13-Unit Apartment
For Sale
$2,800,000
2 46th Street, Philadelphia, PA 19139
Thirteen 2-bedroom, 1-bath apartments are provided at a corner location in University City.
Property Size11,250 SF
Price / SF$248.89
Days on Market112
Property Features for 2 46th Street
General Information
Standard status
Active
Size
11,250 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$15,497
Amenities
Window Air Conditioning
3
Tar Gravel, Flat, Asphalt
RM1
No Parking.
79.00 x 71.00
Building Details
Year Built
1930
Listing Agency:
Mallin Panchelli Nadel Realty Inc
(215) 413-4900
Listed By:
Nadia Bilynsky · License #RS311101
(215) 413-4900
Source:
Xome
Added: Apr 21
Changed: Aug 8
Last Checked: Aug 9 at 4:38AM
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 Mallin Panchelli Nadel Realty Inc
Investment Insights
Based on property information with market context.
This 13-unit apartment building offers a consistent unit mix, with (13) 2-bedroom, 1-bath residences, described as self-contained. The property is presented for sale by an owner with more than 15 years of ownership, with a reported rental history during that period.
The building is located at a highly trafficked corner of S 46th St. and Market St. in University City, providing convenient access to the surrounding area.
The offering also notes a potential value-add component, with opportunities for upgrades and improvements to help increase rents.
The building is located at a highly trafficked corner of S 46th St. and Market St. in University City, providing convenient access to the surrounding area.
The offering also notes a potential value-add component, with opportunities for upgrades and improvements to help increase rents.
Key Highlights
- 13‑unit apartment building with 2‑bedroom, 1‑bath units at 2‑8 S 46th St in University City
- Corner location at S 46th St and Market St
- Each unit is self‑contained
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
$176,957
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
6.32%
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%
$3,539,140
$3.5M
Cap Rate 7%
$2,527,957
$2.5M
Cap Rate 9%
$1,966,189
$2.0M
Market Conditions
NOI Build-Up for 11,250 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
$341.6K $30.36/SF
− Vacancy
−$19.8K −$1.76/SF
EGI
$321.7K $28.60/SF
− OpEx
−$144.8K −$12.87/SF
NOI
$177.0K $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%
$3,539,140
Cap Rate 7%
$2,527,957
Cap Rate 9%
$1,966,189
Alternative Uses
Best Use
Apartment 5plus
$2.53M
$2.21M – $2.95M
NOI $176,957 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.74M
$2.40M – $3.20M
NOI $191,980 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
2,284
Businesses Nearby
Explore this area
Business Placement
Demographics for 19139, PA
43,281
Population
23,896
Households
1.8
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
1.8 sq mi
ZIP Area
24,045
Density / Sq Mi
$38,701
Median Household Income
$34,796
Median Earnings
$1,110
Median Rent
$118,700
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 - Thirteen 2-bedroom, 1-bath apartments are provided at a corner location in University City.
Where is this apartment building located?
The property is located at 2 46th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 13‑unit apartment building with 2‑bedroom, 1‑bath units at 2‑8 S 46th St in University City; Corner location at S 46th St and Market St; Each unit is self‑contained
