Updated Residential Income
For Sale
$699,000
220 N 22ND STREET #B, Philadelphia, PA 19103
Upper-level residence with private outdoor space, deeded parking, renovated interiors, and access to Center City amenities.
Property Size1,599 SF
Price / SF$437.15
Days on Market9
Property Features for 220 N 22ND STREET #B
General Information
Standard status
Active
Size
1,599 SF
Total Parking Spaces
1
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
private deck
wood-burning fireplace
laundry room
Building Details
Year Built
1980
Listing Agency:
Compass Pennsylvania, LLC
(267) 435-8015
Listed By:
Elizabeth Convery
(215) 495-5040
Source:
Cummingsrealtors
Added: Sep 6
Changed: Sep 13
Last Checked: Sep 14 at 7:10AM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
This upper-level residential property offers nearly 1,600 square feet of living space arranged across two bedroom levels. The home includes two bedrooms, two-and-a-half bathrooms, hardwood floors, a wood-burning fireplace, private foyer entry, and a full laundry room. A renovated kitchen features shaker cabinetry, quartz countertops, and brushed gold hardware. Each bedroom has an en suite renovated bathroom and closet space, while new HVAC and windows add to the property’s updates.
Outdoor features include a private deck with skyline views and deeded off-street parking. The property is located in the Greenfield Elementary School catchment and near the Benjamin Franklin Parkway, Philadelphia Museum of Art, Barnes Foundation, Schuylkill River Trail, Whole Foods, Trader Joe’s, and 30th Street Station. Rittenhouse Square, Fairmount, and University City are also within easy reach.
Outdoor features include a private deck with skyline views and deeded off-street parking. The property is located in the Greenfield Elementary School catchment and near the Benjamin Franklin Parkway, Philadelphia Museum of Art, Barnes Foundation, Schuylkill River Trail, Whole Foods, Trader Joe’s, and 30th Street Station. Rittenhouse Square, Fairmount, and University City are also within easy reach.
Key Highlights
- Nearly 1,600 square feet of upper‑level living space
- Two bedrooms and two‑and‑a‑half bathrooms
- Private deck with skyline views
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
$25,151
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
3.60%
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%
$503,020
$503.0K
Cap Rate 7%
$359,300
$359.3K
Cap Rate 9%
$279,456
$279.5K
Market Conditions
NOI Build-Up for 1,599 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
$48.5K $30.36/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$45.7K $28.60/SF
− OpEx
−$20.6K −$12.87/SF
NOI
$25.2K $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%
$503,020
Cap Rate 7%
$359,300
Cap Rate 9%
$279,456
Alternative Uses
Best Use
Apartment 5plus
$359.3K
$314.4K – $419.2K
NOI $25,151 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$389.8K
$341.1K – $454.8K
NOI $27,287 @ 7.0% cap · market cap 3.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
13,449
Businesses Nearby
Explore this area
Business Placement
Demographics for 19103, PA
28,717
Population
20,064
Households
1.4
Avg Household Size
36
Median Age
81%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
47,862
Density / Sq Mi
$97,940
Median Household Income
$76,680
Median Earnings
$1,955
Median Rent
$551,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Upper-level residence with private outdoor space, deeded parking, renovated interiors, and access to Center City amenities.
Where is this residential income property located?
The property is located at 220 N 22ND STREET #B Philadelphia, PA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Nearly 1,600 square feet of upper‑level living space; Two bedrooms and two‑and‑a‑half bathrooms; Private deck with skyline views
