Six-Unit Apartment Building with
For Sale
$1,525,000
610 S American Street, Philadelphia, PA 19147
Fully occupied 6-unit building with self-contained apartments, central air, and a finished lower level for flexible use.
Property Size6,000 SF
Price / SF$254.17
Days on Market744
Property Features for 610 S American Street
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multi-family
Zoning
RMI
Occupancy
100%
Lease Term
[]
Additional Details
Highway Access
Yes
Multifamily Units
6
Building Details
Year Built
1950
Tenancy
Multi
Listing Agency:
BHHS Fox & Roach-Center City Walnut
Listed By:
Patrick M Conway · License #RS217990L
(215) 266-1537
Source:
Deepcreeklake
Added: Aug 26, 2024
Changed: Sep 7
Last Checked: Sep 8 at 6:43AM
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.
610 S American Street offers a fully occupied, well-maintained six-unit apartment building with self-contained units throughout. The configuration includes two 1-bedroom, 1-bath apartments and four 2-bedroom, 1-bath apartments, each described as having an open floor plan, eat-in kitchens, large windows, and in-unit washer and dryer. Central air is provided for the apartments, and the building includes two separate stairwells to support day-to-day circulation.
The property sits on a 27 x 100 lot and includes an enormous rear shared community yard. In addition, there is a finished lower level that adds flexible space to the overall offering, with a powder room, a separate mechanical room, a large storage room, and another separate bonus room.
Zoned RMI, the building is suited for operators seeking to maintain an income-producing multifamily asset. It also may fit buyers looking for an alternative approach, including conversion to condominiums, or a more owner-occupied use case given the presence of substantial finished lower-level space and outdoor common area.
The property sits on a 27 x 100 lot and includes an enormous rear shared community yard. In addition, there is a finished lower level that adds flexible space to the overall offering, with a powder room, a separate mechanical room, a large storage room, and another separate bonus room.
Zoned RMI, the building is suited for operators seeking to maintain an income-producing multifamily asset. It also may fit buyers looking for an alternative approach, including conversion to condominiums, or a more owner-occupied use case given the presence of substantial finished lower-level space and outdoor common area.
Key Highlights
- Fully occupied 6‑unit apartment building with all self‑contained units
- Unit mix: two 1 bed/1 bath apartments and four 2 bed/1 bath units
- Central air and in‑unit washer + dryer for all six apartments
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
$94,377
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
6.19%
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%
$1,887,540
$1.9M
Cap Rate 7%
$1,348,243
$1.3M
Cap Rate 9%
$1,048,633
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$182.2K $30.36/SF
− Vacancy
−$10.6K −$1.76/SF
EGI
$171.6K $28.60/SF
− OpEx
−$77.2K −$12.87/SF
NOI
$94.4K $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%
$1,887,540
Cap Rate 7%
$1,348,243
Cap Rate 9%
$1,048,633
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.57M
NOI $94,377 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.46M
$1.28M – $1.71M
NOI $102,389 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
7,743
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied 6-unit building with self-contained apartments, central air, and a finished lower level for flexible use.
Where is this apartment building located?
The property is located at 610 S American Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: Fully occupied 6‑unit apartment building with all self‑contained units; Unit mix: two 1 bed/1 bath apartments and four 2 bed/1 bath units; Central air and in‑unit washer + dryer for all six apartments
