Corner Multi-Unit
For Sale
$489,999
1427 W Ritner Street, Philadelphia, PA 19145
Three one-bedroom and two studio units with electric separately metered and most units on month-to-month leases.
Property Size2,016 SF
Price / SF$243.06
Days on Market171
Property Features for 1427 W Ritner Street
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Multi-Family
Zoning
RSA5
Occupancy
80%
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 1BR/1BA, 2 x studio
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$5,785
Amenities
Natural Gas
Yes
Electric
No
Assessor
No Pool
Public
U50
16.00 x 60.00
0.02
Brick/Mortar
82660.00
Building Details
Building Size
2,016 SF
Year Built
1920
Buildings
1
Stories
3
Construction
masonry
Tenancy
Multi
Listing Agency:
Delphi Property Group, LLC
(856) 222-0077
Listed By:
Gary Cook
Source:
Thetristaterealestategroup
Added: Mar 25
Changed: Sep 10
Last Checked: Sep 11 at 4:45AM
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 Delphi Property Group, LLC
Investment Insights
Based on property information with market context.
This corner, 3-story masonry rowhome is set up as a multi-unit investment property, currently generating income. The building offers approximately 2,016 square feet above grade plus a basement and was built in 1920. The unit mix includes three one-bedroom, one-bath units and two studio units, with one studio unit featuring a private side entrance. Units were updated approximately 5 years ago, including kitchens and baths that vary by unit, with noted finishes such as black-and-white subway tile baths and updated cabinetry and countertops. Electric is separately metered by unit, supporting straightforward management.
Most units are currently occupied, with tenants on month-to-month leases; all but one unit are occupied. Natural gas is available, and the property is served by electric utilities.
Buyer should plan to complete their own due diligence for next steps related to the property’s configuration and occupancy.
Most units are currently occupied, with tenants on month-to-month leases; all but one unit are occupied. Natural gas is available, and the property is served by electric utilities.
Buyer should plan to complete their own due diligence for next steps related to the property’s configuration and occupancy.
Key Highlights
- Approximately 2,016 square feet above grade plus a basement
- Corner 3‑story masonry rowhome built in 1920
- Three one‑bedroom, one‑bath units plus two studio 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
$31,711
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
6.47%
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%
$634,220
$634.2K
Cap Rate 7%
$453,014
$453.0K
Cap Rate 9%
$352,344
$352.3K
Market Conditions
NOI Build-Up for 2,016 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
$61.2K $30.36/SF
− Vacancy
−$3.5K −$1.76/SF
EGI
$57.7K $28.60/SF
− OpEx
−$25.9K −$12.87/SF
NOI
$31.7K $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%
$634,220
Cap Rate 7%
$453,014
Cap Rate 9%
$352,344
Alternative Uses
Best Use
Apartment 5plus
$453.0K
$396.4K – $528.5K
NOI $31,711 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$491.5K
$430.0K – $573.4K
NOI $34,403 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
80%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,419
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Three one-bedroom and two studio units with electric separately metered and most units on month-to-month leases.
Where is this apartment building located?
The property is located at 1427 W Ritner Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $489,999.
What are key features of this property?
This property features: Approximately 2,016 square feet above grade plus a basement; Corner 3‑story masonry rowhome built in 1920; Three one‑bedroom, one‑bath units plus two studio units
