Six-Unit Apartment
New
For Sale
$1,300,000
1523 CHRISTIAN STREET, Philadelphia, PA 19146
Tenant-occupied apartment property with dedicated rear parking and shared on-site laundry.
Property Size3,195 SF
Lot Size0.04 Acres
Price / SF$406.89
Days on Market3
Property Features for 1523 CHRISTIAN STREET
General Information
Standard status
Active
Size
3,195 SF
Total Parking Spaces
2
Lot size
0.04 Acres
Property subtype
Five Or More Units
Zoning
RM1
Additional Details
Utilities to Site
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,915
Amenities
shared laundry
Building Details
Building Size
3,195 SF
Year Built
1910
Year Renovated
2006
Buildings
1
Construction
masonry
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Jack Aezen · License #RS226201L
(610) 662-1066
Source:
Patmckennarealtors
Added: Sep 7
Changed: Sep 8
Last Checked: Sep 9 at 6:26AM
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 tenant-occupied apartment building contains 6 units within 3,195 square feet of masonry construction. Built in 1910 and substantially renovated in 2006, the property occupies an 18' x 97' lot and includes two dedicated off-street parking spaces at the rear. Shared laundry serves the building.
The property is located near 16th Street in Philadelphia's Graduate Hospital area. It carries RM1 zoning and fee simple ownership. Units have separate gas and electric meters, window cooling units, and electric hot water. Public water and sewer connections serve the building.
The property is located near 16th Street in Philadelphia's Graduate Hospital area. It carries RM1 zoning and fee simple ownership. Units have separate gas and electric meters, window cooling units, and electric hot water. Public water and sewer connections serve the building.
Key Highlights
- 6‑unit apartment building with 3,195 square feet
- Tenant‑occupied property on an 18' x 97' lot
- Built in 1910 and renovated in 2006
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
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Open 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Tenant-occupied apartment property with dedicated rear parking and shared on-site laundry.
Where is this apartment building located?
The property is located at 1523 CHRISTIAN STREET 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: 6‑unit apartment building with 3,195 square feet; Tenant‑occupied property on an 18' x 97' lot; Built in 1910 and renovated in 2006
