Multi-Unit Apartment
For Sale
$1,500,000
1023 WALLACE STREET, Philadelphia, PA 19123
AS-IS apartment property with multiple living spaces arranged across above-grade and basement levels.
Property Size4,444 SF
Price / SF$337.53
Days on Market57
Property Features for 1023 WALLACE STREET
General Information
Standard status
Active
Size
4,444 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Building Details
Year Built
2014
Buildings
1
Listing Agency:
Premium Realty Castor Inc
(215) 725-7080
Listed By:
Siew Wong · License #RS330220
(267) 237-1692
Source:
Cummingsrealtors
Added: Aug 26
Changed: Oct 21
Last Checked: Oct 20 at 11:00PM
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
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Investment Insights
Based on property information with market context.
This 4,444-square-foot apartment building was constructed in 2014 and is being offered in AS-IS condition. The property has a multi-unit configuration with residential spaces distributed across three floors and a basement level, creating a varied layout within the building.
Located at 1023 Wallace Street in Philadelphia, Pennsylvania 19123, the property is suited to residential income use or an owner-occupant arrangement. Its existing apartment configuration provides multiple living areas within a single structure, while the basement-level space adds to the overall layout flexibility.
Located at 1023 Wallace Street in Philadelphia, Pennsylvania 19123, the property is suited to residential income use or an owner-occupant arrangement. Its existing apartment configuration provides multiple living areas within a single structure, while the basement-level space adds to the overall layout flexibility.
Key Highlights
- 4,444‑square‑foot apartment building
- Constructed in 2014
- Multi‑unit residential configuration
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$69,902
Cap Rate
4.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,398,040
$1.4M
Cap Rate 7%
$998,600
$998.6K
Cap Rate 9%
$776,689
$776.7K
Market Conditions
NOI Build-Up for 4,444 SF
Gross rent
$134.9K $30.36/SF
− Vacancy
−$7.8K −$1.76/SF
EGI
$127.1K $28.60/SF
− OpEx
−$57.2K −$12.87/SF
NOI
$69.9K $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 Rate 5%
$1,398,040
Cap Rate 7%
$998,600
Cap Rate 9%
$776,689
Alternative Uses
Best Use
Apartment 5plus
$998.6K
$873.8K – $1.17M
NOI $69,902 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.08M
$948.0K – $1.26M
NOI $75,836 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,152
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - AS-IS apartment property with multiple living spaces arranged across above-grade and basement levels.
Where is this apartment building located?
The property is located at 1023 WALLACE STREET 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: 4,444‑square‑foot apartment building; Constructed in 2014; Multi‑unit residential configuration
