Newly Refurbished 5-Unit
For Sale
$849,000
1518 E PASSYUNK AVENUE, Philadelphia, PA 19147
MULTI_FAMILY - PHILADELPHIA, PA
Property Size2,211 SF
Price / SF$383.99
Days on Market954
Property Features for 1518 E PASSYUNK AVENUE
General Information
Property type
Residential Multi Family
Property subtype
Townhouse
Subdivision
PASSYUNK SQUARE
Standard status
Active
Size
2,211 SF
Building Details
Year built
1920
Listing Agency:
BHHS Fox & Roach Center City-Society Hill · Berkshire Hathaway HomeServices
(215) 627-6005
Listed By:
Vince Catroppa
(215) 416-6048
Added: Jan 2, 2024
Changed: Jul 23
Last Checked: Aug 13 at 2:06AM
MLS# PAPH2308698
Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Newly refurbished five-unit apartment building featuring updated white cabinets, durable linoleum floors, and white subway tile bathrooms. The layout includes two units on the first floor, two units on the second floor, and one unit on the third floor. The third-floor unit also includes a finished basement with a utility room and a separate laundry room.
The building is described as visible to Passyunk Square and Passyunk Fountain, as well as Black and Brew Coffee House. Public remarks also note an excellent walking location to restaurants, bars, and coffee houses.
As configured, the property provides a straightforward vertical setup with three levels of residential units plus an attached finished basement/laundry arrangement for the third-floor unit.
The building is described as visible to Passyunk Square and Passyunk Fountain, as well as Black and Brew Coffee House. Public remarks also note an excellent walking location to restaurants, bars, and coffee houses.
As configured, the property provides a straightforward vertical setup with three levels of residential units plus an attached finished basement/laundry arrangement for the third-floor unit.
Key Highlights
- Zoned 5‑unit apartment building, built in 1920
- Unit mix: two units on the first floor, two units on the second floor, and one unit on the 3rd floor
- Finished basement includes a utility room and a separate laundry room
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
$34,778
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
4.10%
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%
$695,560
$695.6K
Cap Rate 7%
$496,829
$496.8K
Cap Rate 9%
$386,422
$386.4K
Market Conditions
NOI Build-Up for 2,211 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
$67.1K $30.36/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$63.2K $28.60/SF
− OpEx
−$28.5K −$12.87/SF
NOI
$34.8K $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%
$695,560
Cap Rate 7%
$496,829
Cap Rate 9%
$386,422
Alternative Uses
Best Use
Apartment 5plus
$496.8K
$434.7K – $579.6K
NOI $34,778 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$539.0K
$471.6K – $628.8K
NOI $37,730 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
Median Home Value
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 - Refurbished five-unit apartment building with updated interiors and an in-unit finished basement level.
Where is this apartment building located?
The property is located at 1518 E PASSYUNK AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Zoned 5‑unit apartment building, built in 1920; Unit mix: two units on the first floor, two units on the second floor, and one unit on the 3rd floor; Finished basement includes a utility room and a separate laundry room
