Three-Story Multifamily
For Sale
$680,000
1829 N 33RD STREET, Philadelphia, PA 19121
Three-story multifamily building with five units, including multiple 1-, 2-, and 3-bedroom layouts.
Property Size3,271 SF
Days on Market138
Property Features for 1829 N 33RD STREET
General Information
Standard status
Active
Size
3,271 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$4,149
Building Details
Building Size
3,271 SF
Year Built
1915
Listing Agency:
Mallin Panchelli Nadel Realty Inc
Listed By:
Samantha Lee Miller · License #RS352351
(215) 692-3107
Source:
Lizclarkrealestate
Added: Apr 24
Changed: Sep 4
Last Checked: Sep 8 at 12:25PM
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 Mallin Panchelli Nadel Realty Inc
Investment Insights
Based on property information with market context.
This three-story multifamily property totals 3,271 square feet and is configured as five residential units. The unit mix includes three 1-bedroom/1-bath units, one 2-bedroom/2-bath unit, and one 3-bedroom/2-bath unit.
The property is currently licensed for four units, creating a practical owner-occupant fit for someone looking to occupy while aligning the remaining space. The fifth unit is not part of the zoning nor is it licensed.
Located in the Strawberry Mansion neighborhood of Philadelphia, the building is described as being near Fairmount Park and Center City, within an area noted as experiencing neighborhood growth and increased investor interest.
The property is currently licensed for four units, creating a practical owner-occupant fit for someone looking to occupy while aligning the remaining space. The fifth unit is not part of the zoning nor is it licensed.
Located in the Strawberry Mansion neighborhood of Philadelphia, the building is described as being near Fairmount Park and Center City, within an area noted as experiencing neighborhood growth and increased investor interest.
Key Highlights
- 3,271 SF three‑story multifamily built in 1915
- Five residential units: three 1 bed/1 bath, one 2 bed/2 bath, and one 3 bed/2 bath
- Currently licensed for four (4) units; provides an owner‑occupant option
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
$51,451
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
7.57%
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%
$1,029,020
$1.0M
Cap Rate 7%
$735,014
$735.0K
Cap Rate 9%
$571,678
$571.7K
Market Conditions
NOI Build-Up for 3,271 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
$99.3K $30.36/SF
− Vacancy
−$5.8K −$1.76/SF
EGI
$93.5K $28.60/SF
− OpEx
−$42.1K −$12.87/SF
NOI
$51.5K $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%
$1,029,020
Cap Rate 7%
$735,014
Cap Rate 9%
$571,678
Alternative Uses
Best Use
Apartment 5plus
$735.0K
$643.1K – $857.5K
NOI $51,451 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$797.4K
$697.7K – $930.3K
NOI $55,819 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
791
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
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 - Three-story multifamily building with five units, including multiple 1-, 2-, and 3-bedroom layouts.
Where is this apartment building located?
The property is located at 1829 N 33RD STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: 3,271 SF three‑story multifamily built in 1915; Five residential units: three 1 bed/1 bath, one 2 bed/2 bath, and one 3 bed/2 bath; Currently licensed for four (4) units; provides an owner‑occupant option
