15-Unit New Construction Apartment
For Sale
$3,000,000
2020 2020-22 N 22nd St, Philadelphia, PA 19121
Fully leased asset with studio, one-bedroom, and two-bedroom layouts.
Property Size12,000 SF
Price / SF$250
Days on Market31
Property Features for 2020 2020-22 N 22nd St
General Information
Standard status
Active
Size
12,000 SF
Occupancy
100%
Additional Details
Public Transit
Yes
Sprinkler System
Yes
Multifamily Units
15
Amenities
in-unit laundry
secure entry
camera systems
Building Details
Year Built
2023
Listing Agency:
HomeSmart Realty Advisors
(267) 323-4884
Listed By:
Gazi Ataseven · License #RM426020
Source:
Southjerseyshorehomesfinder
Added: Aug 2
Changed: Aug 28
Last Checked: Aug 30 at 8:50PM
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
Investment Insights
Based on property information with market context.
Completed in 2023, this 12,000-square-foot apartment building contains 15 units and is approximately 100% leased, with all 15 residences currently occupied. The unit mix includes studios, one-bedroom apartments, and two-bedroom apartments. Interior features include quartz countertops, stainless steel appliances, custom-tile bathrooms, and in-unit laundry. Energy-efficient systems, separate utilities, a full sprinkler system, secure entry, and camera systems are also in place.
The property is located at 2020-2022 N 22nd St in Philadelphia, Pennsylvania. The surrounding area includes new construction, universities, major employers, and public transportation. A 10-year tax abatement is associated with the property. The combination of recent construction, full occupancy, and a varied apartment mix provides a clear operating profile for multifamily ownership.
The property is located at 2020-2022 N 22nd St in Philadelphia, Pennsylvania. The surrounding area includes new construction, universities, major employers, and public transportation. A 10-year tax abatement is associated with the property. The combination of recent construction, full occupancy, and a varied apartment mix provides a clear operating profile for multifamily ownership.
Key Highlights
- 15‑unit apartment building completed in 2023
- 12,000 square feet with studios, one‑bedroom, and two‑bedroom units
- Approximately 100% leased, with 15 units currently rented
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
$188,754
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
6.29%
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%
$3,775,080
$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
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
$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 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%
$3,775,080
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.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased asset with studio, one-bedroom, and two-bedroom layouts.
Where is this apartment building located?
The property is located at 2020 2020-22 N 22nd St 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: 15‑unit apartment building completed in 2023; 12,000 square feet with studios, one‑bedroom, and two‑bedroom units; Approximately 100% leased, with 15 units currently rented
