
    For Sale
    $120,000

    Three-story shell in West Philadelphia with potential for four units.

    Type:Multi-Family / Fee Simple
    Property size:
    2,096 SF
    Price / SF:
    $57/SF
    Added:
    May 19, 2026
    Days on Market:
    16
    Last Refresh:
    May 27 at 12:46 pm

    Property Features for 5924 Master Street

    General Information

    Standard status
    Active
    Size
    2,096 SF
    Property subtype
    Multi-Family / Fee Simple

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Jaimee A. Cohen

    Listing agent Jaimee A. Cohen License #RM424669

    Listing office RE/MAX Prime Real Estate

    Listing date May 19, 2026

    Source Compass

    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 RE/MAX Prime Real Estate

    HighLights

    • Framed‑out shell ready for transformation into a 4‑unit income property with 2 units featuring 2‑bed/1‑bath and 2 units with 1‑bed/1‑bath.
    • Significant progress already made with framing, updated windows, and rebuilt front porch.
    • Potential for high rental income in a growing West Philadelphia neighborhood.
    • Flexible living configurations and strong structural bones.
    • Ideal for investors, developers, or owner‑operators seeking a multi‑family asset.
    • Convenient access to transportation (bus stop less than 1 mile).

    Overview

    Located in West Philadelphia, this three-story framed-out shell presents an opportunity for investors, developers, or owner-operators. The property has a layout designed for transformation into a 4-unit income-producing building. The plan includes two 2-bedroom, 1-bath units and two 1-bedroom, 1-bath units. Framing work, updated windows, and a rebuilt front porch are already in place. The structure offers flexible living configurations and the potential to maximize rental income. The property is located in a growing neighborhood. The building has a total size of 2096 square feet. A bus stop is located less than 1 mile away. The property is located within the Philadelphia City School District.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.2392194
    Latitude
    39.9726223

    Nearby Similar for Sale

    • $2,990,000
      6,495 SF

      Restaurant Opportunity in Philadelphia, PA

      Restaurant with 170 parking spaces on 1.77 acres.
      80 FRANKLIN MILLS Boulevard, PHILADELPHIA, PA 19154
      View Details
    • $850,000
      4,560 SF

      Freestanding Commercial Building, Philadelphia

      Highly visible commercial building with parking on a busy corridor.
      500-02 W CHELTENHAM Avenue, PHILADELPHIA, PA 19126
      View Details
    • $999,000
      7,800 SF

      Iconic East Falls Cornerstone Building

      Multigenerational landmark in flourishing Philadelphia community, dual-zoned.
      3711 MIDVALE AVENUE, PHILADELPHIA, PA 19129
      View Details
    • $1,400,000
      5,000 SF

      Freestanding Commercial Building in Philadelphia

      Highly visible commercial building suitable for automotive, medical, retail.
      2040 NAPFLE AVENUE, PHILADELPHIA, PA 19152
      View Details
    • $1,399,000
      4,575 SF

      Medical Office Building For Sale

      Well-maintained medical office building with high visibility and income potential.
      9821 ACADEMY Road, PHILADELPHIA, PA 19114
      View Details
    • $645,000
      4,278 SF

      Germantown Avenue Mixed-Use Opportunity

      Versatile mixed-use property in historic Germantown with parking.
      5519 GERMANTOWN Avenue, PHILADELPHIA, PA 19144
      View Details
    • $549,000

      Turnkey Medical Office Space Available

      Medical office space near Jefferson Methodist Hospital in South Philadelphia.
      1313 WOLF Street, PHILADELPHIA, PA 19148
      View Details
    • $399,000
      3,441 SF

      Philadelphia Commercial Building on Allegheny

      Three-story corner building on Allegheny Avenue, suitable for commercial or multi-family use.
      2711-13 E ALLEGHENY AVENUE, PHILADELPHIA, PA 19134
      View Details
    • $900,000
      800 SF

      Frankford Avenue Commercial Package Sale

      Three adjacent properties on Frankford Avenue, ideal for redevelopment.
      2607 FRANKFORD AVENUE, PHILADELPHIA, PA 19125
      View Details
    • $545,000
      2,600 SF

      Newly Constructed Duplex Investment

      Bi-level two-bedroom units with private outdoor space and existing tenants offer an immediate, revenue-focused ownership opportunity.
      1626 W STILES Street, PHILADELPHIA, PA 19121
      View Details
    • $850,000
      1,629 SF

      Industrial Flex Through-Lot Package

      Three CMX-2 zoned properties on Frankford Avenue, including a through-lot industrial garage-style building with multiple access points.
      2603 FRANKFORD AVENUE, PHILADELPHIA, PA 19125
      View Details
    • $1,148,000
      9,000 SF

      Turnkey Mixed-Use Investment Opportunity

      Fully leased 8-unit property with strong income potential.
      6522 LEBANON Avenue, PHILADELPHIA, PA 19151
      View Details

    FAQs

    What type of property is this?
    Quadplex - Three-story shell in West Philadelphia with potential for four units.
    Where is this quadplex located?
    The property is located at 5924 Master Street Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $120,000.
    What are key features of this property?
    This property features: Framed‑out shell ready for transformation into a 4‑unit income property with 2 units featuring 2‑bed/1‑bath and 2 units with 1‑bed/1‑bath.; Significant progress already made with framing, updated windows, and rebuilt front porch.; Potential for high rental income in a growing West Philadelphia neighborhood.
    (610) 622-7500
    We can help!
    Listing Contact
    Jaimee A. Cohen
    Real Estate License ID: RM424669
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5924 Master Street, Philadelphia, PA 19151
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!