Two-Unit Multifamily
For Sale
$450,000
124 S 46th St, Philadelphia, PA 19139
Built in 1925, this two-unit multifamily property offers RM1 zoning and a total building size of 2,600 SF.
Property Size2,600 SF
Price / SF$173.08
Days on Market66
Property Features for 124 S 46th St
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Multifamily
Zoning
RM1
Additional Details
Multifamily Units
2
Building Details
Building Size
2,600 SF
Year Built
1925
Listing Agency:
Mallin Panchelli Nadel Realty Inc
(267) 546-1718
Listed By:
Nadia Bilynsky · License #RS311101
Source:
Mpnrealty
Added: Jun 25
Changed: Aug 15
Last Checked: Aug 29 at 7:52AM
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.
Introducing 124 S 46th St, a two-unit multifamily property built in 1925. The building totals 2,600 SF and is positioned for investors evaluating mid-rise residential income opportunities.
The property is zoned RM1. It is listed for sale as a multifamily acquisition within the Philadelphia market.
This offering includes two separate units within a single, solidly constructed residential income building.
The property is zoned RM1. It is listed for sale as a multifamily acquisition within the Philadelphia market.
This offering includes two separate units within a single, solidly constructed residential income building.
Key Highlights
- Two‑unit multifamily building built in 1925
- Total building size of 2,600 SF
- Zoned RM1
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
$40,897
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
9.09%
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%
$817,940
$817.9K
Cap Rate 7%
$584,243
$584.2K
Cap Rate 9%
$454,411
$454.4K
Market Conditions
NOI Build-Up for 2,600 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 $30.36/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$74.4K $28.60/SF
− OpEx
−$33.5K −$12.87/SF
NOI
$40.9K $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%
$817,940
Cap Rate 7%
$584,243
Cap Rate 9%
$454,411
Alternative Uses
Best Use
Multifamily LT 5
$633.8K
$554.6K – $739.5K
NOI $44,369 @ 7.0% cap · market cap 9.86%
Second Best
Apartment 5plus
$584.2K
$511.2K – $681.6K
NOI $40,897 @ 7.0% cap · market cap 9.09%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,441
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Built in 1925, this two-unit multifamily property offers RM1 zoning and a total building size of 2,600 SF.
Where is this duplex located?
The property is located at 124 S 46th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit multifamily building built in 1925; Total building size of 2,600 SF; Zoned RM1
