13-Unit Apartment
For Sale
$2,590,000
2-8 S 46th Street, Philadelphia, PA 19139
Thirteen self-contained 2BR/1BA units with coin-op laundry in the basement and select units offering private balconies or decks.
Property Size11,250 SF
Days on Market66
Property Features for 2-8 S 46th Street
General Information
Standard status
Active
Size
11,250 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
13
Building Details
Building Size
11,250 SF
Year Built
1930
Listing Agency:
Mallin Panchelli Nadel Realty Inc
(267) 546-1718
Listed By:
Nadia Bilynsky · License #RS311101
Source:
Mpnrealty
Added: Jun 25
Changed: Aug 19
Last Checked: Aug 29 at 5:54AM
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 Mallin Panchelli Nadel Realty Inc
Investment Insights
Based on property information with market context.
Offered for sale, this 13-unit apartment building features a consistent layout with (13) self-contained 2-bedroom, 1-bath units. Building amenities include a hard-wired smoke and fire system. Coin-op washer and dryer are provided in the basement, and some units include private balconies or decks.
The property is located at the corner of S 46th St. and Market St. in University City, described in the listing remarks as a highly trafficked intersection. It is positioned for tenants seeking the University City area, including students referenced from UPenn and Drexel.
For prospective owners, the mix of fully self-contained 2BR/1BA apartments and on-site laundry supports straightforward residential operations. The presence of private outdoor space in select units may be attractive to renters looking for added in-unit lifestyle options, while the hard-wired smoke and fire system provides an additional layer of safety infrastructure for the building.
The property is located at the corner of S 46th St. and Market St. in University City, described in the listing remarks as a highly trafficked intersection. It is positioned for tenants seeking the University City area, including students referenced from UPenn and Drexel.
For prospective owners, the mix of fully self-contained 2BR/1BA apartments and on-site laundry supports straightforward residential operations. The presence of private outdoor space in select units may be attractive to renters looking for added in-unit lifestyle options, while the hard-wired smoke and fire system provides an additional layer of safety infrastructure for the building.
Key Highlights
- 13‑unit apartment building built in 1930 at the corner of S 46th St. and Market St. in University City
- All units are self‑contained 2 bed / 1 bath apartment homes
- Coin‑op washer/dryer in the basement and hard‑wired smoke and fire system
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
$176,957
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
6.83%
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%
$3,539,140
$3.5M
Cap Rate 7%
$2,527,957
$2.5M
Cap Rate 9%
$1,966,189
$2.0M
Market Conditions
NOI Build-Up for 11,250 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
$341.6K $30.36/SF
− Vacancy
−$19.8K −$1.76/SF
EGI
$321.7K $28.60/SF
− OpEx
−$144.8K −$12.87/SF
NOI
$177.0K $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%
$3,539,140
Cap Rate 7%
$2,527,957
Cap Rate 9%
$1,966,189
Alternative Uses
Best Use
Apartment 5plus
$2.53M
$2.21M – $2.95M
NOI $176,957 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.74M
$2.40M – $3.20M
NOI $191,980 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
2,284
Businesses Nearby
Explore this area
Business Placement
Demographics for 19139, PA
43,281
Population
23,896
Households
1.8
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
1.8 sq mi
ZIP Area
24,045
Density / Sq Mi
$38,701
Median Household Income
$34,796
Median Earnings
$1,110
Median Rent
$118,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Thirteen self-contained 2BR/1BA units with coin-op laundry in the basement and select units offering private balconies or decks.
Where is this apartment building located?
The property is located at 2-8 S 46th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,590,000.
What are key features of this property?
This property features: 13‑unit apartment building built in 1930 at the corner of S 46th St. and Market St. in University City; All units are self‑contained 2 bed / 1 bath apartment homes; Coin‑op washer/dryer in the basement and hard‑wired smoke and fire system
