Renovated 4-Unit Apartment
For Sale
$647,500
1921 W DIAMOND STREET, Philadelphia, PA 19121
Residential units feature private laundry, central air, and updated interiors throughout the building.
Property Size3,672 SF
Days on Market235
Property Features for 1921 W DIAMOND STREET
General Information
Standard status
Active
Size
3,672 SF
Property subtype
Quadruplex
Units
Unit Mix
4 x 3BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,373
Amenities
in-unit laundry
central air
Building Details
Building Size
3,672 SF
Year Built
1915
Buildings
1
Listing Agency:
Century 21 Advantage Gold-Lower Bucks
Listed By:
Joan A Schleinkofer · License #RS331779
(215) 680-5704
Source:
Patmckennarealtors
Added: Jan 16
Changed: Sep 4
Last Checked: Sep 8 at 9:46AM
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 Century 21 Advantage Gold-Lower Bucks
Investment Insights
Based on property information with market context.
This 4-unit apartment property, built in 1915, contains four 3-bedroom, 1-bath residences. Each unit includes in-unit laundry and central air. Improvements include updated bathrooms and HVAC, along with new appliances, flooring, and interior paint. The building also received a new roof and exterior paint in 2023, while common-area hallway lighting was updated in 2025-26.
Three apartments are leased, and the renovated basement unit is available for rent. The property is within walking distance of Temple University, providing a university-area setting for this multifamily asset.
Three apartments are leased, and the renovated basement unit is available for rent. The property is within walking distance of Temple University, providing a university-area setting for this multifamily asset.
Key Highlights
- Four 3‑bedroom, 1‑bath units in a multifamily building
- In‑unit laundry and central air in every residence
- New roof and exterior paint completed in 2023
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
$57,759
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
8.92%
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%
$1,155,180
$1.2M
Cap Rate 7%
$825,129
$825.1K
Cap Rate 9%
$641,767
$641.8K
Market Conditions
NOI Build-Up for 3,672 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
$111.5K $30.36/SF
− Vacancy
−$6.5K −$1.76/SF
EGI
$105.0K $28.60/SF
− OpEx
−$47.3K −$12.87/SF
NOI
$57.8K $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%
$1,155,180
Cap Rate 7%
$825,129
Cap Rate 9%
$641,767
Alternative Uses
Best Use
Multifamily LT 5
$895.2K
$783.3K – $1.04M
NOI $62,662 @ 7.0% cap · market cap 9.68%
Second Best
Apartment 5plus
$825.1K
$722.0K – $962.7K
NOI $57,759 @ 7.0% cap · market cap 8.92%
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
Location Intelligence
Trade Area within ½ mile
1,912
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 - Residential units feature private laundry, central air, and updated interiors throughout the building.
Where is this quadplex located?
The property is located at 1921 W DIAMOND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $647,500.
What are key features of this property?
This property features: Four 3‑bedroom, 1‑bath units in a multifamily building; In‑unit laundry and central air in every residence; New roof and exterior paint completed in 2023
