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    Logan Square Multifamily Property Title is generated by Realmo AI

    121 N 21st St, Philadelphia, PA 19103

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    Six-unit multifamily property in Philadelphia's Logan Square neighborhood.

    Type:Multifamily
    Property size:
    2,922 SF
    Price / SF:
    $376/SF
    Added:
    Jan 23, 2026
    Days on Market:
    131
    Last Refresh:
    Mar 17 at 1:13 pm

    Property Features for 121 N 21st St

    General Information

    Standard status
    Active
    Size
    2,922 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1890

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    Listing Contact
    Brian Higgins

    Listing agent Brian Higgins License #PA RS335804

    Listing office Marcus & Millichap - Philadelphia

    Listing date Jan 23, 2026

    Source Crexi

    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 Marcus & Millichap - Philadelphia

    HighLights

    • Prime Location: Highly desirable Logan Square neighborhood in Philadelphia
    • Fully Modernized: Renovated apartments with new flooring, stainless steel appliances, and modern bathroom fixtures
    • Meticulously Maintained: Ensuring a stabilized asset
    • High Walk, Transit, and Bike Scores: Exceptional accessibility with scores of 97, 100, and 88 respectively
    • Recent Capital Improvements: Includes new hot water tanks and window replacements
    • Historically Designated: A historically designated six‑unit multifamily property

    Overview

    Located in the Logan Square neighborhood of Philadelphia, Pennsylvania, 121 N 21st Street is a historically designated multifamily property featuring six units. Constructed in the early 20th century, the property has been modernized through renovations in 2014, 2015, 2019, 2023, and 2024. The property has been meticulously maintained, offering a stabilized asset in a walkable and transit-connected location. Capital improvements include six new hot water tanks in 2023, rear window replacements in 2015, and front window replacements in 2023. All apartments were upgraded in 2018, 2023, and 2024 with new flooring, stainless steel appliances, tile backsplash, ceiling LED lights with dimmers in all rooms, bathroom floor tile, bathroom ceiling tile, tubs, toilets, sinks, and mirrors. The property has a Walk Score of 97, a Transit Score of 100, and a Bike Score of 88, providing accessibility to the Central Business District, nearby retail corridors, grocery stores, and major highways. The property is surrounded by restaurants, cultural attractions, and employment centers. The property size is 2922 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Law Firm Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.17425
    Latitude
    39.956479

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    FAQs

    What type of property is this?
    Apartment building - Six-unit multifamily property in Philadelphia's Logan Square neighborhood.
    Where is this apartment building located?
    The property is located at 121 N 21st St Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: Prime Location: Highly desirable Logan Square neighborhood in Philadelphia; Fully Modernized: Renovated apartments with new flooring, stainless steel appliances, and modern bathroom fixtures; Meticulously Maintained: Ensuring a stabilized asset
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Brian Higgins
    Real Estate License ID: PA RS335804
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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