1542 W Diamond St, Philadelphia, PA 19121

Mixed-use investment opportunity located two blocks west of Temple University in the heart of an active redevelopment corridor. 1542 W. Diamond Street is an approximately 4,300 square foot mixed-use building offering diversified income, strong going-in returns, and clear value-add upside for investors or owner-operators.

The property features two ground-floor commercial storefronts and two upper residential floors, all with separate utilities and meters. The ground floor totals approximately 1,000 square feet of retail space. The primary storefront fronts Diamond Street and is currently operated by the seller, featuring a fully built-out commercial kitchen with hood, suitable for food service, takeout, or ghost-kitchen concepts. A secondary retail unit of approximately 600 square feet is vacant and ready for renovation, offering flexible use for café, quick-service food, or neighborhood retail.

The second floor consists of a fully renovated three-bedroom, two-bath apartment that is turnkey and immediately rentable. The third floor is configured for four bedrooms and three baths and is framed and ready for completion, allowing the next owner to customize finishes and unlock additional rental income.

Zoning reflects CMX-1 neighborhood commercial, supporting a wide range of by-right uses including food and beverage, takeout and delivery concepts, campus-oriented retail, service businesses, and live-work configurations.

The property is offered at an asking price of $500,000 with an estimated rehabilitation budget of approximately $266,723, resulting in a total project cost of roughly $830,000. Projected gross income upon stabilization is approximately $78,000 annually from residential and retail rents. Stabilized NOI is estimated at approximately $52,000, equating to an approximate 8.0 percent cap rate on purchase price and approximately 6.3 percent cap rate on total cost.

The asset includes seven total bedrooms and five bathrooms across the residential floors, multiple meters, public utilities, 2025 real estate taxes reported at approximately $5,792, and a lot size of approximately 18 feet by 100 feet.

Located within the Temple University corridor, the property benefits from ongoing investment in student housing, townhomes, and neighborhood retail, supporting long-term rental demand and appreciation. The opportunity is well suited for investors targeting student housing and mixed-use assets or owner-operators seeking a business plus income property in a high-demand submarket.

Showings by appointment only. Property sold as-is.
Contact KW Empower Commercial for financials, pro forma, and detailed investment analysis.