Four-Unit Mixed-Use
For Sale
$1,225,000
1214 S 15th St, Philadelphia, PA 19146
Recent construction combines three residential apartments with a ground-floor commercial unit and contemporary building features.
Property Size4,000 SF
Price / SF$306.25
Days on Market24
Property Features for 1214 S 15th St
General Information
Standard status
Active
Size
4,000 SF
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 2BR/2BA
Multifamily Units
3
Amenities
open-concept layouts
contemporary finishes
hardwood flooring
stainless steel appliances
in-unit laundry
central air
abundant natural light
Building Details
Year Built
2024
Listing Agency:
United Properties Realty
(267) 243-5353
Listed By:
Michael Kuldiner · License #RM421756
Source:
Premierehomegroup
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 25 at 7:56AM
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 United Properties Realty
Investment Insights
Based on property information with market context.
Completed in 2024, this 4,000-square-foot mixed-use property contains four units: three residential apartments and one commercial space on the ground floor. Each residence offers two bedrooms and two bathrooms, with open-concept interiors, hardwood flooring, stainless steel appliances, in-unit laundry, central air, and abundant natural light.
The property is located at 1214 S 15th St in Philadelphia, Pennsylvania, near public transportation, major highways, shopping, dining, and neighborhood redevelopment projects. An eight-year tax abatement remains, adding a defined term to the property’s operating profile.
The property is located at 1214 S 15th St in Philadelphia, Pennsylvania, near public transportation, major highways, shopping, dining, and neighborhood redevelopment projects. An eight-year tax abatement remains, adding a defined term to the property’s operating profile.
Key Highlights
- 4,000‑square‑foot mixed‑use property completed in 2024
- Four total units: three residential apartments and one ground‑floor commercial unit
- Each residential unit includes 2 bedrooms and 2 bathrooms
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
$62,918
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
5.14%
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%
$1,258,360
$1.3M
Cap Rate 7%
$898,829
$898.8K
Cap Rate 9%
$699,089
$699.1K
Market Conditions
NOI Build-Up for 4,000 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
$121.4K $30.36/SF
− Vacancy
−$7.0K −$1.76/SF
EGI
$114.4K $28.60/SF
− OpEx
−$51.5K −$12.87/SF
NOI
$62.9K $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%
$1,258,360
Cap Rate 7%
$898,829
Cap Rate 9%
$699,089
Alternative Uses
Best Use
Apartment 5plus
$898.8K
$786.5K – $1.05M
NOI $62,918 @ 7.0% cap · market cap 5.14%
Second Best
Mixed Use
$678.9K
$594.0K – $792.0K
NOI $47,520 @ 7.0% cap · market cap 3.88%
Theoretical Best
Multifamily LT 5
$975.1K
$853.3K – $1.14M
NOI $68,260 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,035
Businesses Nearby
Explore this area
Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
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?
Mixed-use property - Recent construction combines three residential apartments with a ground-floor commercial unit and contemporary building features.
Where is this mixed-use property located?
The property is located at 1214 S 15th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: 4,000‑square‑foot mixed‑use property completed in 2024; Four total units: three residential apartments and one ground‑floor commercial unit; Each residential unit includes 2 bedrooms and 2 bathrooms
