6-Unit Apartment
For Sale
$639,900
234 234-38 W Roosevelt Boulevard, Philadelphia, PA 19120
Six one-bedroom apartments feature separate utility metering, with five units occupied under month-to-month leases.
Property Size3,450 SF
Price / SF$185.48
Days on Market43
Property Features for 234 234-38 W Roosevelt Boulevard
General Information
Standard status
Active
Size
3,450 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 1BR
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1940
Listing Agency:
Giraldo Real Estate Group
(215) 745-0101
Listed By:
Jackeline Estrada · License #RS377975
Source:
Bethsamberg
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 30 at 8:02PM
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 Giraldo Real Estate Group
Investment Insights
Based on property information with market context.
This six-unit apartment property contains six one-bedroom apartments, providing a consistent residential layout across the building. Two units have basement connections that may support adding bedrooms and bathrooms, subject to applicable approvals and construction requirements. Electric, heat, and hot water are separately metered for each unit, with those utilities paid by tenants.
Five of the six apartments are occupied under month-to-month leases. The property is located at 234-38 W Roosevelt Boulevard in Philadelphia, Pennsylvania, and was built in 1940. The existing unit count, individual utility metering, and current occupancy provide a clear operating profile for multifamily ownership.
Five of the six apartments are occupied under month-to-month leases. The property is located at 234-38 W Roosevelt Boulevard in Philadelphia, Pennsylvania, and was built in 1940. The existing unit count, individual utility metering, and current occupancy provide a clear operating profile for multifamily ownership.
Key Highlights
- Six one‑bedroom apartments in a multifamily property
- Five of six units occupied with month‑to‑month leases
- Electric, heat, and hot water separately metered and tenant‑paid
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
$33,242
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
5.19%
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%
$664,840
$664.8K
Cap Rate 7%
$474,886
$474.9K
Cap Rate 9%
$369,356
$369.4K
Market Conditions
NOI Build-Up for 3,450 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
$65.4K $18.96/SF
− Vacancy
−$5.0K −$1.44/SF
EGI
$60.4K $17.52/SF
− OpEx
−$27.2K −$7.88/SF
NOI
$33.2K $9.64/SF
Area
ZIP 19120
Vacancy
7.60%
Lease Rate
$18.96 /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%
$664,840
Cap Rate 7%
$474,886
Cap Rate 9%
$369,356
Alternative Uses
Best Use
Apartment 5plus
$474.9K
$415.5K – $554.0K
NOI $33,242 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$824.1K
$721.1K – $961.5K
NOI $57,689 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,494
Businesses Nearby
Explore this area
Business Placement
Demographics for 19120, PA
66,177
Population
25,730
Households
2.6
Avg Household Size
35
Median Age
13%
College-Educated
77%
High-School Grad
3.2 sq mi
ZIP Area
20,680
Density / Sq Mi
$51,993
Median Household Income
$32,980
Median Earnings
$1,186
Median Rent
$143,500
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 - Six one-bedroom apartments feature separate utility metering, with five units occupied under month-to-month leases.
Where is this apartment building located?
The property is located at 234 234-38 W Roosevelt Boulevard Philadelphia, PA.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: Six one‑bedroom apartments in a multifamily property; Five of six units occupied with month‑to‑month leases; Electric, heat, and hot water separately metered and tenant‑paid
