Two-Building Mixed-Use
For Sale
Contact for pricing
990 N 2nd St, Philadelphia, PA 19123
Includes multifamily units, apartments, and ground-floor commercial space across two contiguous buildings.
Property Size4,947 SF
Price / SF$361.84
Days on Market418
Property Features for 990 N 2nd St
General Information
Standard status
Active
Size
4,947 SF
Property subtype
MULTIFAMILY
Building Details
Buildings
2
Listing Agency:
MPN Realty, Inc.
(215) 413-4900
Listed By:
Veronica Blum · License #RS290724
(267) 238-1728
Source:
Moodyscre
Added: Jul 25, 2025
Changed: Sep 15
Last Checked: Sep 15 at 10:09AM
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 MPN Realty, Inc.
Investment Insights
Based on property information with market context.
This two-building mixed-use property totals 4,947 square feet and combines multifamily housing with ground-floor commercial space. 990 N 2nd St has continuously operated as a 3-unit multifamily building for decades. Built from the ground up in 2010, 992 N 2nd St includes a ground-floor commercial space and a Wildey St entrance serving the apartments above.
The property is located at the intersection of 2nd and Wildey in Northern Liberties, directly across from Heirloom Market, Starbucks, and The Piazza. The commercial tenant’s term is approaching expiration in August 2026, with no renewal options in place. The tenant has indicated an interest in remaining, while the upcoming expiration provides flexibility for future leasing decisions.
The property is located at the intersection of 2nd and Wildey in Northern Liberties, directly across from Heirloom Market, Starbucks, and The Piazza. The commercial tenant’s term is approaching expiration in August 2026, with no renewal options in place. The tenant has indicated an interest in remaining, while the upcoming expiration provides flexibility for future leasing decisions.
Key Highlights
- Two contiguous buildings totaling 4,947 square feet
- 990 N 2nd St has operated as a 3‑unit multifamily for decades
- 992 N 2nd St was built from the ground up in 2010
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
$77,814
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
4.35%
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%
$1,556,280
$1.6M
Cap Rate 7%
$1,111,629
$1.1M
Cap Rate 9%
$864,600
$864.6K
Market Conditions
NOI Build-Up for 4,947 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
$150.2K $30.36/SF
− Vacancy
−$8.7K −$1.76/SF
EGI
$141.5K $28.60/SF
− OpEx
−$63.7K −$12.87/SF
NOI
$77.8K $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%
$1,556,280
Cap Rate 7%
$1,111,629
Cap Rate 9%
$864,600
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$972.7K – $1.30M
NOI $77,814 @ 7.0% cap · market cap 4.35%
Second Best
Mixed Use
$839.6K
$734.6K – $979.5K
NOI $58,770 @ 7.0% cap · market cap 3.28%
Theoretical Best
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,420 @ 7.0% cap · market cap 4.72%
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes multifamily units, apartments, and ground-floor commercial space across two contiguous buildings.
Where is this mixed-use property located?
The property is located at 990 N 2nd St 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 buildings totaling 4,947 square feet; 990 N 2nd St has operated as a 3‑unit multifamily for decades; 992 N 2nd St was built from the ground up in 2010
