Renovated Loft Residential Income
For Sale
$575,000
926 N 3RD STREET Unit 3C, Philadelphia, PA 19123
Private-entry condominium residence includes assigned parking, storage, and extensive interior and building improvements.
Property Size1,617 SF
Days on Market167
Property Features for 926 N 3RD STREET Unit 3C
General Information
Standard status
Active
Size
1,617 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,438
Amenities
private entrance
in-unit washer/dryer
storage
security camera monitoring system
Building Details
Building Size
1,617 SF
Year Built
2008
Listing Agency:
CG Realty, LLC
Listed By:
Philip Breen · License #RS354734
(215) 380-4596
Source:
Patmckennarealtors
Added: Apr 9
Changed: Sep 17
Last Checked: Sep 21 at 7:23AM
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 CG Realty, LLC
Investment Insights
Based on property information with market context.
This residential income property is a fully renovated loft-style condominium residence at 926 N 3RD STREET Unit: 3C in Philadelphia. The two-bedroom, two-bath home features 16-foot ceilings, oversized open living and dining areas, exposed ductwork, designer lighting, and wide-plank hardwood flooring. A newly installed chef’s kitchen includes custom cabinetry, quartz countertops, a statement island, and new oven, microwave, dishwasher, and exhaust hood. The primary suite offers a walk-in closet with built-in storage and a spa-inspired bathroom with a freestanding soaking tub and oversized glass shower. The second bedroom also includes a walk-in closet, and the second bathroom has been renovated with updated fixtures and tilework.
The home has a private entrance, assigned parking, and additional storage. Recent improvements include new flooring, washer and dryer, hot water heater, lighting fixtures, solid-core interior doors, trim, hardware, and renovated bathrooms. Building improvements include a new roof installed January, new garage door installed January, new entry door, and security camera monitoring for the lobby and garage. The rooftop deck was temporarily removed during roof replacement and is planned for reinstallation. The property was built in 2008.
The home has a private entrance, assigned parking, and additional storage. Recent improvements include new flooring, washer and dryer, hot water heater, lighting fixtures, solid-core interior doors, trim, hardware, and renovated bathrooms. Building improvements include a new roof installed January, new garage door installed January, new entry door, and security camera monitoring for the lobby and garage. The rooftop deck was temporarily removed during roof replacement and is planned for reinstallation. The property was built in 2008.
Key Highlights
- Fully renovated 2‑bedroom, 2‑bath loft residence with 16‑foot ceilings
- New chef’s kitchen with custom cabinetry, quartz countertops, statement island, and new appliances
- Private entrance, assigned parking space, and additional storage
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
$25,435
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
4.42%
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%
$508,700
$508.7K
Cap Rate 7%
$363,357
$363.4K
Cap Rate 9%
$282,611
$282.6K
Market Conditions
NOI Build-Up for 1,617 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
$49.1K $30.36/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$46.2K $28.60/SF
− OpEx
−$20.8K −$12.87/SF
NOI
$25.4K $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%
$508,700
Cap Rate 7%
$363,357
Cap Rate 9%
$282,611
Alternative Uses
Best Use
Apartment 5plus
$363.4K
$317.9K – $423.9K
NOI $25,435 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$394.2K
$344.9K – $459.9K
NOI $27,594 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,401
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 - Private-entry condominium residence includes assigned parking, storage, and extensive interior and building improvements.
Where is this residential income property located?
The property is located at 926 N 3RD STREET Unit 3C Philadelphia, PA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Fully renovated 2‑bedroom, 2‑bath loft residence with 16‑foot ceilings; New chef’s kitchen with custom cabinetry, quartz countertops, statement island, and new appliances; Private entrance, assigned parking space, and additional storage
