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    Center City Boutique Building Title is generated by Realmo AI

    932 Locust Street, Philadelphia, PA 19107

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    For Sale
    $860,000

    Commercially zoned building near Jefferson Medical College.

    Type:Multi-Family / Fee Simple
    Property size:
    1,512 SF
    Price / SF:
    $568/SF
    Added:
    Feb 28, 2025
    Days on Market:
    463
    Last Refresh:
    Mar 13 at 8:26 am

    Property Features for 932 Locust Street

    General Information

    Standard status
    Active
    Size
    1,512 SF
    Property subtype
    Multi-Family / Fee Simple

    Building Details

    Year Built
    1880

    We can help!

    Listing Contact
    Scott Neifeld

    Listing agent Scott Neifeld License #RS202694L

    Listing office Plumer & Associates Inc

    Listing date Feb 28, 2025

    Source Compass

    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 Plumer & Associates Inc

    HighLights

    • Prime Center City location in Washington Square West, directly across from Jefferson Medical College.
    • Commercially zoned (CMX2) boutique building offering flexibility for business and/or residential use.
    • Turnkey condition with two separate units: ground floor/basement salon and a bi‑level one‑bedroom apartment, both with separate utilities and washer/dryer.
    • Impeccably maintained with all mechanicals in top condition.
    • Delivered vacant, providing immediate occupancy or rental potential for both units.
    • Convenient access to transportation and nearby amenities.

    Overview

    This pristine, commercially zoned (CMX2) boutique building in the Italian Romanesque style is configured as two units. It is located in the heart of Center City, in the Washington Square West neighborhood, directly across the street from Jefferson Medical College’s park-like campus, benefiting from non-stop pedestrian traffic. The ground floor and finished basement are currently used as a long-term established hair salon, which includes a full bathroom, kitchenette, washer/dryer, and a rear patio. The second and third floors comprise a self-contained bi-level one-bedroom, one-bath apartment with a galley kitchen and washer/dryer. Both units are turnkey perfect with separate gas and electric utilities. The apartment has its own entrance from within the street-level vestibule. All mechanicals are in top condition, reflecting impeccable maintenance. The 1512 square foot building is suitable for an owner-occupied business and residence, leasing both units, or reconfiguration. The building will be delivered vacant. It is located two blocks from Washington Square, near Washington Square Hardware, Locust Bar, Yellow Bicycle Cafe, and the stores of 10th Street. The PATCO station is at the corner of 10th & Locust. Transportation options include a bus stop, metro/subway station, and commuter rail station all less than 1 mile away.
    Location Intelligence

    Current Use by Public Records

    DL Salon Barber Shop Salon for Men Hair Salon

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Law Firm Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.15731
    Latitude
    39.94719

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    FAQs

    What type of property is this?
    Duplex - Commercially zoned building near Jefferson Medical College.
    Where is this duplex located?
    The property is located at 932 Locust Street Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $860,000.
    What are key features of this property?
    This property features: Prime Center City location in Washington Square West, directly across from Jefferson Medical College.; Commercially zoned (CMX2) boutique building offering flexibility for business and/or residential use.; Turnkey condition with two separate units: **ground floor/basement salon and a bi‑level one‑bedroom apartment**, both with separate utilities and washer/dryer.
    (215) 275-3040
    We can help!
    Listing Contact
    Scott Neifeld
    Real Estate License ID: RS202694L
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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