Four-Unit Student Housing
For Sale
$845,357
1854 N 16TH Street, Philadelphia, PA 19121
MULTI_FAMILY - Other - PHILADELPHIA, PA
Property Size3,357 SF
Lot Size0.04 Acres
Price / SF$251.82
Days on Market48
Property Features for 1854 N 16TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
3,357 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
8362
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1915
Number of units
3
Building materials
Masonry
Architectural style
Other
Listing Agency:
Keller Williams Realty Devon-Wayne
(610) 647-8300
Listed By:
Danielle Redenbaugh · License #RS371661
(267) 614-3971
Added: Jun 28
Last Checked: Aug 14 at 2:06PM
MLS# PAPH2641992
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit quadplex offers student-style living across four full floors, totaling 11 bedrooms and 7 bathrooms. The current layout includes Unit 1 as a 2 bed / 1 bath on the lower level, Unit 2 as a 3 bed / 2 bath on the first floor, Unit 3 as a 3 bed / 2 bath on the second floor, and Unit 4 as a 3 bed / 2 bath on the third floor. The property is being marketed for sale with 24-hour notice required for all showings.
The building is located in a Temple University Patrol Zone and is described as being just steps from Temple University’s main campus. The listing states the property is fully occupied and fully leased through July 2027, with in-place leases that extend into the future.
From an investor and operator standpoint, the property is presented as already stabilized, with scheduled lease timing through July 2027 and documented annual gross rental income figures. The listing also notes that annual gross rental income is expected to increase beginning August 2026 under existing lease terms. For buyers looking for a four-unit student housing configuration with multiple bedroom counts across dedicated floors, this asset is positioned for straightforward unit-by-unit leasing continuity through the stated lease period.
The building is located in a Temple University Patrol Zone and is described as being just steps from Temple University’s main campus. The listing states the property is fully occupied and fully leased through July 2027, with in-place leases that extend into the future.
From an investor and operator standpoint, the property is presented as already stabilized, with scheduled lease timing through July 2027 and documented annual gross rental income figures. The listing also notes that annual gross rental income is expected to increase beginning August 2026 under existing lease terms. For buyers looking for a four-unit student housing configuration with multiple bedroom counts across dedicated floors, this asset is positioned for straightforward unit-by-unit leasing continuity through the stated lease period.
Key Highlights
- Four‑unit student housing building built in 1915 with masonry construction
- Total layout: 11 bedrooms and 7 bathrooms across four full floors (Unit 1–4)
- Unit mix: 2 bed/1 bath (Unit 1) plus three 3 bed/2 bath units (Units 2–4)
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
$57,287
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
6.78%
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%
$1,145,740
$1.1M
Cap Rate 7%
$818,386
$818.4K
Cap Rate 9%
$636,522
$636.5K
Market Conditions
NOI Build-Up for 3,357 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
$86.6K $25.80/SF
− Vacancy
−$4.8K −$1.42/SF
EGI
$81.8K $24.38/SF
− OpEx
−$24.6K −$7.31/SF
NOI
$57.3K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,145,740
Cap Rate 7%
$818,386
Cap Rate 9%
$636,522
Alternative Uses
Best Use
Multifamily LT 5
$818.4K
$716.1K – $954.8K
NOI $57,287 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$754.3K
$660.1K – $880.1K
NOI $52,804 @ 7.0% cap · market cap 6.25%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
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?
Quadplex - Fully occupied four-unit student housing property with unit mix spanning four floors and long-term leases through July 2027.
Where is this quadplex located?
The property is located at 1854 N 16TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $845,357.
What are key features of this property?
This property features: Four‑unit student housing building built in 1915 with masonry construction; Total layout: 11 bedrooms and 7 bathrooms across four full floors (Unit 1–4); Unit mix: 2 bed/1 bath (Unit 1) plus three 3 bed/2 bath units (Units 2–4)
