Four-Unit Residential Income
For Sale
$349,000
1204 West Rockland Street, Philadelphia, PA 19141
Four-unit residential property with three occupied units and seller-provided rent roll available upon request.
Property Size1,856 SF
Price / SF$188.04
Days on Market299
Property Features for 1204 West Rockland Street
General Information
Standard status
Active
Size
1,856 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RTA1
Occupancy
75%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,052
Amenities
No Pool
Above Grade, Below Grade
Building Details
Year Built
1940
Tenancy
Multi
Listing Agency:
PHL Residential, LLC.
Listed By:
Keana Nunes · License #RS349402
(215) 586-3801
Source:
Compass
Added: Nov 14, 2025
Changed: Aug 8
Last Checked: Jul 23 at 3:54PM
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 PHL Residential, LLC.
Investment Insights
Based on property information with market context.
This is a four-unit residential income property. Three of the apartments are currently occupied, providing income from the start, and the remaining unit is available as part of the ownership opportunity.
For showings of occupied units, at least 48 hours’ notice is requested. The seller notes that current rents are below market and offers a copy of the rent roll and rental analysis upon request.
The property is offered for sale in Philadelphia under MLS area 19138, within The School District of Philadelphia.
For showings of occupied units, at least 48 hours’ notice is requested. The seller notes that current rents are below market and offers a copy of the rent roll and rental analysis upon request.
The property is offered for sale in Philadelphia under MLS area 19138, within The School District of Philadelphia.
Key Highlights
- 4‑unit residential property with three apartments currently occupied
- Seller‑provided rent roll and rental analysis available upon request
- Year built: 1940
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
$31,672
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
9.08%
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%
$633,440
$633.4K
Cap Rate 7%
$452,457
$452.5K
Cap Rate 9%
$351,911
$351.9K
Market Conditions
NOI Build-Up for 1,856 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
$47.9K $25.80/SF
− Vacancy
−$2.6K −$1.42/SF
EGI
$45.2K $24.38/SF
− OpEx
−$13.6K −$7.31/SF
NOI
$31.7K $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%
$633,440
Cap Rate 7%
$452,457
Cap Rate 9%
$351,911
Alternative Uses
Best Use
Multifamily LT 5
$452.5K
$395.9K – $527.9K
NOI $31,672 @ 7.0% cap · market cap 9.08%
Second Best
Apartment 5plus
$417.1K
$364.9K – $486.6K
NOI $29,194 @ 7.0% cap · market cap 8.37%
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
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,370
Businesses Nearby
Explore this area
Business Placement
Demographics for 19141, PA
31,047
Population
16,290
Households
1.9
Avg Household Size
39
Median Age
16%
College-Educated
87%
High-School Grad
1.7 sq mi
ZIP Area
18,263
Density / Sq Mi
$42,461
Median Household Income
$34,464
Median Earnings
$1,009
Median Rent
$143,400
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?
Quadplex - Four-unit residential property with three occupied units and seller-provided rent roll available upon request.
Where is this quadplex located?
The property is located at 1204 West Rockland Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 4‑unit residential property with three apartments currently occupied; Seller‑provided rent roll and rental analysis available upon request; Year built: 1940
