5-Unit Apartment
For Sale
$699,500
2311 CHRISTIAN STREET, Philadelphia, PA 19146
Five-unit apartment building with separated utilities (except cold water) and current gross income of $65,200.
Property Size1,875 SF
Price / SF$373.07
Days on Market102
Property Features for 2311 CHRISTIAN STREET
General Information
Standard status
Active
Size
1,875 SF
Property subtype
Commercial
Site & Location
Neighborhood
Devils Pocket
Additional Details
Cap Rate
7.15%
Multifamily Units
5
Building Details
Year Built
1900
Listing Agency:
Best City Homes Inc
(215) 545-1144
Listed By:
Richard B Moore · License #RM419421
(267) 977-8205
Source:
Cummingsrealtors
Added: Jul 16
Changed: Oct 23
Last Checked: Oct 24 at 6:00PM
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 Best City Homes Inc
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Investment Insights
Based on property information with market context.
This is a 5-unit apartment building with a stable tenant base and long-term residents. The property is described as turnkey, with current gross income of $65,200 and tenants who pay on time each month. Utilities are separated for all tenants except cold water.
Located at 2311 Christian Street in the Graduate Hospital area, the building is positioned near restaurants, parks, and public transportation. The property’s surrounding walkability and transit convenience are supported by a Walk Score of 95, Transit Score of 85, and Bike Score of 94.
The current rents are reported as below market, and the offering references a current cap rate of 7.15.
Located at 2311 Christian Street in the Graduate Hospital area, the building is positioned near restaurants, parks, and public transportation. The property’s surrounding walkability and transit convenience are supported by a Walk Score of 95, Transit Score of 85, and Bike Score of 94.
The current rents are reported as below market, and the offering references a current cap rate of 7.15.
Key Highlights
- 5‑unit apartment building built in 1900 in Graduate Hospital
- Current gross income of $65,200 with current rents described as below market
- Stable tenant base with long‑term residents and on‑time payment reported for all tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,493
Cap Rate
4.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$589,860
$589.9K
Cap Rate 7%
$421,329
$421.3K
Cap Rate 9%
$327,700
$327.7K
Market Conditions
NOI Build-Up for 1,875 SF
Gross rent
$56.9K $30.36/SF
− Vacancy
−$3.3K −$1.76/SF
EGI
$53.6K $28.60/SF
− OpEx
−$24.1K −$12.87/SF
NOI
$29.5K $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 Rate 5%
$589,860
Cap Rate 7%
$421,329
Cap Rate 9%
$327,700
Alternative Uses
Best Use
Apartment 5plus
$421.3K
$368.7K – $491.6K
NOI $29,493 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$457.1K
$400.0K – $533.3K
NOI $31,997 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,278
Businesses Nearby
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Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit apartment building with separated utilities (except cold water) and current gross income of $65,200.
Where is this apartment building located?
The property is located at 2311 CHRISTIAN STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $699,500.
What are key features of this property?
This property features: 5‑unit apartment building built in 1900 in Graduate Hospital; Current gross income of $65,200 with current rents described as below market; Stable tenant base with long‑term residents and on‑time payment reported for all tenants
