Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1917 E Letterly St Philadelphia, PA 19125

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,500,000

    Fully occupied portfolio with 22 units in three buildings.

    Lot size:
    0.06 Acres

    Property Features for 1917 E Letterly St

    General Information

    Standard status
    Active
    Lot size
    0.06 Acres

    Building Details

    Year built
    2019

    We can help!

    Listing Contact
    Jeanne A Whipple
    Source: Exitrealty

    Listing Agency: Elfant Wissahickon Realtors Listing Agent: Jeanne A Whipple

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Cash Flowing Multifamily Portfolio

    This portfolio includes three buildings with a total of 22 units. The properties consist of two identical 8-unit buildings constructed five years ago and a 6-unit building constructed two years ago. 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 square feet and have five years of full tax abatement remaining, with annual taxes currently based on land value only. 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-bedroom units have 3 bathrooms, the 2-bedroom units have 2 bathrooms, and the 1-bedroom units have 1 bathroom. Each unit features oversized windows, hardwood floors, custom-made cabinets, and private in-unit laundry facilities. The buildings are all electric, and tenants are billed for electricity and water. Renewals will be billed for private trash removal. Each unit was hard-wired for cable during construction. The property is located in East Kensington, bordering Olde Richmond, Fishtown, and Norris Square, near amenities such as vintage stores, boutiques, wellness and fitness studios, salons, restaurants, bars, and coffee shops. Proximity to the Market-Frankford line, bus lines, and I-95 facilitates transportation.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.1288793
    Latitude
    39.9859903

    Nearby Similar for Sale

    • $699,900
      2,865 SF

      Fairmount Mixed-Use Investment Opportunity

      Income-producing property with commercial space and two apartments in Philadelphia.
      2840 W Girard Ave, Philadelphia, PA 19130
      View Details
    • $370,000
      3,306 SF

      Renovated Mixed-Use Commercial Property

      Luxurious, renovated 3-story mixed-use property in Philadelphia.
      2752 Germantown Ave, Philadelphia, PA 19133
      View Details
    • $600,000
      1,576 SF

      Mixed-Use Property in Philadelphia

      Corner property with commercial space and two residential units.
      2501 Carpenter St, Philadelphia, PA 19146
      View Details
    • $430,000
      1,258 SF

      Philadelphia Commercial Retail/Medical Property

      Commercial retail or medical property for sale in Philadelphia.
      3150 Willits Rd, Philadelphia, PA 19136
      View Details
    • $900,000
      1,629 SF

      Frankford Avenue Mixed-Use Investment Opportunity

      Three adjacent properties for sale in East Kensington, Philadelphia.
      2603 Frankford Ave, Philadelphia, PA 19125
      View Details
    • $399,000
      3,441 SF

      Philadelphia Commercial Building on Allegheny

      Three-story corner building on Allegheny Avenue, suitable for commercial or multi-family use.
      2711-13 E Allegheny Ave, Philadelphia, PA 19134
      View Details
    • $900,000
      800 SF

      Frankford Avenue Commercial Package Sale

      Three adjacent properties on Frankford Avenue, ideal for redevelopment.
      2607 Frankford Ave, Philadelphia, PA 19125
      View Details
    • New
      $925,000
      14,077 SF

      Historic Church Near Temple University

      Former church with development potential near Temple University.
      2036-40 Cecil B Moore Ave, Philadelphia, PA 19121
      View Details
    • $449,999
      1,600 SF

      Corner Store with Income Potential

      High-visibility corner property with store and residential unit.
      425 E Allegheny Ave, Philadelphia, PA 19134
      View Details
    • $950,000
      0.18 Acres

      Established Philadelphia Commercial Property for Sale

      Prime commercial space in Rhawnhurst, Northeast Philadelphia, ideal for investment.
      7318 Castor Ave, Philadelphia, PA 19152
      View Details
    • $499,999
      1,888 SF

      Renovated West Philadelphia Mixed-Use Triplex

      Newly renovated triplex with commercial space and residential units.
      311 S 60Th St, Philadelphia, PA 19143
      View Details
    • $645,000
      0.11 Acres

      Germantown Avenue Commercial Office Opportunity

      Commercial property in revitalized historic district, zoned for versatile mixed-use.
      5519 Germantown Ave, Philadelphia, PA 19144
      View Details

    FAQs

    What type of property is this?
    Apartment building - Fully occupied portfolio with 22 units in three buildings.
    Where is this apartment building located?
    The property is located at 1917 E Letterly St 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 relatively new buildings (5 years old and 2 years old) comprised of 22 units.; - Remaining tax abatement on two buildings (5 years remaining) significantly reduces annual taxes.
    (215) 866-0050
    Request Owner's contact information
    1917 E Letterly St Philadelphia, PA 19125
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1917 E Letterly St
    Philadelphia, PA 19125
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1917 E Letterly St Philadelphia, PA 19125
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jeanne A Whipple
    Real Estate License ID: RS275042
    (215) 866-0050
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!