Well-Maintained Corner
For Sale
$879,999
1639 S 22ND STREET, Philadelphia, PA 19145
Corner 4-unit quadplex with private entry bi-level units and rooftop decks, built in 2015.
Property Size3,321 SF
Days on Market35
Property Features for 1639 S 22ND STREET
General Information
Standard status
Active
Size
3,321 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$3,149
Amenities
private rooftop decks
private entry
Building Details
Building Size
3,321 SF
Year Built
2015
Buildings
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
Listed By:
Harkeet S Chadha · License #AB069009
(484) 554-9188
Source:
Patmckennarealtors
Added: Jul 30
Changed: Aug 23
Last Checked: Sep 2 at 1:04AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This well-maintained corner quadplex was built in 2015 and includes four bi-level residential units. The mix consists of two 1BR/1.5BA units and two 2BR/1.5BA units, each with a private entry. Units also feature private rooftop decks, providing an additional outdoor space for residents.
The property is located on a bus route and offers accessible transportation for tenants. It is also convenient to UPenn, CHOP, Center City, and Rittenhouse Square, supporting strong day-to-day connectivity for the surrounding area.
Designed for simple ownership, the building’s four separate private entries help provide a more self-contained layout across the unit mix.
The property is located on a bus route and offers accessible transportation for tenants. It is also convenient to UPenn, CHOP, Center City, and Rittenhouse Square, supporting strong day-to-day connectivity for the surrounding area.
Designed for simple ownership, the building’s four separate private entries help provide a more self-contained layout across the unit mix.
Key Highlights
- Built in 2015 corner quadplex
- Four bi‑level units with private entries
- Two 1BR/1.5BA and two 2BR/1.5BA units
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
$56,673
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
6.44%
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%
$1,133,460
$1.1M
Cap Rate 7%
$809,614
$809.6K
Cap Rate 9%
$629,700
$629.7K
Market Conditions
NOI Build-Up for 3,321 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
$85.7K $25.80/SF
− Vacancy
−$4.7K −$1.42/SF
EGI
$81.0K $24.38/SF
− OpEx
−$24.3K −$7.31/SF
NOI
$56.7K $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%
$1,133,460
Cap Rate 7%
$809,614
Cap Rate 9%
$629,700
Alternative Uses
Best Use
Multifamily LT 5
$809.6K
$708.4K – $944.6K
NOI $56,673 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$746.3K
$653.0K – $870.6K
NOI $52,238 @ 7.0% cap · market cap 5.94%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,015
Businesses Nearby
Explore this area
Business Placement
Demographics for 19145, PA
47,079
Population
21,295
Households
2.2
Avg Household Size
38
Median Age
36%
College-Educated
89%
High-School Grad
4.8 sq mi
ZIP Area
9,808
Density / Sq Mi
$70,374
Median Household Income
$45,940
Median Earnings
$1,343
Median Rent
$290,100
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?
Quadplex - Corner 4-unit quadplex with private entry bi-level units and rooftop decks, built in 2015.
Where is this quadplex located?
The property is located at 1639 S 22ND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $879,999.
What are key features of this property?
This property features: Built in 2015 corner quadplex; Four bi‑level units with private entries; Two 1BR/1.5BA and two 2BR/1.5BA units
