Rebuilt 5-Unit Multifamily
For Sale
$2,499,000
1227 N 6th St, Philadelphia, PA 19122
Boutique legal 5-unit multifamily rebuilt to the studs with major structural, roof, and system upgrades plus private outdoor space.
Property Size4,464 SF
Price / SF$559.81
Days on Market69
Property Features for 1227 N 6th St
General Information
Standard status
Active
Size
4,464 SF
Building Details
Year Built
1915
Listing Agency:
Tesla Realty Group, LLC
Listed By:
Steve Burke Jr. · License #RS337988
(267) 471-0443
Source:
Kandorre
Added: Jul 3
Changed: Sep 6
Last Checked: Sep 8 at 11:56AM
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 Tesla Realty Group, LLC
Investment Insights
Based on property information with market context.
1227 N 6th Street presents a legal 5-unit, design-forward multifamily property that was taken down to the studs and rebuilt with extensive structural and systems upgrades. Reported improvements include full roof removal, reconstructed side wall, new joists and staircases, and replacement sewer and plumbing lines. Interiors are finished with premium selections throughout, including inset soft-close solid wood cabinetry, white Carrera marble countertops, unlacquered brass hardware and fixtures, and rain showers. Units also feature premium appliances (Bosch, Fisher & Paykel, and Bertazzoni gas ranges), Pella Architectural Series windows and sliders, TruStile solid core doors, site-finished wide plank oak flooring, and custom vanities and era-appropriate millwork. The building is sprinklered throughout and reported certified lead-free.
The unit mix includes bi-level layouts and full-floor residences, with several configurations offering outdoor space such as a yard, balcony, and large roof decks. In-place income is reported as gross annual rents of $167,292 with total monthly rents of $13,941, plus $35 in pet rent. Tenant-paid utilities are gas and electric, while the landlord pays water and trash. Showings are by appointment only and the strategy described is subject to existing leases.
The unit mix includes bi-level layouts and full-floor residences, with several configurations offering outdoor space such as a yard, balcony, and large roof decks. In-place income is reported as gross annual rents of $167,292 with total monthly rents of $13,941, plus $35 in pet rent. Tenant-paid utilities are gas and electric, while the landlord pays water and trash. Showings are by appointment only and the strategy described is subject to existing leases.
Key Highlights
- Legal 5‑unit boutique multifamily at 1227 N 6th St, rebuilt to the studs with major structural and system upgrades
- Full roof removal and reconstructed side wall, plus new joists, staircases, and sewer/plumbing line replacements
- In‑place income: gross annual rents of $167,292 and total monthly rents of $13,941 (plus $35 pet rent)
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
$70,217
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
2.81%
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%
$1,404,340
$1.4M
Cap Rate 7%
$1,003,100
$1.0M
Cap Rate 9%
$780,189
$780.2K
Market Conditions
NOI Build-Up for 4,464 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
$135.5K $30.36/SF
− Vacancy
−$7.9K −$1.76/SF
EGI
$127.7K $28.60/SF
− OpEx
−$57.4K −$12.87/SF
NOI
$70.2K $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%
$1,404,340
Cap Rate 7%
$1,003,100
Cap Rate 9%
$780,189
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$877.7K – $1.17M
NOI $70,217 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.09M
$952.2K – $1.27M
NOI $76,178 @ 7.0% cap · market cap 3.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,823
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Boutique legal 5-unit multifamily rebuilt to the studs with major structural, roof, and system upgrades plus private outdoor space.
Where is this apartment building located?
The property is located at 1227 N 6th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Legal 5‑unit boutique multifamily at 1227 N 6th St, rebuilt to the studs with major structural and system upgrades; Full roof removal and reconstructed side wall, plus new joists, staircases, and sewer/plumbing line replacements; In‑place income: gross annual rents of $167,292 and total monthly rents of $13,941 (plus $35 pet rent)
