Residential Income Property with
For Sale
$450,000
837 N 2ND STREET #310, Philadelphia, PA 19123
Bi-level condominium residence with two bedrooms, private outdoor space, and elevator access in Northern Liberties.
Property Size1,311 SF
Days on Market228
Property Features for 837 N 2ND STREET #310
General Information
Standard status
Active
Size
1,311 SF
Total Parking Spaces
2
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2.5BA
Multifamily Units
1
Amenities
private balcony
hardwood floors
granite counter tops
stainless steel appliances
under cabinet lighting
breakfast bar
recessed lighting
Forced Air
Central A/C
Building Details
Building Size
1,311 SF
Year Built
2005
Listing Agency:
Philadelphia
Listed By:
Chris Somers · License #RS278328
(267) 987-4443
Source:
Kw
Added: Jan 24
Changed: Sep 8
Last Checked: Sep 8 at 10:42AM
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 Philadelphia
Investment Insights
Based on property information with market context.
This bi-level condominium residence, built in 2005, offers two bedrooms and 2.5 bathrooms within a corner-unit layout. The main level combines a spacious living and dining area with a kitchen featuring granite countertops, stainless steel appliances, under-cabinet lighting, and a breakfast bar. Hardwood flooring and recessed lighting extend throughout the home. Upstairs, both bedrooms include private bathrooms and generous closet space, while one bedroom opens to a rear balcony with river views. Central A/C and forced-air heating serve the residence.
The property is located at 2nd and Poplar in Northern Liberties, with restaurants, cafes, neighborhood parks, gyms, and entertainment within walking distance. Center City is minutes away. The elevator building has upgraded lobby and walkway areas, and the residence includes two-car garage parking. The condominium is vacant and easy to show.
The property is located at 2nd and Poplar in Northern Liberties, with restaurants, cafes, neighborhood parks, gyms, and entertainment within walking distance. Center City is minutes away. The elevator building has upgraded lobby and walkway areas, and the residence includes two-car garage parking. The condominium is vacant and easy to show.
Key Highlights
- Two‑car garage parking included
- Bi‑level condominium with 2 bedrooms and 2.5 bathrooms
- Corner‑unit layout with hardwood floors and recessed lighting
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
$20,621
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
4.58%
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%
$412,420
$412.4K
Cap Rate 7%
$294,586
$294.6K
Cap Rate 9%
$229,122
$229.1K
Market Conditions
NOI Build-Up for 1,311 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
$39.8K $30.36/SF
− Vacancy
−$2.3K −$1.76/SF
EGI
$37.5K $28.60/SF
− OpEx
−$16.9K −$12.87/SF
NOI
$20.6K $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%
$412,420
Cap Rate 7%
$294,586
Cap Rate 9%
$229,122
Alternative Uses
Best Use
Apartment 5plus
$294.6K
$257.8K – $343.7K
NOI $20,621 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$319.6K
$279.7K – $372.9K
NOI $22,372 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Bi-level condominium residence with two bedrooms, private outdoor space, and elevator access in Northern Liberties.
Where is this residential income property located?
The property is located at 837 N 2ND STREET #310 Philadelphia, PA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑car garage parking included; Bi‑level condominium with 2 bedrooms and 2.5 bathrooms; Corner‑unit layout with hardwood floors and recessed lighting
