Multifamily Property with Roof
For Sale
$499,900
1842 N 16th St, Philadelphia, PA 19130
Student-oriented multifamily asset near Temple University with grandfathered rooming-house rights and an outdoor roof deck.
Property Size2,784 SF
Price / SF$179.56
Days on Market48
Property Features for 1842 N 16th St
General Information
Standard status
Active
Size
2,784 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Gross Income
$58,800
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,969
Amenities
private roof deck
Listing Agency:
Keller Williams Realty Devon-Wayne
(484) 942-6266
Listed By:
Michael Coleman
(484) 942-6266
Source:
Exprealty
Added: Jun 16
Changed: Aug 2
Last Checked: Aug 2 at 6:38AM
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 Devon-Wayne
Investment Insights
Based on property information with market context.
This 2,784-square-foot multifamily property currently operates as a 7-bedroom, 2.5-bath student rental. The building is legally recognized as a four-unit rooming house, with grandfathered zoning rights that allow four units by right. A private roof deck adds an outdoor amenity to the existing residential configuration.
The property is located near Temple University's main campus and within the university campus patrol zone. It is leased through July 2027 and is being offered individually or as part of a larger package of related properties. Showings require 24-hour notice.
The property is located near Temple University's main campus and within the university campus patrol zone. It is leased through July 2027 and is being offered individually or as part of a larger package of related properties. Showings require 24-hour notice.
Key Highlights
- 2,784 SF multifamily property configured as a 7‑bedroom, 2.5‑bath student rental
- Legal four‑unit rooming house with grandfathered zoning rights
- Four‑unit building permitted by right
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $84.5k | $30.36 |
| − Vacancy | −$4.9k | −$1.76 |
| EGI | $79.6k | $28.60 |
| − OpEx | −$35.8k | −$12.87 |
| NOI | $43.8k | $15.73 |
2,784 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$625.6K
$547.4K – $729.9K
NOI $43,791 @ 7.0% cap · market cap 8.76%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$678.7K
$593.9K – $791.8K
NOI $47,509 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,008
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?
Multifamily property - Student-oriented multifamily asset near Temple University with grandfathered rooming-house rights and an outdoor roof deck.
Where is this multifamily property located?
The property is located at 1842 N 16th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 2,784 SF multifamily property configured as a 7‑bedroom, 2.5‑bath student rental; Legal four‑unit rooming house with grandfathered zoning rights; Four‑unit building permitted by right
