7-Unit Multifamily Investment
For Sale
$1,300,000
1228 S 2nd Street, Philadelphia, PA 19147
Fee simple sale of a 7-unit multifamily property with a mix of one- and two-bedroom apartments.
Property Size2,457 SF
Price / SF$529.10
Days on Market254
Property Features for 1228 S 2nd Street
General Information
Standard status
Active
Size
2,457 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
7
Building Details
Year Built
1915
Listing Agency:
TCS Management,LLC
Listed By:
Moshe Adika · License #AB069795
(215) 383-1439
Source:
Deepcreeklake
Added: Dec 25, 2025
Changed: Sep 4
Last Checked: Aug 10 at 9:51AM
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 TCS Management,LLC
Investment Insights
Based on property information with market context.
Global Real Estate Advisors is pleased to offer a fee simple package including 1228-30 South 2nd Street and 1231 S. Philip Street, presented as a 7-unit multifamily property. The building has a well-balanced unit mix of (5) two-bedroom/one-bath apartments and (2) one-bedroom/one-bath apartments.
Current in-place rents average $1,551 per month. One-bedroom units range from $1,400 to $1,700 per month, and two-bedroom units range from $1,440 to $1,700 per month.
The property is offered for sale in Philadelphia’s 19147 area, within the Philadelphia City School District.
Current in-place rents average $1,551 per month. One-bedroom units range from $1,400 to $1,700 per month, and two-bedroom units range from $1,440 to $1,700 per month.
The property is offered for sale in Philadelphia’s 19147 area, within the Philadelphia City School District.
Key Highlights
- Fee simple sale of a 7‑unit multifamily property (1228‑30 S 2nd St and 1231 S Philip St, sold as a package)
- Unit mix: 5 two‑bedroom/one‑bath units and 2 one‑bedroom/one‑bath units
- Average monthly in‑place rent of $1,551 across the 7 units
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
$38,647
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
2.97%
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%
$772,940
$772.9K
Cap Rate 7%
$552,100
$552.1K
Cap Rate 9%
$429,411
$429.4K
Market Conditions
NOI Build-Up for 2,457 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
$74.6K $30.36/SF
− Vacancy
−$4.3K −$1.76/SF
EGI
$70.3K $28.60/SF
− OpEx
−$31.6K −$12.87/SF
NOI
$38.6K $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%
$772,940
Cap Rate 7%
$552,100
Cap Rate 9%
$429,411
Alternative Uses
Best Use
Apartment 5plus
$552.1K
$483.1K – $644.1K
NOI $38,647 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$599.0K
$524.1K – $698.8K
NOI $41,928 @ 7.0% cap · market cap 3.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,858
Businesses Nearby
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
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 - Fee simple sale of a 7-unit multifamily property with a mix of one- and two-bedroom apartments.
Where is this apartment building located?
The property is located at 1228 S 2nd Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Fee simple sale of a 7‑unit multifamily property (1228‑30 S 2nd St and 1231 S Philip St, sold as a package); Unit mix: 5 two‑bedroom/one‑bath units and 2 one‑bedroom/one‑bath units; Average monthly in‑place rent of $1,551 across the 7 units
