Two-Bedroom Residential Income
For Sale
$450,000
929 N 2ND STREET Unit 3, Philadelphia, PA 19123
Condominium residence with private outdoor areas, contemporary finishes, and a rooftop deck overlooking the city skyline.
Property Size1,116 SF
Days on Market8
Property Features for 929 N 2ND STREET Unit 3
General Information
Standard status
Active
Size
1,116 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$6,761
Building Details
Building Size
1,116 SF
Year Built
2017
Listing Agency:
KW Empower
Listed By:
Edward J Foy Jr. · License #RS331193
(610) 908-9391
Source:
Patmckennarealtors
Added: Sep 9
Changed: Sep 15
Last Checked: Sep 15 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.
Built in 2017, this two-bedroom, two-bath condominium residence combines an open interior with multiple outdoor spaces. The home features hardwood flooring, large windows, recessed lighting, and a living room with a wall-mounted electric fireplace. Its kitchen includes white cabinetry, granite work surfaces, stainless steel appliances, and breakfast bar seating. The primary bedroom has a private balcony, generous closet storage, and an en-suite bathroom with dual sinks and an oversized glass-enclosed shower. A second full bathroom serves the additional bedroom, while in-unit laundry adds convenience.
The expansive roof deck provides views toward the Philadelphia skyline and Ben Franklin Bridge, with room for outdoor dining and entertaining. The property is located along N 2nd Street in Northern Liberties, near restaurants, cafes, nightlife, and neighborhood services. Public transportation, the Spring Garden Market-Frankford Line station, I-95, and the Ben Franklin Bridge are also accessible from the property.
The expansive roof deck provides views toward the Philadelphia skyline and Ben Franklin Bridge, with room for outdoor dining and entertaining. The property is located along N 2nd Street in Northern Liberties, near restaurants, cafes, nightlife, and neighborhood services. Public transportation, the Spring Garden Market-Frankford Line station, I-95, and the Ben Franklin Bridge are also accessible from the property.
Key Highlights
- 2017‑built condominium with two bedrooms and two full bathrooms
- Expansive roof deck with Philadelphia skyline and Ben Franklin Bridge views
- Primary suite includes a private balcony and en‑suite bath
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
$17,554
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
3.90%
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%
$351,080
$351.1K
Cap Rate 7%
$250,771
$250.8K
Cap Rate 9%
$195,044
$195.0K
Market Conditions
NOI Build-Up for 1,116 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
$33.9K $30.36/SF
− Vacancy
−$2.0K −$1.76/SF
EGI
$31.9K $28.60/SF
− OpEx
−$14.4K −$12.87/SF
NOI
$17.6K $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%
$351,080
Cap Rate 7%
$250,771
Cap Rate 9%
$195,044
Alternative Uses
Best Use
Apartment 5plus
$250.8K
$219.4K – $292.6K
NOI $17,554 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$272.1K
$238.1K – $317.4K
NOI $19,044 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,326
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 - Condominium residence with private outdoor areas, contemporary finishes, and a rooftop deck overlooking the city skyline.
Where is this residential income property located?
The property is located at 929 N 2ND STREET Unit 3 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: 2017‑built condominium with two bedrooms and two full bathrooms; Expansive roof deck with Philadelphia skyline and Ben Franklin Bridge views; Primary suite includes a private balcony and en‑suite bath
