Renovated Apartment Building in Logan
For Sale
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1832 Callowhill St, Philadelphia, PA 19130
Fully renovated 8-unit apartment building in Philadelphia's Logan Square neighborhood.
Property Size5,400 SF
Price / SF$407.41
Days on Market148
Property Features for 1832 Callowhill St
General Information
Standard status
Active
Size
5,400 SF
Property subtype
Multifamily
Net Operating Income
$126,979
Building Details
Year Built
1950
Year Renovated
2024
Buildings
1
Stories
3
Units
8
Listing Agency:
Marcus & Millichap - Philadelphia
(215) 531-7000
Listed By:
Andrew Townsend · License #DE RS-0019885
Source:
Crexi
Added: Mar 19
Changed: Aug 8
Last Checked: Aug 8 at 2:55PM
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 Marcus & Millichap - Philadelphia
Investment Insights
Based on property information with market context.
The property at 1832-1834 Callowhill Street is a fully renovated 8-unit apartment building located in Philadelphia's Logan Square neighborhood. The building contains three one-bedroom units, three studio units, and two two-bed/1.5 bath units. The units feature modern finishes, gourmet kitchens, stainless appliances, and in-unit washer/dryers. Select units are bi-level or feature a private entrance or outdoor space. In 2024, an extensive capital expenditure program included a new roof, new in-unit HVAC systems, and a new hot water heater. The facade was pointed on all four elevations and coated with a waterproof exterior paint system. A new fire alarm system was installed, and a majority of the windows were replaced. Common areas have also been fully renovated with new flooring, lighting, paint, and trim. The front entry was upgraded with new electric locks, entry system, and door closers. The landlord is responsible for gas for hot water and common electric and water/sewer. The tenant is responsible for electric and a flat fee for water. The property offers immediate upside through rent increases upon turnover.
Key Highlights
- Fully renovated 8‑unit apartment building in the prestigious Logan Square neighborhood.
- Turnkey asset with immediate upside through rent increases upon turnover.
- High‑end modern finishes including gourmet kitchens, stainless appliances, and in‑unit washer/dryers.
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
$84,939
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
3.86%
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%
$1,698,780
$1.7M
Cap Rate 7%
$1,213,414
$1.2M
Cap Rate 9%
$943,767
$943.8K
Market Conditions
NOI Build-Up for 5,400 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
$163.9K $30.36/SF
− Vacancy
−$9.5K −$1.76/SF
EGI
$154.4K $28.60/SF
− OpEx
−$69.5K −$12.87/SF
NOI
$84.9K $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%
$1,698,780
Cap Rate 7%
$1,213,414
Cap Rate 9%
$943,767
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.42M
NOI $84,939 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.32M
$1.15M – $1.54M
NOI $92,150 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12,479
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?
Apartment building - Fully renovated 8-unit apartment building in Philadelphia's Logan Square neighborhood.
Where is this apartment building located?
The property is located at 1832 Callowhill St Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Fully renovated 8‑unit apartment building in the prestigious Logan Square neighborhood.; Turnkey asset with immediate upside through rent increases upon turnover.; High‑end modern finishes including gourmet kitchens, stainless appliances, and in‑unit washer/dryers.
