Loft-Style Residential Income
For Sale
$259,900
Pending
870 N 28TH STREET Unit 115, Philadelphia, PA 19130
Updated condominium unit with gated parking, shared outdoor areas, and a flexible loft-style interior.
Property Size835 SF
Days on Market37
Property Features for 870 N 28TH STREET Unit 115
General Information
Standard status
Pending
Size
835 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,419
Amenities
gated parking
community rooftop
ground-level outdoor area with seating and grilling
in-unit laundry
fireplace
Building Details
Building Size
835 SF
Year Built
1900
Listing Agency:
KW Empower
Listed By:
Kelly Ann Gorman · License #RS357449
(215) 301-7437
Source:
Patmckennarealtors
Added: Aug 3
Changed: Aug 13
Last Checked: Aug 12 at 3:22PM
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 115 is a first-level condominium with more than 800 square feet arranged around an open loft-style design. The residence includes one bedroom, one bathroom, soaring ceilings, oversized windows, a fireplace, and two walk-in closets. An updated kitchen features quartz countertops, stainless steel appliances, a dishwasher, and subway tile backsplash. The upper-level sleeping area includes built-in shelving, additional storage, a full bathroom, and in-unit laundry.
The property is located at 870 N 28th Street in Philadelphia, with gated parking and access to two shared outdoor areas. The ground-level space provides seating and grilling facilities, while the community rooftop offers additional gathering space. Nearby destinations identified for dining, recreation, and culture include Lemon Hill, Fairmount Park, Kelly Drive, the Schuylkill River Trail, the Philadelphia Museum of Art, Boathouse Row, Center City, University City, and 30th Street Station. The building dates to 1900.
The property is located at 870 N 28th Street in Philadelphia, with gated parking and access to two shared outdoor areas. The ground-level space provides seating and grilling facilities, while the community rooftop offers additional gathering space. Nearby destinations identified for dining, recreation, and culture include Lemon Hill, Fairmount Park, Kelly Drive, the Schuylkill River Trail, the Philadelphia Museum of Art, Boathouse Row, Center City, University City, and 30th Street Station. The building dates to 1900.
Key Highlights
- More than 800 square feet with one bedroom and one bathroom
- Loft‑style layout with soaring ceilings, oversized windows, and a fireplace
- Updated kitchen with quartz counters and stainless steel appliances
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
$13,134
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
5.05%
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%
$262,680
$262.7K
Cap Rate 7%
$187,629
$187.6K
Cap Rate 9%
$145,933
$145.9K
Market Conditions
NOI Build-Up for 835 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
$25.4K $30.36/SF
− Vacancy
−$1.5K −$1.76/SF
EGI
$23.9K $28.60/SF
− OpEx
−$10.7K −$12.87/SF
NOI
$13.1K $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%
$262,680
Cap Rate 7%
$187,629
Cap Rate 9%
$145,933
Alternative Uses
Best Use
Apartment 5plus
$187.6K
$164.2K – $218.9K
NOI $13,134 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$203.6K
$178.1K – $237.5K
NOI $14,249 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,660
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium unit with gated parking, shared outdoor areas, and a flexible loft-style interior.
Where is this residential income property located?
The property is located at 870 N 28TH STREET Unit 115 Philadelphia, PA.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: More than 800 square feet with one bedroom and one bathroom; Loft‑style layout with soaring ceilings, oversized windows, and a fireplace; Updated kitchen with quartz counters and stainless steel appliances
