Corner Multifamily Property with
For Sale
$399,900
1400 South 22nd Street, Philadelphia, PA 19146
RM1-zoned property with a two-bedroom upper floor, full basement, and separate utility systems.
Property Size1,921 SF
Price / SF$208.17
Days on Market484
Property Features for 1400 South 22nd Street
General Information
Standard status
Active
Size
1,921 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
RM1
Taxes and HOA fees
Annual Taxes
$3,752
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1925
Listing Agency:
Spectrum Realty
(215) 783-2697
Listed By:
Mario Flacco
(215) 783-2697
Source:
Compass
Added: May 5, 2025
Changed: Aug 29
Last Checked: Aug 31 at 12:33AM
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 Spectrum Realty
Investment Insights
Based on property information with market context.
This 1,921 SF corner multifamily property, built in 1925, includes a first floor that was set up as a day care. The second floor contains two bedrooms, a modern bathroom, and a large eat-in kitchen with a rear flat. A full basement provides additional space, with separate heaters and electric meters. Rear garage space is also included.
The property is located in Point Breeze at 1400 South 22nd Street in Philadelphia’s 19146 area. The site is within walking distance of Center City and Broad Street, with supermarkets, shopping, and restaurants nearby. RM1 zoning and the existing configuration support a range of residential income property considerations.
The property is located in Point Breeze at 1400 South 22nd Street in Philadelphia’s 19146 area. The site is within walking distance of Center City and Broad Street, with supermarkets, shopping, and restaurants nearby. RM1 zoning and the existing configuration support a range of residential income property considerations.
Key Highlights
- 1,921 SF multifamily property on a corner site
- RM1 zoning
- Second floor with two bedrooms, modern bathroom, and eat‑in kitchen
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
$30,216
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
7.56%
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%
$604,320
$604.3K
Cap Rate 7%
$431,657
$431.7K
Cap Rate 9%
$335,733
$335.7K
Market Conditions
NOI Build-Up for 1,921 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
$58.3K $30.36/SF
− Vacancy
−$3.4K −$1.76/SF
EGI
$54.9K $28.60/SF
− OpEx
−$24.7K −$12.87/SF
NOI
$30.2K $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%
$604,320
Cap Rate 7%
$431,657
Cap Rate 9%
$335,733
Alternative Uses
Best Use
Apartment 5plus
$431.7K
$377.7K – $503.6K
NOI $30,216 @ 7.0% cap · market cap 7.56%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$468.3K
$409.8K – $546.4K
NOI $32,782 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,901
Businesses Nearby
Explore this area
Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
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?
Multifamily property - RM1-zoned property with a two-bedroom upper floor, full basement, and separate utility systems.
Where is this multifamily property located?
The property is located at 1400 South 22nd Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 1,921 SF multifamily property on a corner site; RM1 zoning; Second floor with two bedrooms, modern bathroom, and eat‑in kitchen
