Corner Mixed-Use Buildings with
For Sale
$1,790,000
990 N 2nd Street, Philadelphia, PA 19123
Two contiguous corner buildings combining ground-floor commercial space with apartments above, with a lease ending August 2026.
Property Size4,947 SF
Price / SF$361.84
Days on Market414
Property Features for 990 N 2nd Street
General Information
Standard status
Active
Size
4,947 SF
Property subtype
Mixed Use
Additional Details
Multifamily Units
3
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Mallin Panchelli Nadel Realty Inc
(215) 413-4900
Listed By:
Veronica Gintel Blum · License #RS290724
(215) 413-4900
Source:
Xome
Added: Jun 13, 2025
Changed: Jul 10
Last Checked: Jun 15 at 7:12AM
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 Mallin Panchelli Nadel Realty Inc
Investment Insights
Based on property information with market context.
Two contiguous mixed-use buildings are offered at the corner of 2nd and Wildey in Northern Liberties. 990 N 2nd has been continuously operated as a 3-unit multifamily for decades. 992 N 2nd was built from the ground up in 2010 and includes ground-floor commercial space, with a Wildey St entrance leading to light-filled apartments above.
The properties sit in the heart of a neighborhood commercial corridor, directly across the street from Heirloom Market, Starbucks, and The Piazza. The corner setting provides straightforward visibility and walkable access to active retail and dining.
The commercial component at 990 N 2nd is approaching the end of its current tenant term in August 2026, with no renewal options in place. The tenant has indicated an interest in remaining, but the timing creates an opportunity to retenant when the term expires. For an owner-operator or investor, the combination of existing residential units and ground-floor commercial space supports a flexible approach to property management. The first floor of 990 N 2nd may also be suitable for a retail-focused conversion, including the potential to structure future income on an NNN basis, subject to applicable approvals and requirements.
The properties sit in the heart of a neighborhood commercial corridor, directly across the street from Heirloom Market, Starbucks, and The Piazza. The corner setting provides straightforward visibility and walkable access to active retail and dining.
The commercial component at 990 N 2nd is approaching the end of its current tenant term in August 2026, with no renewal options in place. The tenant has indicated an interest in remaining, but the timing creates an opportunity to retenant when the term expires. For an owner-operator or investor, the combination of existing residential units and ground-floor commercial space supports a flexible approach to property management. The first floor of 990 N 2nd may also be suitable for a retail-focused conversion, including the potential to structure future income on an NNN basis, subject to applicable approvals and requirements.
Key Highlights
- Two contiguous corner buildings at 2nd & Wildey in Northern Liberties with ground‑floor commercial and apartments above
- 990 N 2nd continuously operated as a 3‑unit multifamily for decades
- 992 N 2nd built from the ground up in 2010, featuring a Wildey St entrance to the apartments
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $127.6k | $25.80 |
| − Vacancy | −$7.0k | −$1.42 |
| EGI | $120.6k | $24.38 |
| − OpEx | −$36.2k | −$7.31 |
| NOI | $84.4k | $17.06 |
4,947 SF · lease $25.80/SF/yr · vacancy 5.51% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,420 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$1.11M
$972.7K – $1.30M
NOI $77,814 @ 7.0% cap · market cap 4.35%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,201
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
$544,700
Median Home Value
Market
Average Price Trend$/SF for Mixed-use properties in Philadelphia, PA
Properties on Market for Mixed-use properties in Philadelphia
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two contiguous corner buildings combining ground-floor commercial space with apartments above, with a lease ending August 2026.
Where is this mixed-use property located?
The property is located at 990 N 2nd Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: Two contiguous corner buildings at 2nd & Wildey in Northern Liberties with ground‑floor commercial and apartments above; 990 N 2nd continuously operated as a 3‑unit multifamily for decades; 992 N 2nd built from the ground up in 2010, featuring a Wildey St entrance to the apartments
