Apartment Building with Detached
For Sale
Contact for pricing
1540 N 15TH ST, Philadelphia, PA 19121
Six-unit income property with separated utilities and detached garage space, offered for sale as-is with lease-back required.
Property Size4,750 SF
Price / SF$252.63
Days on Market99
Property Features for 1540 N 15TH ST
General Information
Standard status
Active
Size
4,750 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
6
Building Details
Year Built
1915
Stories
3
Listing Agency:
Realty Mark Associates
Listed By:
Larry levin · License #PA RS300451
(267) 808-6565
Source:
Crexi
Added: Jun 3
Changed: Aug 28
Last Checked: Sep 8 at 3:42AM
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 Realty Mark Associates
Investment Insights
Based on property information with market context.
This six-unit apartment building has been owner-occupied and well cared for for nearly 40 years. The property includes contemporary, well-maintained finishes, with space that could be refreshed to update appearances. The unit mix consists of a ground-floor studio plus a ground-floor 2BR/1BA owner’s unit, two 1BR/1BA units on the second floor, and one 1BR/1BA and one 2BR/1BA on the third floor. The building is approximately 4,750 square feet and is being sold as-is; the seller will make no repairs and will not provide inspection concessions.
The site extends from 15th Street to Sydenham Street and includes a detached garage and/or vacant lot space that could support an additional multi-family development. Utilities are separated for the units, and the available description states that building systems are up to date. The current income and occupancy configuration is described as four units of gross income with the owner’s unit non-paying, and three units reported as vacant.
For investors or owner-operators looking for an income-generating multifamily asset with an on-site garage and potential for additional development, the building offers a mix of studio and 1–2 bedroom layouts. The listing notes projected rents up to $78,600 per year when laundry and garage rental are included, and that the owner must have time to lease back following settlement.
The site extends from 15th Street to Sydenham Street and includes a detached garage and/or vacant lot space that could support an additional multi-family development. Utilities are separated for the units, and the available description states that building systems are up to date. The current income and occupancy configuration is described as four units of gross income with the owner’s unit non-paying, and three units reported as vacant.
For investors or owner-operators looking for an income-generating multifamily asset with an on-site garage and potential for additional development, the building offers a mix of studio and 1–2 bedroom layouts. The listing notes projected rents up to $78,600 per year when laundry and garage rental are included, and that the owner must have time to lease back following settlement.
Key Highlights
- Six‑unit income property (built 1915) offered for sale as‑is with required owner lease‑back after settlement
- Unit mix: studio plus ground‑floor 2BR/1BA owner unit; two 1BR/1BA units on 2nd floor; and one 1BR/1BA plus one 2BR/1BA on 3rd floor
- All utilities are separated and systems are up to date
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
$74,715
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
6.23%
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%
$1,494,300
$1.5M
Cap Rate 7%
$1,067,357
$1.1M
Cap Rate 9%
$830,167
$830.2K
Market Conditions
NOI Build-Up for 4,750 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
$144.2K $30.36/SF
− Vacancy
−$8.4K −$1.76/SF
EGI
$135.8K $28.60/SF
− OpEx
−$61.1K −$12.87/SF
NOI
$74.7K $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%
$1,494,300
Cap Rate 7%
$1,067,357
Cap Rate 9%
$830,167
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$933.9K – $1.25M
NOI $74,715 @ 7.0% cap · market cap 6.23%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.16M
$1.01M – $1.35M
NOI $81,058 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
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
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 - Six-unit income property with separated utilities and detached garage space, offered for sale as-is with lease-back required.
Where is this apartment building located?
The property is located at 1540 N 15TH ST 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: Six‑unit income property (built 1915) offered for sale as‑is with required owner lease‑back after settlement; Unit mix: studio plus ground‑floor 2BR/1BA owner unit; two 1BR/1BA units on 2nd floor; and one 1BR/1BA plus one 2BR/1BA on 3rd floor; All utilities are separated and systems are up to date
