Five-Unit Apartment
For Sale
$470,000
3521 N 21ST Street, Philadelphia, PA 19140
Multi-Family, PHILADELPHIA, PA
Property Size2,540 SF
Lot Size0.04 Acres
Price / SF$185.04
Days on Market85
Property Features for 3521 N 21ST Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Subdivision
ALLEGHENY WEST
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,540 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
3341
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1930
Number of units
4
Building materials
Masonry
Architectural style
Other
Listing Agency:
OCF Realty LLC - Philadelphia
(215) 735-7368
Listed By:
Kevin M McGettigan · License #RS326539
(856) 347-0434
Added: Jun 12
Changed: Aug 19
Last Checked: Sep 4 at 6:06PM
MLS# PAPH2634530
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 2,540-square-foot apartment property contains five units: three one-bedroom, one-bath residences and two studios. Built in 1930, the masonry building includes central heating and central air, with on-street parking serving the property. The site measures 0.04 acres.
Located in Philadelphia’s West Allegheny neighborhood, the property is near Broad Street transit, Roosevelt Blvd, neighborhood retail, and key bus routes. The building is offered individually or alongside 2122 W Estaugh St and 1729 W Erie Ave as part of a three-property, 14-unit package.
Located in Philadelphia’s West Allegheny neighborhood, the property is near Broad Street transit, Roosevelt Blvd, neighborhood retail, and key bus routes. The building is offered individually or alongside 2122 W Estaugh St and 1729 W Erie Ave as part of a three-property, 14-unit package.
Key Highlights
- Five‑unit configuration with three one‑bedroom, one‑bath units and two studio units
- 2,540 square feet on a 0.04‑acre site
- Masonry construction with central heating and central air
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
$39,953
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
8.50%
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%
$799,060
$799.1K
Cap Rate 7%
$570,757
$570.8K
Cap Rate 9%
$443,922
$443.9K
Market Conditions
NOI Build-Up for 2,540 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
$77.1K $30.36/SF
− Vacancy
−$4.5K −$1.76/SF
EGI
$72.6K $28.60/SF
− OpEx
−$32.7K −$12.87/SF
NOI
$40.0K $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%
$799,060
Cap Rate 7%
$570,757
Cap Rate 9%
$443,922
Alternative Uses
Best Use
Apartment 5plus
$570.8K
$499.4K – $665.9K
NOI $39,953 @ 7.0% cap · market cap 8.50%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$619.2K
$541.8K – $722.4K
NOI $43,345 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,604
Businesses Nearby
Explore this area
Business Placement
Demographics for 19140, PA
52,124
Population
23,104
Households
2.3
Avg Household Size
36
Median Age
9%
College-Educated
73%
High-School Grad
3.2 sq mi
ZIP Area
16,289
Density / Sq Mi
$33,149
Median Household Income
$31,508
Median Earnings
$1,085
Median Rent
$101,100
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 - Masonry property with central heating, central air, and a practical mix of studio and one-bedroom residences.
Where is this apartment building located?
The property is located at 3521 N 21ST Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Five‑unit configuration with three one‑bedroom, one‑bath units and two studio units; 2,540 square feet on a 0.04‑acre site; Masonry construction with central heating and central air
