Logan Square Multifamily
For Sale
Contact for pricing
Pending
121 N 21st St, Philadelphia, PA 19103
Six-unit multifamily property in Philadelphia's Logan Square neighborhood.
Property Size2,922 SF
Days on Market202
Property Features for 121 N 21st St
General Information
Standard status
Pending
Size
2,922 SF
Class
A
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1890
Units
6
Listing Agency:
Marcus & Millichap - Philadelphia
(215) 531-7093
Listed By:
Brian Higgins · License #PA RS335804
Source:
Crexi
Added: Jan 23
Changed: Aug 8
Last Checked: Aug 8 at 3:14PM
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
Investment Insights
Based on property information with market context.
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.
Key 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
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
$45,962
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
4.18%
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%
$919,240
$919.2K
Cap Rate 7%
$656,600
$656.6K
Cap Rate 9%
$510,689
$510.7K
Market Conditions
NOI Build-Up for 2,922 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
$88.7K $30.36/SF
− Vacancy
−$5.1K −$1.76/SF
EGI
$83.6K $28.60/SF
− OpEx
−$37.6K −$12.87/SF
NOI
$46.0K $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%
$919,240
Cap Rate 7%
$656,600
Cap Rate 9%
$510,689
Alternative Uses
Best Use
Apartment 5plus
$656.6K
$574.5K – $766.0K
NOI $45,962 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$712.3K
$623.3K – $831.1K
NOI $49,864 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
15,644
Businesses Nearby
Explore this area
Business Placement
Demographics for 19103, PA
28,717
Population
20,064
Households
1.4
Avg Household Size
36
Median Age
81%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
47,862
Density / Sq Mi
$97,940
Median Household Income
$76,680
Median Earnings
$1,955
Median Rent
$551,700
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 - 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
