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 Features for 990 N 2nd Street
General Information
- Standard status
- Active
- Size
- 4,947 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1920
Listing office Mallin Panchelli Nadel Realty Inc (215) 413-4900
Listing date Jun 13, 2025
Source Xome
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Investment Insights
Based on property information with market context.
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
Local 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 |
