Turnkey Six-Unit Multifamily
1501 Reed Street Philadelphia, PA 19146
For Sale
$899,000
Six separately metered units with central air in a corner building on Reed Street.
Property Size4,320 SF
Price / SF$208.10
Days on Market193
Property Features for 1501 Reed Street
General Information
- Standard status
- Active
- Size
- 4,320 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1915
Listing Agency:
Compass
(215) 840-0049
Listed By:
Kate Federico · License #RS273035
(215) 840-0049
Source:
Compass
Added: Jan 12
Changed: Jul 23
Last Checked: Jul 23 at 12:19AM
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
Investment Insights
Based on property information with market context.
This turnkey six-unit multifamily building features six updated, separately metered residences with central air. The unit mix includes three one bed, one bath units; one two bed, one bath unit; and two additional one-bedroom units with a den and one bath. The property is described as having plenty of natural light, high ceilings, and generous closet space.
The building is located at 1501 Reed Street in Philadelphia’s Newbold area, identified within MLS area 19146. The listing notes proximity to local amenities including Giant & Sprouts, nearby sports complexes and universities, and connections to dining options associated with Passyunk Square and Rittenhouse Square.
As a corner property with independently metered units, the building offers a straightforward configuration for multifamily ownership or investment use.
The building is located at 1501 Reed Street in Philadelphia’s Newbold area, identified within MLS area 19146. The listing notes proximity to local amenities including Giant & Sprouts, nearby sports complexes and universities, and connections to dining options associated with Passyunk Square and Rittenhouse Square.
As a corner property with independently metered units, the building offers a straightforward configuration for multifamily ownership or investment use.
Key Highlights
- Turn‑key six‑unit multifamily building on a corner lot in Philadelphia’s Newbold neighborhood
- Six updated, separately metered units, each with central air
- Unit mix: three 1 bed/1 bath units, one 2 bed/1 bath unit, and two 1 bed/den/1 bath units
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $131.2k | $30.36 |
| − Vacancy | −$7.6k | −$1.76 |
| EGI | $123.5k | $28.60 |
| − OpEx | −$55.6k | −$12.87 |
| NOI | $68.0k | $15.73 |
4,320 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$970.7K
$849.4K – $1.13M
NOI $67,952 @ 7.0% cap · market cap 7.56%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.05M
$921.5K – $1.23M
NOI $73,720 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Six separately metered units with central air in a corner building on Reed Street.
Where is this apartment building located?
The property is located at 1501 Reed Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Turn‑key six‑unit multifamily building on a corner lot in Philadelphia’s Newbold neighborhood; Six updated, separately metered units, each with central air; Unit mix: three 1 bed/1 bath units, one 2 bed/1 bath unit, and two 1 bed/den/1 bath units
