Residential Income
New
For Sale
$350,000
8 S LETITIA STREET Unit 301, Philadelphia, PA 19106
Two-bedroom condominium in a secured elevator building with restored industrial details and central air.
Property Size1,028 SF
Price / SF$340.47
Days on Market5
Property Features for 8 S LETITIA STREET Unit 301
General Information
Standard status
Active
Size
1,028 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,126
Amenities
in-unit laundry
central air
private storage unit
Building Details
Building Size
1,028 SF
Year Built
1900
Buildings
1
Construction
factory loft
Listing Agency:
KW Empower
Listed By:
Ryan M Kanofsky · License #RS313340
(215) 651-5888
Source:
Patmckennarealtors
Added: Sep 10
Changed: Sep 13
Last Checked: Sep 14 at 10:00AM
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 KW Empower
Investment Insights
Based on property information with market context.
Unit 301 is a 1,028-square-foot, two-bedroom condominium on the third floor of a secured elevator building. The interior includes exposed brick, original timber beams, refinished hardwood floors, 9.5-foot ceilings, and a foyer with coat storage. A renovated galley kitchen features white quartz counters, subway tile, Samsung stainless steel appliances, and a peninsula adjoining the dining area. The primary bedroom accommodates a king-size bed, while the second bedroom is furnished for a queen-size bed. Both bedrooms include double closets. The residence also offers one full bathroom, a powder room, in-unit laundry, central air, custom blinds, fresh paint, and a private basement storage unit. The HVAC system dates to 2022, and the hot water heater was replaced in 2024.
The property is at 8 S Letitia Street in Philadelphia’s Old City, near restaurants, galleries, boutiques, groceries, and a deli on Market Street. Elfreth’s Alley, Independence Mall, Penn’s Landing Park, and Race Street Pier are within walking distance. 2nd Street Station, I-95, and the Benjamin Franklin Bridge provide transit and regional access.
The property is at 8 S Letitia Street in Philadelphia’s Old City, near restaurants, galleries, boutiques, groceries, and a deli on Market Street. Elfreth’s Alley, Independence Mall, Penn’s Landing Park, and Race Street Pier are within walking distance. 2nd Street Station, I-95, and the Benjamin Franklin Bridge provide transit and regional access.
Key Highlights
- 1,028‑square‑foot two‑bedroom, 1.5‑bath condominium
- Third‑floor residence in a secured elevator building
- Exposed brick, original timber beams, hardwood floors, and 9.5‑foot ceilings
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
$16,170
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
4.62%
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%
$323,400
$323.4K
Cap Rate 7%
$231,000
$231.0K
Cap Rate 9%
$179,667
$179.7K
Market Conditions
NOI Build-Up for 1,028 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
$31.2K $30.36/SF
− Vacancy
−$1.8K −$1.76/SF
EGI
$29.4K $28.60/SF
− OpEx
−$13.2K −$12.87/SF
NOI
$16.2K $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 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%
$323,400
Cap Rate 7%
$231,000
Cap Rate 9%
$179,667
Alternative Uses
Best Use
Apartment 5plus
$231.0K
$202.1K – $269.5K
NOI $16,170 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$250.6K
$219.3K – $292.4K
NOI $17,543 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
6,993
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium in a secured elevator building with restored industrial details and central air.
Where is this residential income property located?
The property is located at 8 S LETITIA STREET Unit 301 Philadelphia, PA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,028‑square‑foot two‑bedroom, 1.5‑bath condominium; Third‑floor residence in a secured elevator building; Exposed brick, original timber beams, hardwood floors, and 9.5‑foot ceilings
