5-Unit Multifamily
New
For Sale
$470,000
1729 W ERIE AVE, Philadelphia, PA 19140
Multifamily property with four one-bedroom apartments and one studio near transit, university, healthcare, and neighborhood retail.
Property Size2,456 SF
Price / SF$191.37
Days on Market4
Property Features for 1729 W ERIE AVE
General Information
Standard status
Active
Size
2,456 SF
Property subtype
Multi-family
Units
Unit Mix
4 x 1BR/1BA, 1 x studio
Multifamily Units
5
Additional Details
Public Transit
Yes
Listing Agency:
OCF Realty LLC - Philadelphia
(215) 735-7368
Listed By:
Kevin M McGettigan · License #RS326539
(856) 347-0434
Source:
Graves
Added: Sep 6
Changed: Sep 8
Last Checked: Sep 7 at 1:21PM
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 OCF Realty LLC - Philadelphia
Investment Insights
Based on property information with market context.
Built in 1930, this 2,456-square-foot multifamily property contains five residential units: four one-bedroom, one-bath apartments and one studio. The unit mix provides a combination of traditional apartment layouts and a smaller-format residence within the same building.
The property is located at 1729 W Erie Ave in Philadelphia’s West Allegheny neighborhood, with access to Broad Street transit, major bus routes, neighborhood retail, and Temple University/Health System. The building is offered individually and may also be acquired as part of a three-property, 14-unit package that includes 3521 N 21st St and 2122 W Estaugh St.
The property is located at 1729 W Erie Ave in Philadelphia’s West Allegheny neighborhood, with access to Broad Street transit, major bus routes, neighborhood retail, and Temple University/Health System. The building is offered individually and may also be acquired as part of a three-property, 14-unit package that includes 3521 N 21st St and 2122 W Estaugh St.
Key Highlights
- Five‑unit multifamily building
- 2,456 square feet on a 0.00‑acre property
- Unit mix includes four 1‑bed, 1‑bath apartments and one studio
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
$38,632
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
8.22%
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%
$772,640
$772.6K
Cap Rate 7%
$551,886
$551.9K
Cap Rate 9%
$429,244
$429.2K
Market Conditions
NOI Build-Up for 2,456 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
$74.6K $30.36/SF
− Vacancy
−$4.3K −$1.76/SF
EGI
$70.2K $28.60/SF
− OpEx
−$31.6K −$12.87/SF
NOI
$38.6K $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%
$772,640
Cap Rate 7%
$551,886
Cap Rate 9%
$429,244
Alternative Uses
Best Use
Apartment 5plus
$551.9K
$482.9K – $643.9K
NOI $38,632 @ 7.0% cap · market cap 8.22%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$598.7K
$523.9K – $698.5K
NOI $41,911 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,093
Businesses Nearby
Explore this area
Business Placement
Demographics for 19140, PA
52,124
Population
23,104
Households
2.3
Avg Household Size
36
Median Age
9%
College-Educated
73%
High-School Grad
3.2 sq mi
ZIP Area
16,289
Density / Sq Mi
$33,149
Median Household Income
$31,508
Median Earnings
$1,085
Median Rent
$101,100
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 - Multifamily property with four one-bedroom apartments and one studio near transit, university, healthcare, and neighborhood retail.
Where is this apartment building located?
The property is located at 1729 W ERIE AVE Philadelphia, PA.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Five‑unit multifamily building; 2,456 square feet on a 0.00‑acre property; Unit mix includes four 1‑bed, 1‑bath apartments and one studio
