New Construction 15-Unit
For Sale
$3,000,000
202022 22ND STREET, Philadelphia, PA 19121
Turn-key 15-unit multifamily building with studios, one- and two-bedroom units and in-unit laundry.
Property Size12,000 SF
Price / SF$250
Days on Market219
Property Features for 202022 22ND STREET
General Information
Standard status
Active
Size
12,000 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Sprinkler System
Yes
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$178
Amenities
Central Air
3
No Parking.
Building Details
Year Built
2023
Listing Agency:
HomeSmart Realty Advisors
(267) 774-6886
Listed By:
Gazi Ataseven · License #RM426020
(267) 774-6886
Source:
Xome
Added: Jan 3
Changed: Aug 8
Last Checked: Aug 10 at 3:36AM
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.
This turn-key, 2-year-old 15-unit multifamily building features a unit mix of studios, one-bedroom, and two-bedroom apartments. Interior finishes include quartz countertops, stainless steel appliances, custom tile baths, and in-unit laundry. The property is set up for low-maintenance operations with energy-efficient systems, a full sprinkler system, separate utilities, secure entry, and camera systems.
According to the information provided, all 15 units are currently leased and are approximately 100% occupied, supporting stable income from day one. The property also includes a 10-year tax abatement, with approximately $2,750 in annual real estate taxes as stated in the remarks.
The building’s current configuration is designed to deliver immediate rental revenue with ongoing operational efficiency, supported by the included amenities and building systems.
According to the information provided, all 15 units are currently leased and are approximately 100% occupied, supporting stable income from day one. The property also includes a 10-year tax abatement, with approximately $2,750 in annual real estate taxes as stated in the remarks.
The building’s current configuration is designed to deliver immediate rental revenue with ongoing operational efficiency, supported by the included amenities and building systems.
Key Highlights
- 2023‑built 15‑unit multifamily building with studios, 1‑bedroom, and 2‑bedroom apartment units
- Secure entry and camera systems, plus a full sprinkler system
- Central air cooling and energy‑efficient systems
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
Current Use
Lease Details
15
Residential units
100%
Occupancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,032
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 - Turn-key 15-unit multifamily building with studios, one- and two-bedroom units and in-unit laundry.
Where is this apartment building located?
The property is located at 202022 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 with studios, 1‑bedroom, and 2‑bedroom apartment units; Secure entry and camera systems, plus a full sprinkler system; Central air cooling and energy‑efficient systems
