Passyunk Square Multifamily Investment
1518 E PASSYUNK AVENUE Philadelphia, PA 19147
For Sale
$859,000
Refurbished five-unit apartment building near Passyunk Square.
Property Size2,211 SF
Lot Size0.03 Acres
Price / SF$388.51
Days on Market935
Property Features for 1518 E PASSYUNK AVENUE
General Information
- Standard status
- Active
- Size
- 2,211 SF
- Lot size
- 0.03 Acres
- Property subtype
- Condo/Townhome
Building Details
- Year Built
- 1920
Listing Agency:
BHHS Fox & Roach-Center City Walnut
(215) 416-6048
Listed By:
Vincent J Catroppa
(215) 416-6048
Source:
Exitrealty
Added: Jan 2, 2024
Changed: Jul 6
Last Checked: Jul 25 at 6:20AM
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 BHHS Fox & Roach-Center City Walnut
Investment Insights
Based on property information with market context.
This is a newly refurbished five-unit apartment building located on Passyunk Square. The units feature updated white cabinets, durable linoleum floors, and white subway tile bathrooms. The layout includes two units on the first floor, two units on the second floor, and one unit on the third floor. A finished basement provides a utility room and a separate laundry room. The property is visible to Passyunk Fountain and Black and Brew coffee house. The location offers convenient walking access to restaurants, bars, and coffee houses. The property size is 2211 square feet.
Key Highlights
- Zoned 5‑unit apartment building in Passyunk Square.
- Newly refurbished with updated kitchens and bathrooms.
- Finished basement with utility and separate laundry room.
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 | $67.1k | $30.36 |
| − Vacancy | −$3.9k | −$1.76 |
| EGI | $63.2k | $28.60 |
| − OpEx | −$28.5k | −$12.87 |
| NOI | $34.8k | $15.73 |
2,211 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$496.8K
$434.7K – $579.6K
NOI $34,778 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$539.0K
$471.6K – $628.8K
NOI $37,730 @ 7.0% cap · market cap 4.39%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Refurbished five-unit apartment building near Passyunk Square.
Where is this apartment building located?
The property is located at 1518 E PASSYUNK AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: Zoned 5‑unit apartment building in Passyunk Square.; Newly refurbished with **updated kitchens and bathrooms**.; Finished basement with utility and separate laundry room.
