Multifamily Property with Central
New
For Sale
$509,900
Pending
1721 GRIFFITH STREET, Philadelphia, PA 19111
1997-built multifamily property with central air, forced-air heating, and a residential appliance package.
Property Size2,358 SF
Days on Market4
Property Features for 1721 GRIFFITH STREET
General Information
Standard status
Pending
Size
2,358 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
RSA3
Taxes and HOA fees
Annual Taxes
$5,590
Amenities
Central Air, Electric
Natural Gas, Forced Air
Gas Water Heater, Dishwasher, Dryer, Refrigerator, Washer
Driveway
Traditional
Building Details
Building Size
2,358 SF
Year Built
1997
Listing Agency:
KW Empower
(610) 470-7559
Listed By:
Rayma Abdallah
(610) 470-7559
Source:
Evrealestate
Added: Aug 9
Changed: Aug 12
Last Checked: Aug 12 at 5:06AM
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 KW Empower
Investment Insights
Based on property information with market context.
This multifamily property at 1721 Griffith Street in Philadelphia was built in 1997 and is designated RSA3 zoning. Interior systems include central air, electric service, natural gas, and forced-air heating. The property also has a gas water heater and includes a dishwasher, dryer, refrigerator, and washer.
Exterior features include a driveway and traditional construction. The property is reached from Rhawn Street via Castor Avenue and Griffith Street, providing a documented route to the site.
Exterior features include a driveway and traditional construction. The property is reached from Rhawn Street via Castor Avenue and Griffith Street, providing a documented route to the site.
Key Highlights
- Multifamily property built in 1997
- RSA3 zoning designation
- Central air and forced‑air heating
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
$29,196
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
5.73%
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%
$583,920
$583.9K
Cap Rate 7%
$417,086
$417.1K
Cap Rate 9%
$324,400
$324.4K
Market Conditions
NOI Build-Up for 2,358 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
$54.9K $23.28/SF
− Vacancy
−$1.8K −$0.77/SF
EGI
$53.1K $22.51/SF
− OpEx
−$23.9K −$10.13/SF
NOI
$29.2K $12.38/SF
Area
ZIP 19111
Vacancy
3.30%
Lease Rate
$23.28 /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%
$583,920
Cap Rate 7%
$417,086
Cap Rate 9%
$324,400
Alternative Uses
Best Use
Apartment 5plus
$417.1K
$365.0K – $486.6K
NOI $29,196 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$714.9K
$625.6K – $834.1K
NOI $50,045 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,186
Businesses Nearby
Explore this area
Business Placement
Demographics for 19111, PA
67,017
Population
27,518
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
86%
High-School Grad
4.8 sq mi
ZIP Area
13,962
Density / Sq Mi
$60,441
Median Household Income
$39,065
Median Earnings
$1,221
Median Rent
$244,000
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?
Multifamily property - 1997-built multifamily property with central air, forced-air heating, and a residential appliance package.
Where is this multifamily property located?
The property is located at 1721 GRIFFITH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $509,900.
What are key features of this property?
This property features: Multifamily property built in 1997; RSA3 zoning designation; Central air and forced‑air heating
