9-Unit Apartment Building with Rooftop
New
For Sale
$3,650,000
1424 GERMANTOWN AVENUE, Philadelphia, PA 19122
Fully leased 2022 multifamily property with two-bedroom residences, modern interiors, central HVAC, and two income-producing parking spaces.
Property Size9,561 SF
Days on Market5
Property Features for 1424 GERMANTOWN AVENUE
General Information
Standard status
Active
Size
9,561 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,562
Building Details
Building Size
9,561 SF
Year Built
2022
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Reda B Akbil · License #RS337002
(267) 205-1369
Source:
Kingswayrealty
Added: Aug 31
Changed: Sep 4
Last Checked: Sep 4 at 2:03AM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
Completed in 2022, this nine-unit apartment property offers eight two-bedroom, two-bath residences and one two-bedroom, 2.5-bath home. Most apartments measure approximately 886 square feet, while Unit 3 provides approximately 1,368 square feet in a multi-level configuration. Units 8 and 9 include private rooftop decks. Interior features include oversized windows, contemporary kitchens, stainless steel appliances, modern cabinetry, natural-toned flooring, in-unit laundry, and central HVAC. Two parking spaces provide additional income-producing capacity.
The building is fully leased and benefits from approximately seven years remaining on Philadelphia’s full tax abatement. Its Germantown Avenue address places the property near restaurants, cafés, nightlife, retail, and neighborhood amenities associated with Fishtown, Olde Kensington, and Northern Liberties. The location also offers access to Center City, public transportation, and Philadelphia employment and entertainment districts.
The building is fully leased and benefits from approximately seven years remaining on Philadelphia’s full tax abatement. Its Germantown Avenue address places the property near restaurants, cafés, nightlife, retail, and neighborhood amenities associated with Fishtown, Olde Kensington, and Northern Liberties. The location also offers access to Center City, public transportation, and Philadelphia employment and entertainment districts.
Key Highlights
- 9‑unit multifamily property completed in 2022
- Eight 2‑bedroom, 2‑bath residences plus one 2‑bedroom, 2.5‑bath residence
- Most units are approximately 886 square feet; Unit 3 is approximately 1,368 square feet
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
$150,390
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
4.12%
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%
$3,007,800
$3.0M
Cap Rate 7%
$2,148,429
$2.1M
Cap Rate 9%
$1,671,000
$1.7M
Market Conditions
NOI Build-Up for 9,561 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
$290.3K $30.36/SF
− Vacancy
−$16.8K −$1.76/SF
EGI
$273.4K $28.60/SF
− OpEx
−$123.0K −$12.87/SF
NOI
$150.4K $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%
$3,007,800
Cap Rate 7%
$2,148,429
Cap Rate 9%
$1,671,000
Alternative Uses
Best Use
Apartment 5plus
$2.15M
$1.88M – $2.51M
NOI $150,390 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.33M
$2.04M – $2.72M
NOI $163,157 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
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 leased 2022 multifamily property with two-bedroom residences, modern interiors, central HVAC, and two income-producing parking spaces.
Where is this apartment building located?
The property is located at 1424 GERMANTOWN AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: 9‑unit multifamily property completed in 2022; Eight 2‑bedroom, 2‑bath residences plus one 2‑bedroom, 2.5‑bath residence; Most units are approximately 886 square feet; Unit 3 is approximately 1,368 square feet
