Fully Occupied Multifamily
1842 E HAROLD STREET, Philadelphia, PA 19125
Cash-flowing portfolio with 22 units in three buildings.
Type:Commercial/Industrial
Property size:
7,200 SFLot size:
0.07 AcresPrice / SF:
$208/SF- Added:
- Nov 19, 2024
- Days on Market:
- 561
- Last Refresh:
- May 20 at 2:46 am
Property Features for 1842 E HAROLD STREET
General Information
- Standard status
- Active
- Size
- 7,200 SF
- Lot size
- 0.07 Acres
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 2022
Listing agent Jeanne A Whipple License #RS275042 (215) 866-0050
Listing office Elfant Wissahickon Realtors (215) 866-0050
Listing date Nov 19, 2024
Source Exitrealty
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 Elfant Wissahickon Realtors
HighLights
- Fully occupied, cash‑flowing portfolio with a total gross annual rental income of $405,540.
- Includes three buildings with a total of 22 units, offering a diverse rental mix.
- Two newer buildings (5 years old) have 5 years of full tax abatement remaining.
- Located in the desirable East Kensington/Fishtown area, with easy access to transportation, restaurants, bars, and shopping.
- Units feature desirable amenities such as hardwood floors, in‑unit laundry, and a bathroom for every bedroom.
- Newer construction (2 and 5 years old) means the properties are up‑to‑code and require less immediate maintenance.
Overview
This portfolio includes three buildings with a total of 22 units. Two of the buildings are identical, 5-year-old, 8-unit buildings, and one is a 2-year-old 6-unit building. The total gross annual rental income is $405,540. The buildings at 1918-20 E Cumberland and 1917-1921 E Letterly St. are each 7,200 SF and have 5 years of full tax abatement remaining. The building at 1842 E Harold St. consists of six bi-level units, each featuring private outdoor space, hardwood floors, in-unit laundry, and a bathroom for every bedroom. Each unit has its own security system, and the building has a high-tech camera system for buzzing in guests. Located in the East Kensington section of Fishtown, the property is easily accessible by the El and within walking distance of restaurants, bars, shopping, and recreation. Tenants are individually billed directly by the utility company for electric, cable, and internet and are responsible for water billed by the property manager. Connecting the individual unit’s security system directly to police and fire incurs an additional fee. Annual taxes are based on land value only until the abatement ends. Expenses include taxes, rental licenses, private trash removal, fire suppression, common area cleaning, whole house electric meter, and insurance. The apartments include 1, 2, and 3-bedroom units, each with a bathroom for every bedroom. The 3-BR units have 3 bathrooms, the 2-BR units have 2 bathrooms, and the 1-BR units have 1 bathroom. Each unit features oversized windows, hardwood floors, custom-made cabinets, and private, in-unit laundry facilities. The building is all-electric. Tenants are billed for electricity, water, and private trash removal on renewals. Each unit was hard-wired for cable during construction. East Kensington borders Olde Richmond, Fishtown, and Norris Square and offers amenities such as curated vintage stores, hip boutiques, wellness and fitness studios, salons, restaurants, bars, breweries, and coffee shops. Proximity to the Market-Frankford line, bus lines, and I-95 exits facilitates easy access in and out of town.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $218.6k | $30.36 |
| − Vacancy | −$12.7k | −$1.76 |
| EGI | $205.9k | $28.60 |
| − OpEx | −$92.7k | −$12.87 |
| NOI | $113.3k | $15.73 |
7,200 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,253 @ 7.0% cap · market cap 7.55%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.76M
$1.54M – $2.05M
NOI $122,867 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Delaware
- State
- Pennsylvania
- Longitude
- -75.1263
- Latitude
- 39.9882
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Cash-flowing portfolio with 22 units in three buildings.
Where is this apartment building located?
The property is located at 1842 E HAROLD STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Fully occupied, cash‑flowing portfolio with a total gross annual rental income of $405,540.; Includes three buildings with a total of 22 units, offering a diverse rental mix.; Two newer buildings (5 years old) have 5 years of full tax abatement remaining.
