8-Unit Apartment Property
For Sale
$1,649,900
1516-18 W Diamond St, Philadelphia, PA 19121
MULTI_FAMILY - Philadelphia, PA
Property Size7,884 SF
Price / SF$209.27
Days on Market31
Property Features for 1516-18 W Diamond St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Rooms
Bedroom 7, Bedroom 8, Bedroom 2, Bedroom 9, Bedroom 12, Bedroom 5, Bedroom 6, Bedroom 10, Bedroom 11, Bedroom 3, Bedroom 4, Bedroom 1
Subdivision
TEMPLE UNIVERSITY
Standard status
Active
Size
7,884 SF
Building Details
Year built
2013
Listing Agency:
Engel & Volkers Philadelphia · Engel & Völkers
(215) 383-3303
Listed By:
Logan Rothman · License #RS373523
Added: Jul 15
Changed: Aug 13
Last Checked: Aug 14 at 1:06PM
MLS# PAPH2646578
Copyright © 2026 Engel & Völkers. 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 apartment package combines 1516 and 1518 W Diamond Street into two neighboring properties with 8 total units and 7,884 square feet. The unit mix includes two 3-bedroom/1-bath apartments, two 3-bedroom/2-bath apartments, and four 4-bedroom/2-bath apartments. Both properties were built in 2013, and the layouts provide predominantly larger bedroom configurations suited to shared living arrangements.
The properties are located near Temple University, Broad Street, public transportation, neighborhood dining, and everyday conveniences. Their North Philadelphia setting places the package within a rental area serving student and off-campus residents, with access to the surrounding university and neighborhood amenities.
The properties are located near Temple University, Broad Street, public transportation, neighborhood dining, and everyday conveniences. Their North Philadelphia setting places the package within a rental area serving student and off-campus residents, with access to the surrounding university and neighborhood amenities.
Key Highlights
- 8 total units across 1516 and 1518 W Diamond Street
- 7,884 square feet across two neighboring apartment properties
- Unit mix includes two 3‑bedroom/1‑bath, two 3‑bedroom/2‑bath, and four 4‑bedroom/2‑bath units
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
$124,012
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
7.52%
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%
$2,480,240
$2.5M
Cap Rate 7%
$1,771,600
$1.8M
Cap Rate 9%
$1,377,911
$1.4M
Market Conditions
NOI Build-Up for 7,884 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
$239.4K $30.36/SF
− Vacancy
−$13.9K −$1.76/SF
EGI
$225.5K $28.60/SF
− OpEx
−$101.5K −$12.87/SF
NOI
$124.0K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$2,480,240
Cap Rate 7%
$1,771,600
Cap Rate 9%
$1,377,911
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.07M
NOI $124,012 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.92M
$1.68M – $2.24M
NOI $134,540 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,365
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
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?
Apartment building - Two neighboring apartment properties provide larger-bedroom layouts near Temple University and public transportation.
Where is this apartment building located?
The property is located at 1516-18 W Diamond St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,649,900.
What are key features of this property?
This property features: 8 total units across 1516 and 1518 W Diamond Street; 7,884 square feet across two neighboring apartment properties; Unit mix includes two 3‑bedroom/1‑bath, two 3‑bedroom/2‑bath, and four 4‑bedroom/2‑bath units
