Building Details

Year Built 1900

Buildings 1

Stories 5

Tenancy Multi

Listing Agency: Home Vista Realty

Listed By: YanLing Zhang · License #RB069036 Show Phone

Source: Premierehomegroup

Added: Aug 13 Changed: Oct 14 Last Checked: Oct 7 at 3:01PM

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Investment Insights

Based on property information with market context.

Built in 1900, this 10,710-square-foot mixed-use property rises five stories and includes six units. A long-term deli tenant occupies the first floor, providing an existing food-service component within the building. The property also features a classic façade and a commercial configuration suited to its urban setting.

Located at 701 Chestnut St in Philadelphia’s Washington Square West neighborhood, the building is near Independence Hall, Washington Square Park, and major transit lines. Its position places the property within a walkable Center City context surrounded by established civic, recreational, and transportation destinations.

Key Highlights

• 10,710‑square‑foot, five‑story mixed‑use building
• Six units plus a long‑term deli tenant on the first floor
• Built in 1900

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$168,463

Cap Rate

5.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,369,260 $3.4M

Cap Rate 7%

$2,406,614 $2.4M

Cap Rate 9%

$1,871,811 $1.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 10,710 SF

Gross rent

$325.2K $30.36/SF

− Vacancy

−$18.9K −$1.76/SF

EGI

$306.3K $28.60/SF

− OpEx

−$137.8K −$12.87/SF

NOI

$168.5K $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%

$3,369,260

Cap Rate 7%

$2,406,614

Cap Rate 9%

$1,871,811

Alternative Uses

Best Use

Apartment 5plus

$2.41M

$2.11M – $2.81M (±1% cap)

NOI $168,463 @ 7.0% cap · market cap 5.10%

Second Best

Mixed Use

$1.82M

$1.59M – $2.12M (±1% cap)

NOI $127,235 @ 7.0% cap · market cap 3.86%

Theoretical Best

Multifamily LT 5

$2.61M

$2.28M – $3.05M (±1% cap)

NOI $182,765 @ 7.0% cap · market cap 5.54%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Old Nelson Food ... Take-out & Catering old nelson 7st ... Take-out & Catering

Suggested Use

Top Pick Auto Parts Store Veterinary Clinic Pet Grooming Service Tanning Salon Electrical Service Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

17,142

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Five-story property combines multiple units with an established first-floor deli tenancy.

Where is this mixed-use property located?

The property is located at 701 Chestnut St Philadelphia, PA.

What is the asking price?

The asking price for this property is $3,300,000.

What are key features of this property?

This property features: 10,710‑square‑foot, five‑story mixed‑use building; Six units plus a long‑term deli tenant on the first floor; Built in 1900