Student Rental Rooming
For Sale
$499,900
1842 N 16TH Street, Philadelphia, PA 19121
MULTI_FAMILY - Other - PHILADELPHIA, PA
Property Size2,784 SF
Lot Size0.04 Acres
Price / SF$179.56
Days on Market59
Property Features for 1842 N 16TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Subdivision
TEMPLE UNIVERSITY
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,784 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
3969
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1915
Number of units
4
Building materials
Masonry
Architectural style
Other
Listing Agency:
Keller Williams Realty Devon-Wayne
(610) 647-8300
Listed By:
Michael Coleman
(484) 942-6266
Added: Jun 16
Changed: Jun 19
Last Checked: Aug 13 at 7:06AM
MLS# PAPH2637494
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 legal four-unit rooming house is currently operated as a 7-bedroom, 2.5-bath student rental and is fully leased through July 2027. The property is configured to support student housing, and it includes a private roof deck for tenant use.
Located at 1842 N 16TH Street in Philadelphia, the building is described as just steps from Temple University’s main campus and within the campus patrol zone. It is positioned in the university’s off-campus housing district, where demand for student-oriented residences is typically focused.
For buyers, this offering is presented as an investor opportunity with existing in-place occupancy, generating $4,900 per month ($58,800 gross annual income) based on the current lease-up. The remarks also note grandfathered zoning rights and that the property is a four-unit building by right, subject to buyer due diligence. Showings require 24-hour notice for all parties. The property is also marketed individually and as part of a package with additional listed properties identified by MLS numbers PAPH2631578, PAPH2631596, PAPH2632718, PAPH2632744, PAPH2635058, and PAPH2635078.
Located at 1842 N 16TH Street in Philadelphia, the building is described as just steps from Temple University’s main campus and within the campus patrol zone. It is positioned in the university’s off-campus housing district, where demand for student-oriented residences is typically focused.
For buyers, this offering is presented as an investor opportunity with existing in-place occupancy, generating $4,900 per month ($58,800 gross annual income) based on the current lease-up. The remarks also note grandfathered zoning rights and that the property is a four-unit building by right, subject to buyer due diligence. Showings require 24-hour notice for all parties. The property is also marketed individually and as part of a package with additional listed properties identified by MLS numbers PAPH2631578, PAPH2631596, PAPH2632718, PAPH2632744, PAPH2635058, and PAPH2635078.
Key Highlights
- Built in 1915 with masonry construction
- Currently operating as a legal 4‑unit rooming house and fully leased through July 2027
- 7‑bedroom, 2.5‑bath student rental generates $4,900/month ($58,800 gross annual income)
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
$43,791
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
8.76%
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%
$875,820
$875.8K
Cap Rate 7%
$625,586
$625.6K
Cap Rate 9%
$486,567
$486.6K
Market Conditions
NOI Build-Up for 2,784 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
$84.5K $30.36/SF
− Vacancy
−$4.9K −$1.76/SF
EGI
$79.6K $28.60/SF
− OpEx
−$35.8K −$12.87/SF
NOI
$43.8K $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%
$875,820
Cap Rate 7%
$625,586
Cap Rate 9%
$486,567
Alternative Uses
Best Use
Multifamily LT 5
$678.7K
$593.9K – $791.8K
NOI $47,509 @ 7.0% cap · market cap 9.50%
Second Best
Apartment 5plus
$625.6K
$547.4K – $729.9K
NOI $43,791 @ 7.0% cap · market cap 8.76%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,008
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?
Quadplex - Operating as a legal rooming house and fully leased through July 2027, featuring private roof deck amenity space.
Where is this quadplex located?
The property is located at 1842 N 16TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Built in 1915 with masonry construction; Currently operating as a legal 4‑unit rooming house and fully leased through July 2027; 7‑bedroom, 2.5‑bath student rental generates $4,900/month ($58,800 gross annual income)
