Corner Quadplex with
For Sale
$599,000
1230 North 15th Street, Philadelphia, PA 19121
Four residential units offer central air, in-unit laundry, and stainless-steel kitchen appliances.
Property Size2,752 SF
Price / SF$217.66
Days on Market289
Property Features for 1230 North 15th Street
General Information
Standard status
Active
Size
2,752 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RM1
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,146
Amenities
rooftop
central air and heating
in-unit washer and dryer
stainless steel appliances
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1915
Buildings
1
Listing Agency:
RE/MAX Plus
Listed By:
Matin Haghkar
(215) 422-3711
Source:
Compass
Added: Nov 21, 2025
Changed: Aug 30
Last Checked: Aug 30 at 4:16AM
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 RE/MAX Plus
Investment Insights
Based on property information with market context.
This 2,752-square-foot multifamily property was built in 1915 and includes four residential units with rooftop space. Unit interiors feature modern kitchens with stainless-steel appliances, central heating and air conditioning, in-unit washers and dryers, and spacious layouts. The building occupies a corner position and includes above-grade and below-grade areas.
The property is one block from Girard Avenue, with shops, dining, and public transportation nearby. Center City and much of Philadelphia are approximately 10 minutes away. The existing four-unit configuration is non-conforming under the stated RM1 zoning, which permits two units. Any required permits or approvals for continued four-unit use are the buyer’s responsibility, and no zoning or permitting approval is guaranteed.
The property is one block from Girard Avenue, with shops, dining, and public transportation nearby. Center City and much of Philadelphia are approximately 10 minutes away. The existing four-unit configuration is non-conforming under the stated RM1 zoning, which permits two units. Any required permits or approvals for continued four-unit use are the buyer’s responsibility, and no zoning or permitting approval is guaranteed.
Key Highlights
- Four‑unit multifamily property with 2,752 SF of building area
- Corner property with rooftop space
- Built in 1915
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
$46,963
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
7.84%
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%
$939,260
$939.3K
Cap Rate 7%
$670,900
$670.9K
Cap Rate 9%
$521,811
$521.8K
Market Conditions
NOI Build-Up for 2,752 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
$71.0K $25.80/SF
− Vacancy
−$3.9K −$1.42/SF
EGI
$67.1K $24.38/SF
− OpEx
−$20.1K −$7.31/SF
NOI
$47.0K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$939,260
Cap Rate 7%
$670,900
Cap Rate 9%
$521,811
Alternative Uses
Best Use
Multifamily LT 5
$670.9K
$587.0K – $782.7K
NOI $46,963 @ 7.0% cap · market cap 7.84%
Second Best
Apartment 5plus
$618.4K
$541.1K – $721.5K
NOI $43,288 @ 7.0% cap · market cap 7.23%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,035
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer central air, in-unit laundry, and stainless-steel kitchen appliances.
Where is this quadplex located?
The property is located at 1230 North 15th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Four‑unit multifamily property with 2,752 SF of building area; Corner property with rooftop space; Built in 1915
