Turnkey Multifamily Income
For Sale
$650,000
517 N 35TH STREET, Philadelphia, PA 19104
MULTI_FAMILY - PHILADELPHIA, PA
Property Size2,364 SF
Price / SF$274.96
Days on Market379
Property Features for 517 N 35TH STREET
General Information
Property type
Residential Multi Family
Property subtype
Townhouse
Standard status
Active
Size
2,364 SF
Building Details
Year built
1930
Listing Agency:
BHHS Fox & Roach Center City-Society Hill · Berkshire Hathaway HomeServices
(215) 627-6005
Listed By:
Frank DeFazio
(610) 636-4364
Added: Jul 30, 2025
Changed: Jul 23
Last Checked: Aug 12 at 7:06AM
MLS# PAPH2522082
Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. 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 income-producing multifamily property is offered as a turnkey investment and is fully leased. The building contains eight self-contained studio units, and each unit includes its own kitchenette and private bathroom. The layout is described as 2 rooms on the first floor, 3 rooms on the second floor, and 3 rooms on the third floor.
The seller reports the property is currently grossing $80,940 annually. Tenants pay separately for electric and internet, while the landlord is responsible for water and common area electric. The listing also notes the property is respectfully managed.
The property is located in Philadelphia (19104) near Powelton Village and is described as being within walking distance of Drexel University, the University of Pennsylvania, and local amenities, as well as SEPTA transit lines. Buyer is responsible for verifying all zoning, licensure, and usage requirements with the City of Philadelphia.
The seller reports the property is currently grossing $80,940 annually. Tenants pay separately for electric and internet, while the landlord is responsible for water and common area electric. The listing also notes the property is respectfully managed.
The property is located in Philadelphia (19104) near Powelton Village and is described as being within walking distance of Drexel University, the University of Pennsylvania, and local amenities, as well as SEPTA transit lines. Buyer is responsible for verifying all zoning, licensure, and usage requirements with the City of Philadelphia.
Key Highlights
- Income‑producing multifamily at 517 N. 35th Street built in 1930
- 8 self‑contained studios, each with its own kitchenette and private bathroom
- Unit layout: 2 rooms on the first floor, 3 on the second floor, and 3 on the third floor
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
$37,185
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
5.72%
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%
$743,700
$743.7K
Cap Rate 7%
$531,214
$531.2K
Cap Rate 9%
$413,167
$413.2K
Market Conditions
NOI Build-Up for 2,364 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
$71.8K $30.36/SF
− Vacancy
−$4.2K −$1.76/SF
EGI
$67.6K $28.60/SF
− OpEx
−$30.4K −$12.87/SF
NOI
$37.2K $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%
$743,700
Cap Rate 7%
$531,214
Cap Rate 9%
$413,167
Alternative Uses
Best Use
Apartment 5plus
$531.2K
$464.8K – $619.8K
NOI $37,185 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$576.3K
$504.3K – $672.4K
NOI $40,341 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
4,589
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
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 - Fully leased multifamily building with eight self-contained studio units and separate utility billing for tenants.
Where is this apartment building located?
The property is located at 517 N 35TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Income‑producing multifamily at 517 N. 35th Street built in 1930; 8 self‑contained studios, each with its own kitchenette and private bathroom; Unit layout: 2 rooms on the first floor, 3 on the second floor, and 3 on the third floor
