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$382.05
Days on Market373
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.
(267) 238-1728
Listed By:
Veronica Blum · License #RS290724
Source:
Moodyscre
Added: Jul 25, 2025
Changed: Jul 31
Last Checked: Aug 1 at 5:30AM
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 For Apartment 5plus
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 | $150.2k | $30.36 |
| − Vacancy | −$8.7k | −$1.76 |
| EGI | $141.5k | $28.60 |
| − OpEx | −$63.7k | −$12.87 |
| NOI | $77.8k | $15.73 |
4,947 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$972.7K – $1.30M
NOI $77,814 @ 7.0% cap · market cap 4.12%
Second Best
Mixed Use
$839.6K
$734.6K – $979.5K
NOI $58,770 @ 7.0% cap · market cap 3.11%
Theoretical Best
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,420 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - 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 $1,890,000.
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
