Four-Unit Mixed-Use
For Sale
$948,000
1824 Ridge Ave, Philadelphia, PA 19130
Fully occupied property combines residential apartments with a ground-floor commercial space and finished basement.
Property Size5,100 SF
Price / SF$185.88
Days on Market45
Property Features for 1824 Ridge Ave
General Information
Standard status
Active
Size
5,100 SF
Property subtype
Multi-Family
Zoning
CMX 2.5
Occupancy
100%
Units
Unit Mix
3 x 2BR/2BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
in unit washer/dryer
private roof access
backyard
Building Details
Year Built
2019
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty
Listed By:
Andrew F Cheng · License #RS3263312
(267) 506-7100
Source:
Bethsamberg
Added: Jul 21
Changed: Aug 27
Last Checked: Sep 1 at 9:45PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 2019, this 5,100 SF mixed-use property contains four units: three residential apartments and one ground-floor commercial space with a finished basement. Each apartment includes two bedrooms, two full bathrooms, hardwood flooring, central HVAC, and an in-unit washer/dryer. The upper-level apartment also has private roof access, while the backyard serves as shared outdoor space for two residential units.
The building is fully occupied and carries CMX 2.5 zoning, supporting commercial and mixed-use applications. It fronts Ridge Avenue in Philadelphia, with public transportation access and proximity to Temple University and Center City. The combination of residential and commercial components provides a diversified occupancy profile within an urban setting.
The building is fully occupied and carries CMX 2.5 zoning, supporting commercial and mixed-use applications. It fronts Ridge Avenue in Philadelphia, with public transportation access and proximity to Temple University and Center City. The combination of residential and commercial components provides a diversified occupancy profile within an urban setting.
Key Highlights
- Four total units: three residential apartments plus one ground‑floor commercial space
- Three apartments with 2 bedrooms, 2 full baths, hardwood floors, central HVAC, and in‑unit washer/dryers
- 5,100 SF building constructed in 2019
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
$80,221
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
8.46%
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%
$1,604,420
$1.6M
Cap Rate 7%
$1,146,014
$1.1M
Cap Rate 9%
$891,344
$891.3K
Market Conditions
NOI Build-Up for 5,100 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
$154.8K $30.36/SF
− Vacancy
−$9.0K −$1.76/SF
EGI
$145.9K $28.60/SF
− OpEx
−$65.6K −$12.87/SF
NOI
$80.2K $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%
$1,604,420
Cap Rate 7%
$1,146,014
Cap Rate 9%
$891,344
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,221 @ 7.0% cap · market cap 8.46%
Second Best
Mixed Use
$865.5K
$757.4K – $1.01M
NOI $60,588 @ 7.0% cap · market cap 6.39%
Theoretical Best
Multifamily LT 5
$1.24M
$1.09M – $1.45M
NOI $87,031 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,556
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
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?
Mixed-use property - Fully occupied property combines residential apartments with a ground-floor commercial space and finished basement.
Where is this mixed-use property located?
The property is located at 1824 Ridge Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $948,000.
What are key features of this property?
This property features: Four total units: three residential apartments plus one ground‑floor commercial space; Three apartments with 2 bedrooms, 2 full baths, hardwood floors, central HVAC, and in‑unit washer/dryers; 5,100 SF building constructed in 2019
