5-Unit Updated Apartment
For Sale
$699,900
1305 N 15TH Street, Philadelphia, PA 19121
Multi-Family, PHILADELPHIA, PA
Property Size3,033 SF
Lot Size0.04 Acres
Price / SF$230.76
Days on Market89
Property Features for 1305 N 15TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Subdivision
FRANCISVILLE
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
3,033 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
5324
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
on-site laundry
Building Details
Year built
1915
Number of units
4
Building materials
Masonry
Architectural style
Other
Listing Agency:
Keller Williams Real Estate-Montgomeryville · Keller Williams Realty
(215) 631-1900
Listed By:
Erin M. Thompson · License #AB068517
(610) 724-5702
Added: Jun 12
Changed: Sep 1
Last Checked: Sep 8 at 9:06AM
MLS# PAPH2632306
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-unit apartment property contains 3033 square feet within a masonry building constructed in 1915. The unit mix includes a studio with loft, two one-bedroom apartments, a second studio, and a two-bedroom apartment. The building has been updated throughout and includes a basement, central air, and forced-air heating.
All five units are currently rented, providing an established occupancy profile. On-street parking serves the property, while the compact 0.0395-acre site is located in Philadelphia, Pennsylvania.
All five units are currently rented, providing an established occupancy profile. On-street parking serves the property, while the compact 0.0395-acre site is located in Philadelphia, Pennsylvania.
Key Highlights
- Five‑unit apartment building with all units fully rented
- Unit mix includes a studio with loft, two one‑bedroom units, a studio, and a two‑bedroom unit
- 3033 square feet on a 0.0395‑acre lot
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
$47,708
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
6.82%
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%
$954,160
$954.2K
Cap Rate 7%
$681,543
$681.5K
Cap Rate 9%
$530,089
$530.1K
Market Conditions
NOI Build-Up for 3,033 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
$92.1K $30.36/SF
− Vacancy
−$5.3K −$1.76/SF
EGI
$86.7K $28.60/SF
− OpEx
−$39.0K −$12.87/SF
NOI
$47.7K $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%
$954,160
Cap Rate 7%
$681,543
Cap Rate 9%
$530,089
Alternative Uses
Best Use
Apartment 5plus
$681.5K
$596.4K – $795.1K
NOI $47,708 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$739.4K
$647.0K – $862.6K
NOI $51,758 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,436
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
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 - Fully occupied masonry property with varied unit layouts, central air, and on-street parking.
Where is this apartment building located?
The property is located at 1305 N 15TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Five‑unit apartment building with all units fully rented; Unit mix includes a studio with loft, two one‑bedroom units, a studio, and a two‑bedroom unit; 3033 square feet on a 0.0395‑acre lot
