4-Unit Apartment
New
For Sale
$1,500,000
1023-25 WALLACE ST, Philadelphia, PA 19123
Four-unit residential property offered in as-is condition with multiple apartments for rental use.
Property Size4,444 SF
Price / SF$337.53
Days on Market3
Property Features for 1023-25 WALLACE ST
General Information
Standard status
Active
Size
4,444 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
4
Building Details
Buildings
1
Stories
3
Listing Agency:
Premium Realty Castor Inc
(215) 725-7080
Listed By:
Siew Wong · License #RS330220
(267) 237-1692
Source:
Palmerharned
Added: Sep 4
Changed: Sep 5
Last Checked: Sep 6 at 9:25AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Premium Realty Castor Inc
Investment Insights
Based on property information with market context.
This 4,444-square-foot multifamily property contains four apartments in a multi-level building and is being offered in as-is condition. The configuration provides separate residential spaces within one asset, subject to the property’s existing layout and condition.
Located at 1023-25 Wallace St in Philadelphia, Pennsylvania 19123, the property is classified as a quadplex. Its four-unit arrangement may suit an owner seeking a residential building with multiple apartments or an investor evaluating a small multifamily asset.
Located at 1023-25 Wallace St in Philadelphia, Pennsylvania 19123, the property is classified as a quadplex. Its four-unit arrangement may suit an owner seeking a residential building with multiple apartments or an investor evaluating a small multifamily asset.
Key Highlights
- Four apartments in a single multifamily property
- 4,444 square feet of building area
- Offered in as‑is condition
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
$75,836
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
5.06%
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%
$1,516,720
$1.5M
Cap Rate 7%
$1,083,371
$1.1M
Cap Rate 9%
$842,622
$842.6K
Market Conditions
NOI Build-Up for 4,444 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
$114.7K $25.80/SF
− Vacancy
−$6.3K −$1.42/SF
EGI
$108.3K $24.38/SF
− OpEx
−$32.5K −$7.31/SF
NOI
$75.8K $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%
$1,516,720
Cap Rate 7%
$1,083,371
Cap Rate 9%
$842,622
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$948.0K – $1.26M
NOI $75,836 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$998.6K
$873.8K – $1.17M
NOI $69,902 @ 7.0% cap · market cap 4.66%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,152
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
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 - Four-unit residential property offered in as-is condition with multiple apartments for rental use.
Where is this quadplex located?
The property is located at 1023-25 WALLACE ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Four apartments in a single multifamily property; 4,444 square feet of building area; Offered in as‑is condition
