Two-Building Residential Income
For Sale
$799,000
823 Christian St, Philadelphia, PA 19147
Multi-building residential income asset with five total units and recent roof, sewer, and fire alarm updates.
Property Size3,060 SF
Price / SF$261.11
Days on Market160
Property Features for 823 Christian St
General Information
Standard status
Active
Size
3,060 SF
Building Details
Year Built
1920
Listing Agency:
KW Empower
Listed By:
Martin Rodriguez · License #RS348037
(609) 226-9287
Source:
Premierehomegroup
Added: Apr 2
Changed: Sep 8
Last Checked: Sep 7 at 1:17PM
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 KW Empower
Investment Insights
Based on property information with market context.
Welcome to 823 Christian St in Bella Vista, a residential income property presented as a two-building offering. The total size is 3,060 square feet and includes separate structures housing five units: three one-bedroom units in one building, plus one one-bedroom and one studio in the second building.
Recent improvements include updates to three units, new sewer main lines for both buildings, recently installed roofs on both buildings, and a new fire alarm system. The property is offered as-is. Public remarks also note an approximate 6.5% cap rate and position the address near the Italian Market.
For investors or owner-occupants looking for a multi-unit package with meaningful recent building-system work already completed, this two-building setup provides a straightforward rental configuration across the five units.
Recent improvements include updates to three units, new sewer main lines for both buildings, recently installed roofs on both buildings, and a new fire alarm system. The property is offered as-is. Public remarks also note an approximate 6.5% cap rate and position the address near the Italian Market.
For investors or owner-occupants looking for a multi-unit package with meaningful recent building-system work already completed, this two-building setup provides a straightforward rental configuration across the five units.
Key Highlights
- 6.5% cap rate property at 823 Christian St in Bella Vista
- 3,060 sq ft multi‑building income asset with five total units (3 one‑bed units plus 1 one‑bed and 1 studio)
- Three units recently updated
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
$52,219
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
6.54%
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%
$1,044,380
$1.0M
Cap Rate 7%
$745,986
$746.0K
Cap Rate 9%
$580,211
$580.2K
Market Conditions
NOI Build-Up for 3,060 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
$78.9K $25.80/SF
− Vacancy
−$4.4K −$1.42/SF
EGI
$74.6K $24.38/SF
− OpEx
−$22.4K −$7.31/SF
NOI
$52.2K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,044,380
Cap Rate 7%
$745,986
Cap Rate 9%
$580,211
Alternative Uses
Best Use
Multifamily LT 5
$746.0K
$652.7K – $870.3K
NOI $52,219 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$687.6K
$601.7K – $802.2K
NOI $48,132 @ 7.0% cap · market cap 6.02%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,626
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Multi-building residential income asset with five total units and recent roof, sewer, and fire alarm updates.
Where is this quadplex located?
The property is located at 823 Christian St Philadelphia, PA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 6.5% cap rate property at 823 Christian St in Bella Vista; 3,060 sq ft multi‑building income asset with five total units (3 one‑bed units plus 1 one‑bed and 1 studio); Three units recently updated
