Turnkey Multifamily Property in
109-15 Carpenter Lane, Philadelphia, PA 19119
Renovated multifamily property with rental upside in West Mount Airy.
Type:Multi-Family / Fee Simple
Property size:
6,428 SFLot size:
0.46 AcresPrice / SF:
$311/SF- Added:
- Sep 13, 2025
- Days on Market:
- 264
- Last Refresh:
- Mar 13 at 2:18 pm
Property Features for 109-15 Carpenter Lane
General Information
- Standard status
- Active
- Size
- 6,428 SF
- Lot size
- 0.46 Acres
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1980
Listing agent Ryan J McManus License #RS316262 (610) 606-1095
Listing office Keller Williams Liberty Place (610) 606-1095
Listing date Sep 13, 2025
Source Compass
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 Keller Williams Liberty Place
HighLights
- Turnkey, cash‑flowing multifamily property with 8 units rented below market, offering immediate rental upside.
- Located in the desirable West Mount Airy neighborhood of Philadelphia, a Top‑10 USA MSA.
- Includes a 10‑year tax abatement through 2027.
- Features a generously sized ±20,000 SF lot with private parking for residents.
- Units are renovated with hardwood floors, shaker cabinetry, stainless steel appliances, recessed lighting, and high ceilings.
- Diverse unit mix (studio, 1bd, 2bd) ensures high demand in the rental market.
Overview
Located in the West Mount Airy neighborhood of Philadelphia, 109 Carpenter Lane is a turnkey multifamily property. The building, originally constructed in 1929 and fully renovated in 2015, contains eight units rented below market value. The property is situated on a 20,000 square foot parcel. The apartments feature hardwood floors, shaker cabinetry, stainless steel appliances, recessed lighting, and high ceilings. The unit mix includes studio, one-bedroom, and two-bedroom apartments. The property includes a private parking area for residents. Architectural details include stained-glass windows and early-century masonry. Contemporary kitchens and bathrooms are built to modern standards. Thermal comfort is ensured year-round by central air and mini splits. The property has a 10-year tax abatement through 2027. The property offers rental upside via parking income, storage income, and utility rubs. The property is located in a transit-oriented, amenity-rich neighborhood known for its local parks and laid-back lifestyle. The property size is 6,428 square feet.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $195.2k | $30.36 |
| − Vacancy | −$11.3k | −$1.76 |
| EGI | $183.8k | $28.60 |
| − OpEx | −$82.7k | −$12.87 |
| NOI | $101.1k | $15.73 |
6,428 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.69M
NOI $101,109 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.57M
$1.37M – $1.83M
NOI $109,693 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Delaware
- State
- Pennsylvania
- Longitude
- -75.18933
- Latitude
- 40.05282
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Renovated multifamily property with rental upside in West Mount Airy.
Where is this apartment building located?
The property is located at 109-15 Carpenter Lane Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,999,999.
What are key features of this property?
This property features: Turnkey, cash‑flowing multifamily property with 8 units rented below market, offering immediate rental upside.; Located in the desirable West Mount Airy neighborhood of Philadelphia, a Top‑10 USA MSA.; Includes a 10‑year tax abatement through 2027.
