Multifamily Property with Roof
For Sale
Contact for pricing
1842 North 16th Street, Philadelphia, PA 19121
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 Market54
Property Features for 1842 North 16th Street
General Information
Standard status
Active
Size
2,784 SF
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$41,160
Additional Details
Gross Income
$58,800
Multifamily Units
4
Amenities
private roof deck
Listing Agency:
KW Realty Devon-Wayne
Listed By:
Danielle Redenbaugh · License #RS371661
(267) 614-3971
Source:
Crexi
Added: Jul 16
Changed: Sep 4
Last Checked: Aug 18 at 12:53PM
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 KW 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
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
$43,791
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
8.76%
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%
$875,820
$875.8K
Cap Rate 7%
$625,586
$625.6K
Cap Rate 9%
$486,567
$486.6K
Market Conditions
NOI Build-Up for 2,784 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
$84.5K $30.36/SF
− Vacancy
−$4.9K −$1.76/SF
EGI
$79.6K $28.60/SF
− OpEx
−$35.8K −$12.87/SF
NOI
$43.8K $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%
$875,820
Cap Rate 7%
$625,586
Cap Rate 9%
$486,567
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
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,008
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?
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 North 16th Street 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
