Historic 9-Unit Multifamily
New
For Sale
$1,200,000
1517 N 15TH STREET, Philadelphia, PA 19121
Architecturally distinctive rental property near Temple University with a varied unit mix and two vacant apartments.
Property Size6,872 SF
Days on Market5
Property Features for 1517 N 15TH STREET
General Information
Standard status
Active
Size
6,872 SF
Property subtype
MixedUse
Units
Unit Mix
1 x studio, 4 x 1BR, 3 x 2BR, 1 x 3BR/3BA
Multifamily Units
9
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,719
Building Details
Building Size
6,872 SF
Year Built
1915
Construction
Second Empire
Listing Agency:
Keller Williams Liberty Place
Listed By:
Or Aharon · License #RS354310
(267) 270-6634
Source:
Patmckennarealtors
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 20 at 11:38AM
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 Keller Williams Liberty Place
Investment Insights
Based on property information with market context.
Built in 1915, this 6,872-square-foot multifamily property presents a Second Empire-inspired design with a cut-stone facade, ornate detailing, and a mansard roofline. The nine-unit layout includes one studio, four one-bedroom units, three two-bedroom units, and one three-bedroom, three-bath unit. Seven apartments are occupied, while two are vacant and available for lease-up. The property is offered strictly AS-IS, WHERE-IS, with no seller repairs or improvements before closing.
The building is located just blocks from Temple University's Main Campus and near neighborhood retail, dining, SEPTA, and Center City. Its university-area setting, established rental context, and existing mix of occupied and vacant units provide a defined operating profile for continued management or renovation planning.
The building is located just blocks from Temple University's Main Campus and near neighborhood retail, dining, SEPTA, and Center City. Its university-area setting, established rental context, and existing mix of occupied and vacant units provide a defined operating profile for continued management or renovation planning.
Key Highlights
- 9‑unit multifamily property with 6,872 square feet
- Unit mix includes 1 studio, 4 one‑bedroom, 3 two‑bedroom, and 1 three‑bedroom/3‑bath unit
- 7 of 9 units occupied; 2 units currently vacant
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
$108,093
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
9.01%
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%
$2,161,860
$2.2M
Cap Rate 7%
$1,544,186
$1.5M
Cap Rate 9%
$1,201,033
$1.2M
Market Conditions
NOI Build-Up for 6,872 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
$208.6K $30.36/SF
− Vacancy
−$12.1K −$1.76/SF
EGI
$196.5K $28.60/SF
− OpEx
−$88.4K −$12.87/SF
NOI
$108.1K $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%
$2,161,860
Cap Rate 7%
$1,544,186
Cap Rate 9%
$1,201,033
Alternative Uses
Best Use
Apartment 5plus
$1.54M
$1.35M – $1.80M
NOI $108,093 @ 7.0% cap · market cap 9.01%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.68M
$1.47M – $1.95M
NOI $117,270 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
4,093
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Architecturally distinctive rental property near Temple University with a varied unit mix and two vacant apartments.
Where is this apartment building located?
The property is located at 1517 N 15TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 9‑unit multifamily property with 6,872 square feet; Unit mix includes 1 studio, 4 one‑bedroom, 3 two‑bedroom, and 1 three‑bedroom/3‑bath unit; 7 of 9 units occupied; 2 units currently vacant
