6-Unit Student Housing
New
For Sale
$499,900
1708 N 16th Street, Philadelphia, PA 19121
Six leased apartments provide a mix of studio, one-bedroom, and four-bedroom layouts.
Property Size2,764 SF
Price / SF$183.52
Days on Market2
Property Features for 1708 N 16th Street
General Information
Standard status
Active
Size
2,764 SF
Zoning
RM1
Occupancy
100%
Site & Location
Neighborhood
Newbold
Units
Unit Mix
1 x 4BR/3BA, 3 x Studio/1BA, 2 x 1BR/1BA
Multifamily Units
6
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$6,464
Amenities
Natural Gas
Yes
Electric
No
Public
U50
18X103
0.04
Assessor
On Street
2764.00
92300.00
Building Details
Building Size
2,764 SF
Year Built
1915
Listing Agency:
BHHS Fox & Roach-Center City Walnut
(215) 627-6005
Listed By:
Danielle Redenbaugh · License #RS371661
(267) 614-3971
Source:
Mullenrealty
Added: Nov 5
Changed: Nov 6
Last Checked: Nov 6 at 1:38AM
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 BHHS Fox & Roach-Center City Walnut
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Investment Insights
Based on property information with market context.
This six-unit apartment property contains 2,724 square feet and was built in 1915. Its nine bedrooms and eight bathrooms are distributed among three studio units, two one-bedroom apartments, and one four-bedroom, three-bathroom unit. RM1 zoning is listed for the property.
The apartments are fully occupied, with leases extending through July 2027. The six-unit configuration combines compact studio layouts with larger one- and four-bedroom accommodations.
The apartments are fully occupied, with leases extending through July 2027. The six-unit configuration combines compact studio layouts with larger one- and four-bedroom accommodations.
Key Highlights
- Six apartments totaling 9 bedrooms and 8 bathrooms
- Unit mix includes 3 studios, two 1‑bedroom apartments, and one 4‑bedroom, 3‑bathroom unit
- 2,724 square feet; built in 1915
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,847
Cap Rate
8.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$856,940
$856.9K
Cap Rate 7%
$612,100
$612.1K
Cap Rate 9%
$476,078
$476.1K
Market Conditions
NOI Build-Up for 2,724 SF
Gross rent
$82.7K $30.36/SF
− Vacancy
−$4.8K −$1.76/SF
EGI
$77.9K $28.60/SF
− OpEx
−$35.1K −$12.87/SF
NOI
$42.8K $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 Rate 5%
$856,940
Cap Rate 7%
$612,100
Cap Rate 9%
$476,078
Alternative Uses
Best Use
Apartment 5plus
$612.1K
$535.6K – $714.1K
NOI $42,847 @ 7.0% cap · market cap 8.57%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$664.1K
$581.1K – $774.8K
NOI $46,485 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,668
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Six leased apartments provide a mix of studio, one-bedroom, and four-bedroom layouts.
Where is this apartment building located?
The property is located at 1708 N 16th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Six apartments totaling 9 bedrooms and 8 bathrooms; Unit mix includes 3 studios, two 1‑bedroom apartments, and one 4‑bedroom, 3‑bathroom unit; 2,724 square feet; built in 1915
