Corner Multifamily with
For Sale
$3,950,000
21800 N 9th Street, Philadelphia, PA 19107
Multifamily property with 9 occupied apartment units and 1 storefront, all within a 10-unit total.
Property Size8,800 SF
Price / SF$448.86
Days on Market76
Property Features for 21800 N 9th Street
General Information
Standard status
Active
Size
8,800 SF
Property subtype
Multi-family
Occupancy
100%
Lease Term
[]
Additional Details
Multifamily Units
9
Building Details
Year Built
1950
Tenancy
Multi
Listing Agency:
Premium Realty Group Inc
Listed By:
Derrick Zhang · License #AB066314
(215) 995-2918
Source:
Deepcreeklake
Added: Jun 23
Changed: Sep 5
Last Checked: Sep 5 at 9:32AM
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 Premium Realty Group Inc
Investment Insights
Based on property information with market context.
This 10-unit corner property includes one storefront and nine apartment units. All units are fully occupied with stable tenants. The apartments are described as being mostly below market rent, supporting strong day-to-day income characteristics.
The property is located at 21800 N 9th Street in Philadelphia, PA 19107, with the corner configuration and storefront component providing additional space beyond residential units.
For buyers considering either owner occupancy or investment ownership, the existing in-place tenancy and mixed-use setup combine storefront frontage with apartment income in a single, compact building.
The property is located at 21800 N 9th Street in Philadelphia, PA 19107, with the corner configuration and storefront component providing additional space beyond residential units.
For buyers considering either owner occupancy or investment ownership, the existing in-place tenancy and mixed-use setup combine storefront frontage with apartment income in a single, compact building.
Key Highlights
- 10‑unit multifamily property built in 1950
- Corner‑unit building with 1 storefront and 9 apartment units
- All units are fully occupied with stable tenants
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
$138,420
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
3.50%
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%
$2,768,400
$2.8M
Cap Rate 7%
$1,977,429
$2.0M
Cap Rate 9%
$1,538,000
$1.5M
Market Conditions
NOI Build-Up for 8,800 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
$267.2K $30.36/SF
− Vacancy
−$15.5K −$1.76/SF
EGI
$251.7K $28.60/SF
− OpEx
−$113.3K −$12.87/SF
NOI
$138.4K $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%
$2,768,400
Cap Rate 7%
$1,977,429
Cap Rate 9%
$1,538,000
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,420 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.15M
$1.88M – $2.50M
NOI $150,171 @ 7.0% cap · market cap 3.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
932
Businesses Nearby
Explore this area
Business Placement
Demographics for 19107, PA
17,600
Population
10,239
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
92%
High-School Grad
0.5 sq mi
ZIP Area
35,200
Density / Sq Mi
$70,382
Median Household Income
$57,694
Median Earnings
$1,691
Median Rent
$452,500
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 - Multifamily property with 9 occupied apartment units and 1 storefront, all within a 10-unit total.
Where is this apartment building located?
The property is located at 21800 N 9th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 10‑unit multifamily property built in 1950; Corner‑unit building with 1 storefront and 9 apartment units; All units are fully occupied with stable tenants
