Six-Unit Apartment
For Sale
$1,195,000
19 44TH STREET, Philadelphia, PA 19104
Contemporary multifamily property with fully occupied units, modern finishes, and a location near major universities and hospitals.
Property Size6,000 SF
Price / SF$199.17
Days on Market179
Property Features for 19 44TH STREET
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x studio, 2 x 1BR/1.5BA, 2 x 2BR/2BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,064
Amenities
in-unit washer/dryer
stainless steel appliances with dishwasher
luxury vinyl flooring
granite countertops
recessed lighting
individually controlled central air conditioning
3
No Parking.
15.00 x 79.00
Building Details
Year Built
2020
Buildings
1
Listing Agency:
KW Empower
(215) 627-3500
Listed By:
Jim Onesti · License #RS224457L
(484) 429-6769
Source:
Xome
Added: Mar 9
Changed: Sep 2
Last Checked: Sep 2 at 1:43PM
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 Empower
Investment Insights
Based on property information with market context.
Built in 2020, this six-unit apartment building contains two studios, two one-bedroom apartments with one-and-a-half baths, and two two-bedroom apartments with two baths. The property totals 6,000 square feet, with average unit sizes of approximately 458 square feet for studios, 880 square feet for one-bedrooms, and 918 square feet for two-bedrooms. Apartment interiors feature stainless steel appliances, dishwashers, luxury vinyl flooring, granite countertops, recessed lighting, and individually controlled central air conditioning.
All units are currently occupied. A full 10-year tax abatement extends through 2031. Residents pay their own electricity and cable/internet service, along with a $30 monthly water fee.
The property is located in Philadelphia’s Spruce Hill neighborhood within the University City District, near the University of Pennsylvania, Drexel University, hospitals, Clark Park, SEPTA bus routes, and trolley lines. Center City is approximately three miles east.
All units are currently occupied. A full 10-year tax abatement extends through 2031. Residents pay their own electricity and cable/internet service, along with a $30 monthly water fee.
The property is located in Philadelphia’s Spruce Hill neighborhood within the University City District, near the University of Pennsylvania, Drexel University, hospitals, Clark Park, SEPTA bus routes, and trolley lines. Center City is approximately three miles east.
Key Highlights
- Six‑unit building with two studios, two one‑bedroom units, and two two‑bedroom units
- 6,000 square feet built in 2020
- All units currently occupied
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
$94,377
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
7.90%
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%
$1,887,540
$1.9M
Cap Rate 7%
$1,348,243
$1.3M
Cap Rate 9%
$1,048,633
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$182.2K $30.36/SF
− Vacancy
−$10.6K −$1.76/SF
EGI
$171.6K $28.60/SF
− OpEx
−$77.2K −$12.87/SF
NOI
$94.4K $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%
$1,887,540
Cap Rate 7%
$1,348,243
Cap Rate 9%
$1,048,633
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.57M
NOI $94,377 @ 7.0% cap · market cap 7.90%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.46M
$1.28M – $1.71M
NOI $102,389 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,039
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
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 - Contemporary multifamily property with fully occupied units, modern finishes, and a location near major universities and hospitals.
Where is this apartment building located?
The property is located at 19 44TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Six‑unit building with two studios, two one‑bedroom units, and two two‑bedroom units; 6,000 square feet built in 2020; All units currently occupied
