Fully Occupied Multi-Unit
1918 E CUMBERLAND STREET, Philadelphia, PA 19125
Cash-flowing portfolio with 22 units in three buildings.
Type:Commercial/Industrial
Property size:
7,200 SFLot size:
0.06 AcresPrice / SF:
$208/SF- Added:
- Nov 19, 2024
- Days on Market:
- 561
- Last Refresh:
- May 20 at 2:53 am
Property Features for 1918 E CUMBERLAND STREET
General Information
- Standard status
- Active
- Size
- 7,200 SF
- Lot size
- 0.06 Acres
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 2019
Listing agent Jeanne A Whipple License #RS275042 (215) 866-0050
Listing office Elfant Wissahickon Realtors (215) 866-0050
Listing date Nov 19, 2024
Source Exitrealty
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 Elfant Wissahickon Realtors
HighLights
- Fully occupied, cash‑flowing portfolio with a total gross annual rental income of $405,540.
- Includes three relatively new buildings (5 years old and 2 years old) comprised of 22 units.
- Remaining tax abatement on two buildings (5 years remaining) significantly reduces annual taxes.
- Each unit features in‑unit laundry, hardwood floors, custom cabinets, and oversized windows.
- Located in the rapidly growing East Kensington neighborhood, close to amenities and transportation (Market‑Frankford line, bus lines, I‑95).
- All licenses, zoning, expenses, and leases are fully documented.
Overview
This portfolio includes three buildings with a total of 22 units. The properties consist of two identical 8-unit buildings constructed five years ago and a 6-unit building constructed two years ago. The total gross annual rental income is $405,540. The buildings at 1918-20 E Cumberland and 1917-1921 E Letterly St. are each 7,200 square feet and have five years of full tax abatement remaining, with annual taxes currently based only on land value. Expenses include taxes, rental licenses, private trash removal, fire suppression, common area cleaning, whole house electric meter, and insurance. The apartments include 1, 2, and 3-bedroom units, each with a bathroom for every bedroom. The 3-bedroom units have 3 bathrooms, the 2-bedroom units have 2 bathrooms, and the 1-bedroom units have 1 bathroom. Each unit features oversized windows, hardwood floors, custom-made cabinets, and private, in-unit laundry facilities. The buildings are all-electric. Tenants are billed for electricity and water, and renewals will be billed for private trash removal. Each unit was hard-wired for cable during construction. The property is located in East Kensington, bordering Olde Richmond, Fishtown, and Norris Square. The neighborhood offers amenities such as curated vintage stores, boutiques, wellness and fitness studios, salons, restaurants, bars, breweries, and coffee shops. Proximity to the Market-Frankford line, bus lines, and I-95 facilitates transportation.
Local 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 | $218.6k | $30.36 |
| − Vacancy | −$12.7k | −$1.76 |
| EGI | $205.9k | $28.60 |
| − OpEx | −$92.7k | −$12.87 |
| NOI | $113.3k | $15.73 |
7,200 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,253 @ 7.0% cap · market cap 7.55%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.76M
$1.54M – $2.05M
NOI $122,867 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Delaware
- State
- Pennsylvania
- Longitude
- -75.1287
- Latitude
- 39.986
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Cash-flowing portfolio with 22 units in three buildings.
Where is this apartment building located?
The property is located at 1918 E CUMBERLAND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Fully occupied, cash‑flowing portfolio with a total gross annual rental income of $405,540.; Includes three relatively new buildings (5 years old and 2 years old) comprised of 22 units.; Remaining tax abatement on two buildings (5 years remaining) significantly reduces annual taxes.
