Logan Square Multifamily
121 N 21st St, Philadelphia, PA 19103
For Sale
Contact for pricing
Pending
Six-unit multifamily property in Philadelphia's Logan Square neighborhood.
Property Size2,922 SF
Days on Market294
Property Features for 121 N 21st St
General Information
Standard status
Size
Class
Property subtype
Occupancy
Investment Type
Site & Location
Neighborhood
Building Details
Year Built
Units
Listing Agency:
Marcus & Millichap - Philadelphia
Listed By:
Brian Higgins · License PA RS335804
(215) 531-7093
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
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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 / Yr
$45,962
Cap Rate
4.18%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
18,683
Businesses Nearby
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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
$551,700
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Philadelphia, PA
Properties on Market for Apartment buildings in Philadelphia
Vacancy Rate% for Multifamily in Northeast region
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
