Mixed-Use Apartment Building with
For Sale
$11,999,999
2328 N 2ND STREET, Philadelphia, PA 19133
Newly constructed, elevator-served 33-unit apartment building with 3,750 sf of ground-floor retail and in-unit laundry.
Property Size43,775 SF
Days on Market88
Property Features for 2328 N 2ND STREET
General Information
Standard status
Active
Size
43,775 SF
Property subtype
MixedUse
Taxes and HOA fees
Annual Taxes
$1.00
Building Details
Building Size
43,775 SF
Year Built
2023
Listing Agency:
KW Empower
Listed By:
Jim Onesti · License #RS224457L
(484) 429-6769
Source:
Lizclarkrealestate
Added: Jun 11
Changed: Sep 3
Last Checked: Sep 5 at 8:12AM
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 KW Empower
Investment Insights
Based on property information with market context.
Newly constructed mixed-use asset delivered in 2023, featuring an elevator-served 33-unit apartment building with in-unit laundry in every unit. The property includes 3,750 square feet of ground-floor commercial space presented as two retail suites, along with a rooftop deck and a resident lounge.
The offering also includes four adjacent parcels zoned RSA-5 along North Philip Street, each conditionally approved for townhome development. The parcels are described as measuring approximately 1,441 square feet each, with four homes estimated at approximately 2,700 square feet each. All taxes and square footage should be verified independently by the buyer.
The offering also includes four adjacent parcels zoned RSA-5 along North Philip Street, each conditionally approved for townhome development. The parcels are described as measuring approximately 1,441 square feet each, with four homes estimated at approximately 2,700 square feet each. All taxes and square footage should be verified independently by the buyer.
Key Highlights
- Newly constructed 33‑unit elevator‑served apartment building delivered in 2023.
- Includes 3,750 SF of ground‑floor commercial space across two retail suites.
- Rooftop deck and resident lounge, plus in‑unit laundry in every apartment.
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
$688,560
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
5.74%
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%
$13,771,200
$13.8M
Cap Rate 7%
$9,836,571
$9.8M
Cap Rate 9%
$7,650,667
$7.7M
Market Conditions
NOI Build-Up for 43,775 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
$1.33M $30.36/SF
− Vacancy
−$77.1K −$1.76/SF
EGI
$1.25M $28.60/SF
− OpEx
−$563.4K −$12.87/SF
NOI
$688.6K $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%
$13,771,200
Cap Rate 7%
$9,836,571
Cap Rate 9%
$7,650,667
Alternative Uses
Best Use
Apartment 5plus
$9.84M
$8.61M – $11.48M
NOI $688,560 @ 7.0% cap · market cap 5.74%
Second Best
Retail
$7.07M
$6.18M – $8.25M
NOI $494,754 @ 7.0% cap · market cap 4.12%
Theoretical Best
Multifamily LT 5
$10.67M
$9.34M – $12.45M
NOI $747,016 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,540
Businesses Nearby
Explore this area
Business Placement
Demographics for 19133, PA
24,772
Population
10,766
Households
2.3
Avg Household Size
34
Median Age
7%
College-Educated
63%
High-School Grad
1.3 sq mi
ZIP Area
19,055
Density / Sq Mi
$31,756
Median Household Income
$26,563
Median Earnings
$919
Median Rent
$85,100
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 - Newly constructed, elevator-served 33-unit apartment building with 3,750 sf of ground-floor retail and in-unit laundry.
Where is this apartment building located?
The property is located at 2328 N 2ND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $11,999,999.
What are key features of this property?
This property features: Newly constructed 33‑unit elevator‑served apartment building delivered in 2023.; Includes 3,750 SF of ground‑floor commercial space across two retail suites.; Rooftop deck and resident lounge, plus in‑unit laundry in every apartment.
