Six-Unit Brick Apartment
New
For Sale
$1,300,000
1523-00 CHRISTIAN ST, Philadelphia, PA 19146
Five residences are occupied, and shared laundry and separately metered gas and electric serve the building.
Property Size3,195 SF
Price / SF$406.89
Days on Market4
Property Features for 1523-00 CHRISTIAN ST
General Information
Standard status
Active
Size
3,195 SF
Total Parking Spaces
2
Zoning
RM1
Additional Details
Utilities to Site
Yes
Multifamily Units
6
Amenities
shared on-site laundry
Building Details
Year Built
1910
Year Renovated
2006
Buildings
1
Construction
brick
Abandoned
No
Listing Agency:
Compass Pennsylvania, LLC
(610) 822-3356
Listed By:
Jack Aezen · License #RS226201L
(610) 662-1066
Source:
Imanirealtors
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 5:48AM
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.
This six-unit brick apartment property at 1523 Christian Street contains approximately 3,195 square feet. Built in 1910 and substantially renovated in 2006, it offers a mix of one-, one-and-a-half-, and two-bedroom residences. Shared laundry is on site, gas and electric are separately metered, and the property is served by public water and sewer. Zoning is RM1, and ownership is fee simple.
Five units are occupied, with one vacant. Two rear off-street parking spaces are associated with the property; both are rented separately and are not currently available. The building is in Philadelphia’s Graduate Hospital neighborhood, near 16th Street.
Five units are occupied, with one vacant. Two rear off-street parking spaces are associated with the property; both are rented separately and are not currently available. The building is in Philadelphia’s Graduate Hospital neighborhood, near 16th Street.
Key Highlights
- Six‑unit brick apartment building with approximately 3,195 square feet
- Five of six residences occupied; one unit is vacant
- Unit mix includes one-, one‑and‑a‑half-, and two‑bedroom residences
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
$50,256
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
3.87%
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%
$1,005,120
$1.0M
Cap Rate 7%
$717,943
$717.9K
Cap Rate 9%
$558,400
$558.4K
Market Conditions
NOI Build-Up for 3,195 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
$97.0K $30.36/SF
− Vacancy
−$5.6K −$1.76/SF
EGI
$91.4K $28.60/SF
− OpEx
−$41.1K −$12.87/SF
NOI
$50.3K $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%
$1,005,120
Cap Rate 7%
$717,943
Cap Rate 9%
$558,400
Alternative Uses
Best Use
Apartment 5plus
$717.9K
$628.2K – $837.6K
NOI $50,256 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$778.9K
$681.5K – $908.7K
NOI $54,522 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
7,636
Businesses Nearby
Explore this area
Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
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 - Five residences are occupied, and shared laundry and separately metered gas and electric serve the building.
Where is this apartment building located?
The property is located at 1523-00 CHRISTIAN ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Six‑unit brick apartment building with approximately 3,195 square feet; Five of six residences occupied; one unit is vacant; Unit mix includes one-, one‑and‑a‑half-, and two‑bedroom residences
