New Construction 15-Unit
202022 N 22ND STREET Philadelphia, PA 19121
New
For Sale
$3,000,000
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 Market4
Property Features for 202022 N 22ND STREET
General Information
- Standard status
- Active
- Size
- 12,000 SF
- Property subtype
- Multi-Family
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: Jul 22
Changed: Jul 23
Last Checked: Jul 25 at 3:16AM
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $364.3k | $30.36 |
| − Vacancy | −$21.1k | −$1.76 |
| EGI | $343.2k | $28.60 |
| − OpEx | −$154.4k | −$12.87 |
| NOI | $188.8k | $15.73 |
12,000 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
1031 exchange properties
FAQs
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 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 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
