Residential Income
For Sale
$2,330,000
265 S 22nd St, Philadelphia, PA 19103
Multifamily property in Rittenhouse Square with strong attention to detail and abundant natural light.
Property Size8,532 SF
Days on Market66
Property Features for 265 S 22nd St
General Information
Standard status
Active
Size
8,532 SF
Property subtype
Multifamily
Building Details
Building Size
8,532 SF
Year Built
1920
Listing Agency:
MPN Realty, Inc.
(267) 238-1728
Listed By:
Veronica Blum · License #RS290724
Source:
Mpnrealty
Added: Jun 25
Changed: Aug 23
Last Checked: Aug 29 at 8:00AM
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 MPN Realty, Inc.
Investment Insights
Based on property information with market context.
This multifamily residential income building offers a combination of well-regarded condition and distinctive interior detail, with an emphasis on natural light throughout. The overall presentation is described as fantastic, with characteristics that support a turn-key housing option for future occupants or an owner-operator seeking a well-maintained asset.
The property is located in Rittenhouse Square, where the remarks note proximity to 22nd Street. This central positioning is intended to serve tenants and buyers looking for a residential setting near one of Philadelphia’s most recognizable destinations.
From a practical standpoint, the building’s multifamily structure and strong condition make it a workable fit for buyers pursuing a residential income portfolio. Prospective tenants or owners should find the natural light and overall finishes consistent with a residential offering designed to feel comfortable and appealing day to day. Further diligence on unit configuration and current income details would be advisable for underwriting and leasing planning.
The property is located in Rittenhouse Square, where the remarks note proximity to 22nd Street. This central positioning is intended to serve tenants and buyers looking for a residential setting near one of Philadelphia’s most recognizable destinations.
From a practical standpoint, the building’s multifamily structure and strong condition make it a workable fit for buyers pursuing a residential income portfolio. Prospective tenants or owners should find the natural light and overall finishes consistent with a residential offering designed to feel comfortable and appealing day to day. Further diligence on unit configuration and current income details would be advisable for underwriting and leasing planning.
Key Highlights
- Multifamily building in Rittenhouse Square, located at Manning and 22nd Street
- Built in 1920
- Noted for abundant natural light
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
$134,204
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
5.76%
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%
$2,684,080
$2.7M
Cap Rate 7%
$1,917,200
$1.9M
Cap Rate 9%
$1,491,156
$1.5M
Market Conditions
NOI Build-Up for 8,532 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
$259.0K $30.36/SF
− Vacancy
−$15.0K −$1.76/SF
EGI
$244.0K $28.60/SF
− OpEx
−$109.8K −$12.87/SF
NOI
$134.2K $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%
$2,684,080
Cap Rate 7%
$1,917,200
Cap Rate 9%
$1,491,156
Alternative Uses
Best Use
Apartment 5plus
$1.92M
$1.68M – $2.24M
NOI $134,204 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.08M
$1.82M – $2.43M
NOI $145,598 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
16,339
Businesses Nearby
Explore this area
Business Placement
Demographics for 19103, PA
28,717
Population
20,064
Households
1.4
Avg Household Size
36
Median Age
81%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
47,862
Density / Sq Mi
$97,940
Median Household Income
$76,680
Median Earnings
$1,955
Median Rent
$551,700
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?
Multifamily property - Multifamily property in Rittenhouse Square with strong attention to detail and abundant natural light.
Where is this multifamily property located?
The property is located at 265 S 22nd St Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,330,000.
What are key features of this property?
This property features: Multifamily building in Rittenhouse Square, located at Manning and 22nd Street; Built in 1920; Noted for abundant natural light
