5-Unit Apartment
For Sale
$475,000
1729 W ERIE AVENUE, Philadelphia, PA 19140
Well-located 5-unit multifamily with four 1-bed/1-bath units plus one studio and a 1930 build date.
Property Size2,456 SF
Days on Market16
Property Features for 1729 W ERIE AVENUE
General Information
Standard status
Active
Size
2,456 SF
Property subtype
Five Or More Units
Units
Unit Mix
4 x 1BR/1BA, 1 x studio
Multifamily Units
5
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,553
Building Details
Building Size
2,456 SF
Year Built
1930
Listing Agency:
OCF Realty LLC - Philadelphia
(856) 347-0434
Listed By:
Kevin M McGettigan · License #RS326539
(856) 347-0434
Source:
Patmckennarealtors
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 12 at 2:38PM
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.
This 5-unit multifamily property offers practical unit layouts, including four 1-bedroom, 1-bath apartments and one studio unit. The building is positioned for long-term ownership, with straightforward systems intended to support stable, day-to-day operations.
The property is located in North Philadelphia’s West Allegheny neighborhood, near Broad Street transit and close to Temple University/Health System. It also benefits from access to neighborhood retail and major bus routes, which can support consistent demand.
Financials and a rent roll are available upon request. The property is also available as part of a three-property, 14-unit package that includes 3521 N 21st St and 2122 W Estaugh St, or it can be purchased individually.
The property is located in North Philadelphia’s West Allegheny neighborhood, near Broad Street transit and close to Temple University/Health System. It also benefits from access to neighborhood retail and major bus routes, which can support consistent demand.
Financials and a rent roll are available upon request. The property is also available as part of a three-property, 14-unit package that includes 3521 N 21st St and 2122 W Estaugh St, or it can be purchased individually.
Key Highlights
- Five units total: four 1‑bedroom, 1‑bath apartments and one studio
- Year built: 1930
- Near Broad Street transit
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
8.13%
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 8.13%
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 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Well-located 5-unit multifamily with four 1-bed/1-bath units plus one studio and a 1930 build date.
Where is this apartment building located?
The property is located at 1729 W ERIE AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Five units total: four 1‑bedroom, 1‑bath apartments and one studio; Year built: 1930; Near Broad Street transit
