6-Unit Apartment
New
For Sale
$1,500,000
121-123 CUTHBERT STREET, Philadelphia, PA 19106
Two adjoining properties contain six occupied apartments with a mix of one- and three-bedroom layouts.
Property Size5,603 SF
Price / SF$267.71
Days on Market3
Property Features for 121-123 CUTHBERT STREET
General Information
Standard status
Active
Size
5,603 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
5 x 1BR, 1 x 3BR/2BA
Multifamily Units
6
Additional Details
Gross Income
$150,060
Building Details
Year Built
1850
Buildings
2
Tenancy
Multi
Listing Agency:
KW Empower
(215) 627-3500
Listed By:
Michael R. McCann · License #AB049770L
(215) 709-4141
Source:
Cummingsrealtors
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 2:24PM
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 KW Empower
Investment Insights
Based on property information with market context.
The offering combines two adjoining apartment buildings with six occupied residences across 5,603 square feet. Five apartments have one bedroom; the remaining unit includes three bedrooms and two bathrooms. The buildings date to 1850, and all six apartments are leased.
At 121-123 Cuthbert Street in Philadelphia’s Old City, the properties are near restaurants, galleries, shops, public transportation, and major employment centers.
At 121-123 Cuthbert Street in Philadelphia’s Old City, the properties are near restaurants, galleries, shops, public transportation, and major employment centers.
Key Highlights
- Two adjoining buildings with six occupied apartments
- 5,603 square feet across the combined property
- Five one‑bedroom apartments and one three‑bedroom, two‑bathroom apartment
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
$88,132
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
5.88%
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%
$1,762,640
$1.8M
Cap Rate 7%
$1,259,029
$1.3M
Cap Rate 9%
$979,244
$979.2K
Market Conditions
NOI Build-Up for 5,603 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
$170.1K $30.36/SF
− Vacancy
−$9.9K −$1.76/SF
EGI
$160.2K $28.60/SF
− OpEx
−$72.1K −$12.87/SF
NOI
$88.1K $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%
$1,762,640
Cap Rate 7%
$1,259,029
Cap Rate 9%
$979,244
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,132 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.37M
$1.20M – $1.59M
NOI $95,615 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,078
Businesses Nearby
Explore this area
Business Placement
Demographics for 19106, PA
15,190
Population
9,913
Households
1.5
Avg Household Size
39
Median Age
80%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
16,878
Density / Sq Mi
$129,779
Median Household Income
$93,953
Median Earnings
$2,219
Median Rent
$528,700
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 - Two adjoining properties contain six occupied apartments with a mix of one- and three-bedroom layouts.
Where is this apartment building located?
The property is located at 121-123 CUTHBERT 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: Two adjoining buildings with six occupied apartments; 5,603 square feet across the combined property; Five one‑bedroom apartments and one three‑bedroom, two‑bathroom apartment
