Historic Apartment Development
For Sale
$1,599,999
1311 Irving Street, Philadelphia, PA 19107
Downtown assemblage with CMX4 zoning, preserved historic facades, and redevelopment potential for multifamily housing.
Property Size4,536 SF
Price / SF$352.73
Days on Market387
Property Features for 1311 Irving Street
General Information
Standard status
Active
Size
4,536 SF
Property subtype
Multi-Family
Zoning
CMX4
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$32,315
Amenities
A/C - Other
3
CMX4
Private.
City
36.00 x 70.00
Downtown.
Building Details
Year Built
1930
Listing Agency:
(609) 399-5454
Listed By:
Keller Williams Liberty Place
(610) 606-1095
Source:
Xome
Added: Aug 13, 2025
Changed: Aug 30
Last Checked: Aug 31 at 3:35PM
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 Keller Williams Liberty Place
Investment Insights
Based on property information with market context.
This downtown Philadelphia assemblage includes historic properties with a combined property size of 4,536 SF and a 1930 construction date. The site carries CMX4 zoning and is subject to the Washington Square West Historic District overlay, requiring preservation of the historic facades. A proposed redevelopment framework allows up to 20 stories and 128 apartment units, while 1311-13 Irving Street is identified separately as capable of accommodating up to 12 units with approximately 11,160 SF of buildable area.
The property has street-to-street access between Irving Street and Latimer Street, providing access and egress through the site. The address is 1311 Irving Street in downtown Philadelphia, within the 19107 ZIP code. Renovation-based eligibility for a full 10-year tax abatement and potential state and federal historic tax credits is also identified.
The property has street-to-street access between Irving Street and Latimer Street, providing access and egress through the site. The address is 1311 Irving Street in downtown Philadelphia, within the 19107 ZIP code. Renovation-based eligibility for a full 10-year tax abatement and potential state and federal historic tax credits is also identified.
Key Highlights
- CMX4‑zoned assemblage at 1311 Irving Street, Philadelphia, PA 19107
- Redevelopment concept allows up to 20 stories and 128 apartment units
- 1311‑13 Irving can accommodate up to 12 units with ±11,160 SF buildable
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
$71,349
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
4.46%
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%
$1,426,980
$1.4M
Cap Rate 7%
$1,019,271
$1.0M
Cap Rate 9%
$792,767
$792.8K
Market Conditions
NOI Build-Up for 4,536 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
$137.7K $30.36/SF
− Vacancy
−$8.0K −$1.76/SF
EGI
$129.7K $28.60/SF
− OpEx
−$58.4K −$12.87/SF
NOI
$71.3K $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%
$1,426,980
Cap Rate 7%
$1,019,271
Cap Rate 9%
$792,767
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$891.9K – $1.19M
NOI $71,349 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.11M
$967.6K – $1.29M
NOI $77,406 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
26,359
Businesses Nearby
Explore this area
Business Placement
Demographics for 19107, PA
17,600
Population
10,239
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
92%
High-School Grad
0.5 sq mi
ZIP Area
35,200
Density / Sq Mi
$70,382
Median Household Income
$57,694
Median Earnings
$1,691
Median Rent
$452,500
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 - Downtown assemblage with CMX4 zoning, preserved historic facades, and redevelopment potential for multifamily housing.
Where is this apartment building located?
The property is located at 1311 Irving Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,599,999.
What are key features of this property?
This property features: CMX4‑zoned assemblage at 1311 Irving Street, Philadelphia, PA 19107; Redevelopment concept allows up to 20 stories and 128 apartment units; 1311‑13 Irving can accommodate up to 12 units with ±11,160 SF buildable
