Modern 15-Unit Multifamily
For Sale
$3,000,000
2020-22 N 22ND STREET, Philadelphia, PA 19121
Turn-key, two-year-old 15-unit apartment building is currently fully leased with in-unit laundry and secure entry.
Property Size12,000 SF
Days on Market301
Property Features for 2020-22 N 22ND STREET
General Information
Standard status
Active
Size
12,000 SF
Occupancy
100%
Site & Location
Neighborhood
North Philadelphia
Additional Details
Sprinkler System
Yes
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$178
Amenities
in-unit laundry
energy-efficient systems
full sprinkler system
separate utilities
secure entry
camera systems
Building Details
Building Size
12,000 SF
Year Built
2023
Listing Agency:
HomeSmart Realty Advisors
Listed By:
Gazi Ataseven · License #RM426020
(267) 323-4884
Source:
Kingswayrealty
Added: Dec 27, 2025
Changed: Oct 17
Last Checked: Oct 23 at 3:24AM
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 HomeSmart Realty Advisors
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
A turn-key, two-year-old 15-unit multifamily building offered for sale. The property is approximately fully leased with 15 units currently rented, and features a unit mix of studios, one-bedroom, and two-bedroom apartments. Interiors include quartz countertops, stainless steel appliances, custom tile baths, and in-unit laundry. The building also includes energy-efficient systems, a full sprinkler system, separate utilities, secure entry, and camera systems.
The property is located at 2020-22 N 22nd Street in Philadelphia, Pennsylvania.
Additional operational features include separate utilities and controlled access through secure entry and camera systems, supporting efficient day-to-day management.
The property is located at 2020-22 N 22nd Street in Philadelphia, Pennsylvania.
Additional operational features include separate utilities and controlled access through secure entry and camera systems, supporting efficient day-to-day management.
Key Highlights
- 2023‑built 15‑unit multifamily building, approximately 2 years old
- Approximately 100% leased: 15 units rented, providing consistent income from day one
- Unit mix includes studios, 1‑bedroom, and 2‑bedroom apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$188,754
Cap Rate
6.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,775,080
$3.8M
Cap Rate 7%
$2,696,486
$2.7M
Cap Rate 9%
$2,097,267
$2.1M
Market Conditions
NOI Build-Up for 12,000 SF
Gross rent
$364.3K $30.36/SF
− Vacancy
−$21.1K −$1.76/SF
EGI
$343.2K $28.60/SF
− OpEx
−$154.4K −$12.87/SF
NOI
$188.8K $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 Rate 5%
$3,775,080
Cap Rate 7%
$2,696,486
Cap Rate 9%
$2,097,267
Alternative Uses
Best Use
Apartment 5plus
$2.70M
$2.36M – $3.15M
NOI $188,754 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.93M
$2.56M – $3.41M
NOI $204,779 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
15
Residential units
100%
Occupancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,572
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
Frequently Asked Questions
What type of property is this?
Apartment building - Turn-key, two-year-old 15-unit apartment building is currently fully leased with in-unit laundry and secure entry.
Where is this apartment building located?
The property is located at 2020-22 N 22ND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 2023‑built 15‑unit multifamily building, approximately 2 years old; Approximately 100% leased: 15 units rented, providing consistent income from day one; Unit mix includes studios, 1‑bedroom, and 2‑bedroom apartments
