5,895 SqFt
5,895 SqFt
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 5,895 sqft
Price per Sqft $330
MLS Listing ID PAPH2472694
Year Built 1900
Available Date 2025-04-25
Annual Tax Amount $19,592
Tax Year 2025
Lot Size 1,500 Sqft
Acres 0.03
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
Unlock the cash flow potential of the John Jordan Condominium Building, a boutique 5-unit condominium building located in the heart of Philadelphia's historic Old City, steps from the Liberty Bell, Independence Hall, top dining, nightlife, and waterfront attractions. This rare investment offering is perfectly positioned for short-term rental (STR) operators seeking turnkey entry into one of Philadelphia's most sought-after vacation rental markets.
With 5 fully condo'd residential units and a commercial space for ancillary revenue or STR operations, the property can be repositioned as a multi-unit vacation rental hub, catering to leisure and business travelers alike.
Income Potential:
Projected Gross Revenue: $225K – $255K annually
Net Operating Income (NOI): $76,500 – $153,000 annually
Cap Rate: Projected up to 7.85% at offering price (depending on Buyer's eventual occupancy, ADR and operating costs)
Property Highlights:
Unit Mix: 1–3 bedroom layouts ideal for families and group bookings
Total Area: 5,895 sq ft plus 735 sq ft of cellar storage for housekeeping or additional guest amenities
Turnkey Readiness: Upgraded HVAC, water heaters, and new roof (2023) reduce upfront CapEx
Flexible Commercial Space: Use as STR management office, concierge check-in, or convert to another income-generating use
Location Advantage:
Old City is a top Philadelphia tourist destination. Guests enjoy walkability to historic landmarks, fine dining, nightlife, and waterfront parks—driving year-round STR demand and premium ADRs.
Unit Breakdown & Current/recent Tenancies
Unit A: 1 Bed / 1 Bath | 780 sq ft | Est. Rent: $1,750/month
Unit B: 2 Bed / 1.5 Bath | 1,422 sq ft | Est. Rent: $2,200/month
Unit C: 3 Bed / 2 Bath | 1,272 sq ft | Est. Rent: $2,500/month
Unit D: 2 Bed / 1 Bath | 966 sq ft | Est. Rent: $1,800/month
Unit E: 1 Bed / 1 Bath + Den | 720 sq ft | Est. Rent: $2,135/month
Cellar Storage: 735 sq ft (value-add space)
Most units are currently occupied by long-term tenants, generating stable in-place income. This provides immediate cash flow while allowing investors to strategically transition units to high-yield STR use as leases roll over.
Future Value-Add:
With CMX-3 zoning, investors can explore adding units or building vertically to increase revenue capacity and long-term asset value. All claims subject to Buyer's due diligence.
239 Race Street offers investors a rare, multi-unit platform in an irreplaceable Old City location with STR cap rate potential of up to 7.85%—ready to be transformed into a top-performing vacation rental property.
Location
State PA
County Philadelphia
Area 19106 (19106)
Zoning CMX3
Interior
Hot Water Natural Gas
Heating Forced Air
Cooling Central A/C
Flooring Hardwood
Heat Source Natural Gas
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 888035668
Ownership Fee Simple
SqFt Source Estimated
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
Special Listing Condition Standard
Virtual Tour https://www.dropbox.com/scl/fi/6aowgouua9jza16h9tay4/239-Race-St-UNBRANDED.mp4?rlkey=o88xjhwago2wpmuouo3p5pc9z&raw=1
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