Tenant-Occupied
For Sale
$579,000
1138 N 4TH Street, Philadelphia, PA 19123
Multi-Family, PHILADELPHIA, PA
Property Size1,854 SF
Lot Size0.03 Acres
Price / SF$312.30
Days on Market1426
Property Features for 1138 N 4TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active
Size
1,854 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
4873
Utilities
Heating system
Hot Water(Heating)
Cooling system
Central Air
Building Details
Year built
1920
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Fred R Levine Real Estate
Listed By:
Fred R Levine · License #RB043558A
(215) 465-3733
Added: Oct 9, 2022
Changed: Sep 2
Last Checked: Sep 3 at 10:06PM
MLS# PAPH2168122
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This tenant-occupied duplex contains two apartments within a 1,854-square-foot masonry building constructed in 1920. The property includes basement space, hot-water heating, and central air conditioning. The lot measures 0.0253 acres.
Located at 1138 N 4th Street in Philadelphia, the property is in ZIP Code 19123. Both apartments are leased: Unit A has a lease ending 5/31/25, while Unit B has a lease ending 7/31/24. Tenants are responsible for gas and electric service.
Located at 1138 N 4th Street in Philadelphia, the property is in ZIP Code 19123. Both apartments are leased: Unit A has a lease ending 5/31/25, while Unit B has a lease ending 7/31/24. Tenants are responsible for gas and electric service.
Key Highlights
- Two‑apartment duplex with 1,854 square feet of building area
- Tenant‑occupied property with leases for both units
- Unit A lease ends 5/31/25; Unit B lease ends 7/31/24
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,638
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.46%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$632,760
$632.8K
Cap Rate 7%
$451,971
$452.0K
Cap Rate 9%
$351,533
$351.5K
Market Conditions
NOI Build-Up for 1,854 SF
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.
Gross rent
$47.8K $25.80/SF
− Vacancy
−$2.6K −$1.42/SF
EGI
$45.2K $24.38/SF
− OpEx
−$13.6K −$7.31/SF
NOI
$31.6K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$632,760
Cap Rate 7%
$451,971
Cap Rate 9%
$351,533
Alternative Uses
Best Use
Multifamily LT 5
$452.0K
$395.5K – $527.3K
NOI $31,638 @ 7.0% cap · market cap 5.46%
Second Best
Apartment 5plus
$416.6K
$364.5K – $486.1K
NOI $29,163 @ 7.0% cap · market cap 5.04%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,393
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Masonry duplex with two apartments, basement space, central air, and tenant-paid gas and electric.
Where is this duplex located?
The property is located at 1138 N 4TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: Two‑apartment duplex with 1,854 square feet of building area; Tenant‑occupied property with leases for both units; Unit A lease ends 5/31/25; Unit B lease ends 7/31/24
