Apartment
New
For Sale
$537,500
1223 W WESTMORELAND STREET, Philadelphia, PA 19140
The seller reports six one-bedroom apartments, while city rental records list one licensed unit.
Property Size2,208 SF
Price / SF$243.43
Days on Market4
Property Features for 1223 W WESTMORELAND STREET
General Information
Standard status
Active
Size
2,208 SF
Property subtype
Five Or More Units
Site & Location
Neighborhood
North Philadelphia
Additional Details
Asking Price
$537,500
Unit Mix
6 x 1BR/1BA
Taxes and HOA fees
Annual Taxes
$2,085
Building Details
Building Size
2,208 SF
Year Built
1935
Listing Agency:
KW Empower
Listed By:
Asa Kurland · License #RS349157
(267) 388-1114
Source:
Mainlinekw
Added: Oct 26
Changed: Oct 28
Last Checked: Oct 28 at 3:03PM
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
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Investment Insights
Based on property information with market context.
This Philadelphia apartment property was built in 1935 and measures approximately 2,208 SF according to OPA records. The seller reports six apartments, each with one bedroom and one full bathroom.
City Rental records reviewed October 23, 2026, list one licensed unit. Lawful occupancy of the additional seller-reported apartments has not been verified, and the reported bedroom mix differs from descriptions in reviewed lease or transmittal materials. The unit count, occupancy status, and configuration warrant confirmation.
City Rental records reviewed October 23, 2026, list one licensed unit. Lawful occupancy of the additional seller-reported apartments has not been verified, and the reported bedroom mix differs from descriptions in reviewed lease or transmittal materials. The unit count, occupancy status, and configuration warrant confirmation.
Key Highlights
- Approximately 2,208 SF per OPA
- Built in 1935
- Seller reports six one‑bedroom apartments, each with one full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,731
Cap Rate
6.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$694,620
$694.6K
Cap Rate 7%
$496,157
$496.2K
Cap Rate 9%
$385,900
$385.9K
Market Conditions
NOI Build-Up for 2,208 SF
Gross rent
$67.0K $30.36/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$63.1K $28.60/SF
− OpEx
−$28.4K −$12.87/SF
NOI
$34.7K $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%
$694,620
Cap Rate 7%
$496,157
Cap Rate 9%
$385,900
Alternative Uses
Best Use
Apartment 5plus
$496.2K
$434.1K – $578.9K
NOI $34,731 @ 7.0% cap · market cap 6.46%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$538.3K
$471.0K – $628.0K
NOI $37,679 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
3,263
Businesses Nearby
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Business Placement
Demographics for 19140, PA
52,124
Population
23,104
Households
2.3
Avg Household Size
36
Median Age
9%
College-Educated
73%
High-School Grad
3.2 sq mi
ZIP Area
16,289
Density / Sq Mi
$33,149
Median Household Income
$31,508
Median Earnings
$1,085
Median Rent
$101,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - The seller reports six one-bedroom apartments, while city rental records list one licensed unit.
Where is this apartment building located?
The property is located at 1223 W WESTMORELAND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $537,500.
What are key features of this property?
This property features: Approximately 2,208 SF per OPA; Built in 1935; Seller reports six one‑bedroom apartments, each with one full bathroom
