Residential Income Property with Private
New
For Sale
$350,000
828 N HANCOCK STREET Unit 3C, Philadelphia, PA 19123
Bi-level one-bedroom condo with garage parking, central A/C, and in-unit laundry.
Property Size1,300 SF
Days on Market2
Property Features for 828 N HANCOCK STREET Unit 3C
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,697
Amenities
central A/C
in-unit laundry
private deck
Building Details
Building Size
1,300 SF
Year Built
1900
Listing Agency:
KW Empower
Listed By:
Ryan McCann · License #rs317849
(484) 429-1637
Source:
Patmckennarealtors
Added: Sep 21
Changed: Sep 22
Last Checked: Sep 22 at 1:52PM
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 3C at 828 N Hancock Street is a bi-level residential income property with one bedroom, one full bathroom, and private garage parking. The 1900 building contains a loft-style condo with high ceilings, hardwood flooring, exposed brick, timber beams, and metal columns. Its main level includes an open kitchen with stainless steel appliances, tiled backsplash, cabinetry, and broad counter space, along with a living area that accommodates dining and seating zones. Glass doors connect the living room to a private deck.
The upper level includes a large bedroom, walk-in closet, full bathroom, and laundry closet, with additional open area suitable for a home office, exercise space, reading area, or hobbies. Central A/C and in-unit laundry add practical convenience. The property has a Walk Score of 92 and is near 2nd Street restaurants, cafés, shops, markets, and local businesses, as well as parks and public transit. Access to I-95, I-676, and bridges to South Jersey is also noted.
The upper level includes a large bedroom, walk-in closet, full bathroom, and laundry closet, with additional open area suitable for a home office, exercise space, reading area, or hobbies. Central A/C and in-unit laundry add practical convenience. The property has a Walk Score of 92 and is near 2nd Street restaurants, cafés, shops, markets, and local businesses, as well as parks and public transit. Access to I-95, I-676, and bridges to South Jersey is also noted.
Key Highlights
- Private garage parking and private deck
- Bi‑level one‑bedroom, one‑bath condo
- 1900 construction with exposed brick, timber beams, and metal columns
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
$20,448
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
5.84%
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%
$408,960
$409.0K
Cap Rate 7%
$292,114
$292.1K
Cap Rate 9%
$227,200
$227.2K
Market Conditions
NOI Build-Up for 1,300 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
$39.5K $30.36/SF
− Vacancy
−$2.3K −$1.76/SF
EGI
$37.2K $28.60/SF
− OpEx
−$16.7K −$12.87/SF
NOI
$20.4K $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%
$408,960
Cap Rate 7%
$292,114
Cap Rate 9%
$227,200
Alternative Uses
Best Use
Apartment 5plus
$292.1K
$255.6K – $340.8K
NOI $20,448 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$316.9K
$277.3K – $369.7K
NOI $22,184 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,201
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Bi-level one-bedroom condo with garage parking, central A/C, and in-unit laundry.
Where is this residential income property located?
The property is located at 828 N HANCOCK STREET Unit 3C 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: Private garage parking and private deck; Bi‑level one‑bedroom, one‑bath condo; 1900 construction with exposed brick, timber beams, and metal columns
