New Multifamily in Growing
For Sale
$900,000
5117 WARREN Street, Philadelphia, PA 19131
MULTI_FAMILY - Contemporary - PHILADELPHIA, PA
Property Size4,600 SF
Lot Size0.03 Acres
Price / SF$195.65
Days on Market392
Property Features for 5117 WARREN Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Rooms
Basement
Parking features
On Street
Subdivision
WEST PHILADELPHIA
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
4,600 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
359
Building Details
Number of units
4
Building materials
Frame
Architectural style
Contemporary
Listing Agency:
Real Broker, LLC
(856) 240-1072
Listed By:
William B Spinner · License #1647459
(856) 418-7852
Added: Jul 28, 2025
Changed: Jun 9
Last Checked: Aug 23 at 11:06PM
MLS# PAPH2521502
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 is a new, professionally constructed 4-unit multifamily property located in a growing West Philadelphia neighborhood. The property is move-in ready and will be delivered turnkey, fully built, inspected, and with a Certificate of Occupancy. The building has a total area of 4600 square feet and is situated on a 0.0345-acre lot. The property is located one block from Lancaster Ave, which offers restaurants, shops, SEPTA trolley access, and essential services. It is also a half mile from ParkWest Town Center, featuring a ShopRite, Lowe's, Planet Fitness, and Santander. Fairmount Park, the Mann Music Center, Please Touch Museum, and Bala Golf Club are less than a mile away. The location provides convenient access to Center City, City Ave, and University City, and is minutes from St. Joseph's University, Drexel University, and the University of Pennsylvania. The property is located in a Qualified Opportunity Zone (QOZ) for potential tax advantages and accelerated depreciation. Each unit is projected to deliver strong rental income in a high-demand area. This property is suited for buy-and-hold investors, 1031 exchange buyers, or those seeking passive income.
Key Highlights
- Brand‑new, fully‑built 4‑unit multifamily property delivered turnkey with Certificate of Occupancy.
- Located in a Qualified Opportunity Zone (QOZ), offering potential tax advantages.
- Projected strong rental income in a high‑demand area, ideal for buy‑and‑hold investors.
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
$78,499
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
8.72%
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%
$1,569,980
$1.6M
Cap Rate 7%
$1,121,414
$1.1M
Cap Rate 9%
$872,211
$872.2K
Market Conditions
NOI Build-Up for 4,600 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
$118.7K $25.80/SF
− Vacancy
−$6.5K −$1.42/SF
EGI
$112.1K $24.38/SF
− OpEx
−$33.6K −$7.31/SF
NOI
$78.5K $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%
$1,569,980
Cap Rate 7%
$1,121,414
Cap Rate 9%
$872,211
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$981.2K – $1.31M
NOI $78,499 @ 7.0% cap · market cap 8.72%
Second Best
Apartment 5plus
$1.03M
$904.5K – $1.21M
NOI $72,356 @ 7.0% cap · market cap 8.04%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,251
Businesses Nearby
Explore this area
Business Placement
Demographics for 19131, PA
42,705
Population
22,826
Households
1.9
Avg Household Size
38
Median Age
30%
College-Educated
92%
High-School Grad
5.3 sq mi
ZIP Area
8,058
Density / Sq Mi
$46,057
Median Household Income
$40,052
Median Earnings
$1,312
Median Rent
$163,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Turnkey 4-unit multifamily property in West Philadelphia.
Where is this quadplex located?
The property is located at 5117 WARREN Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Brand‑new, fully‑built 4‑unit multifamily property delivered turnkey with Certificate of Occupancy.; Located in a Qualified Opportunity Zone (QOZ), offering potential tax advantages.; Projected strong rental income in a high‑demand area, ideal for buy‑and‑hold investors.
