239 Race St

Highlights:

• Days on Market: 155
• Heating: Forced Air

Description:

239 Race Street – Premier Old City STR Investment with Projected Cap Rates up to 7.85%
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.