1542 W Diamond Street

Description

Exceptional mixed use investment opportunity just two blocks west of Temple University. 1542 W. Diamond Street is a versatile 4,300 plus square foot mixed use building with dual storefronts and two residential floors with separate meters, ideal for investors seeking value-add cash flow or an owner operator who wants to run a business while collecting rent upstairs. The ground floor features two retail spaces totaling approximately 1,000 square feet. The primary storefront has existing frontage on Diamond Street with an operational commercial kitchen and hood currently run by the seller. The secondary retail unit of roughly 600 square feet is vacant and ready for a full renovation, offering flexible use for food service, café, or neighborhood retail. The second floor is a fully renovated three bedroom two bath apartment that is turnkey and immediately rentable. The third floor, configured as four bedrooms and three baths, is framed and ready for completion, allowing the next owner to customize finishes and capture additional rental income. Zoning reflects CMX-1 characteristics supporting neighborhood commercial plus residential use. As of Right Uses in CMX-1 Late-night slice + garlic knots window Birria/taco counter (grab-and-go) Halal grill & rice bowls Bubble tea + bao buns (light savory) Smoothie/acaí/protein ba Ghost-kitchen hub (2–3 virtual brands from one line) Print–copy–ship + campus mailboxes Device repair & accessories (phones/laptops) Thrift/consignment & merch pop-ups Bike repair & tune-ups + locks/lights Spicy “hot chicken” sandwiches Investment snapshot Asking price $650,000 and estimated rehab $150,000 for an all in of approximately $800,000. Projected gross income approximately $78,000 annually from residential and retail Stabilized NOI approximately $52,000, implying about a 6.5%cap rate on total cost and about 8% on the purchase price Seven bedrooms and five baths in total across the upper floors, multiple meters, public utilities, taxes for 2025 reported at $5,792, lot approximately 18 by 100 feet The property sits amid ongoing Temple corridor redevelopment, with new townhomes, student apartments, and local retail steadily improving block values. Whether you are an investor assembling student housing in a high demand pocket or an entrepreneur seeking live work potential, 1542 W. Diamond offers immediate income, clear value add levers, and long term appreciation in a growing North Philadelphia submarket. Showings by appointment only. Property sold as is. Contact KW Empower Commercial for financials, pro forma, and detailed investment analysis.