Luxury Condo with Roof
For Sale
$390,000
950 N 2ND STREET Unit UNIT 2A, Philadelphia, PA 19123
Condo unit in a 13-unit luxury development with a shared roof deck and 2 bed, 2 bath layout.
Property Size875 SF
Days on Market50
Property Features for 950 N 2ND STREET Unit UNIT 2A
General Information
Standard status
Active
Size
875 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$1.00
Amenities
shared roof deck
Building Details
Building Size
875 SF
Year Built
2025
Tenancy
Multi
Listing Agency:
KW Empower
Listed By:
Grace Noelle Garner · License #RS373327
(267) 718-1551
Source:
Patmckennarealtors
Added: Jul 17
Changed: Sep 3
Last Checked: Sep 4 at 12:03PM
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.
Artisans Edge is a luxury condo development featuring 13 residential units. Unit 2B offers a 2-bedroom, 2-bathroom configuration with an open-concept living layout and modern finishes. The property also includes a huge shared roof deck.
The development is located on N 2nd Street in Philadelphia, with access to the 2nd Street area, described in the remarks as a vibrant corridor for dining, nightlife, and shopping. The remarks also note that parking is available at a nearby lot at 943 N 2nd St for $325/month while available, with the option to request a one-year parking credit if desired with an acceptable offer.
The remarks state the unit has the original full 10-year tax abatement and clarify that taxes and square footage must be verified independently by the buyer. The listing information also notes that the PAR Standard Agreement of Sale for New Construction must be used for new construction properties whether completed or not.
The development is located on N 2nd Street in Philadelphia, with access to the 2nd Street area, described in the remarks as a vibrant corridor for dining, nightlife, and shopping. The remarks also note that parking is available at a nearby lot at 943 N 2nd St for $325/month while available, with the option to request a one-year parking credit if desired with an acceptable offer.
The remarks state the unit has the original full 10-year tax abatement and clarify that taxes and square footage must be verified independently by the buyer. The listing information also notes that the PAR Standard Agreement of Sale for New Construction must be used for new construction properties whether completed or not.
Key Highlights
- New luxury condo building built in 2026 with central A/C and forced air
- 13‑unit residential development
- 2‑bedroom, 2‑bath condo layout with open‑concept living
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
$13,763
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
3.53%
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%
$275,260
$275.3K
Cap Rate 7%
$196,614
$196.6K
Cap Rate 9%
$152,922
$152.9K
Market Conditions
NOI Build-Up for 875 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
$26.6K $30.36/SF
− Vacancy
−$1.5K −$1.76/SF
EGI
$25.0K $28.60/SF
− OpEx
−$11.3K −$12.87/SF
NOI
$13.8K $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%
$275,260
Cap Rate 7%
$196,614
Cap Rate 9%
$152,922
Alternative Uses
Best Use
Apartment 5plus
$196.6K
$172.0K – $229.4K
NOI $13,763 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$213.3K
$186.7K – $248.9K
NOI $14,932 @ 7.0% cap · market cap 3.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13
Residential units
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Condo unit in a 13-unit luxury development with a shared roof deck and 2 bed, 2 bath layout.
Where is this apartment building located?
The property is located at 950 N 2ND STREET Unit UNIT 2A Philadelphia, PA.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: New luxury condo building built in 2026 with central A/C and forced air; 13‑unit residential development; 2‑bedroom, 2‑bath condo layout with open‑concept living
