Multifamily Property with
For Sale
$1,074,999
2337 S 13TH Street, Philadelphia, PA 19148
Multi-Family, PHILADELPHIA, PA
Property Size4,896 SF
Lot Size0.10 Acres
Price / SF$219.57
Days on Market532
Property Features for 2337 S 13TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active
Size
4,896 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
5291
Utilities
Heating system
Hot Water(Heating)
Cooling system
Central Air
Amenities
open-air patio
courtyard
central air conditioning
Building Details
Year built
1940
Number of units
4
Building materials
Masonry
Listing Agency:
Mercury Real Estate Group
(215) 462-5100
Listed By:
Melissa A Impagliazzo · License #RS300588
(267) 259-7863
Added: Mar 27, 2025
Changed: Aug 19
Last Checked: Sep 9 at 7:06PM
MLS# PAPH2462760
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,896-square-foot masonry multifamily property occupies a 0.104-acre double-wide corner lot and includes an expansive 4-level layout. The building previously operated as a dance studio and contains large rooms, a reception area, three restrooms, storage areas, and space for a break room. An open-air patio overlooks the courtyard, while multiple entrances support flexible interior circulation. Central air conditioning serves the building, and the mechanical systems have been updated. The interior finishes are described as being in excellent condition.
The property is across from Methodist Hospital and medical offices, with nearby subway and bus connections. It is commercially zoned for school use; a change of use would be required for a different business application. On-street parking is available. The building was constructed in 1940 and is heated by hot water.
The property is across from Methodist Hospital and medical offices, with nearby subway and bus connections. It is commercially zoned for school use; a change of use would be required for a different business application. On-street parking is available. The building was constructed in 1940 and is heated by hot water.
Key Highlights
- 4,896 square feet across an expansive 4‑level layout
- 0.104‑acre double‑wide corner lot
- Commercially zoned for school use; other business applications require a use change
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
$77,012
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
7.16%
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%
$1,540,240
$1.5M
Cap Rate 7%
$1,100,171
$1.1M
Cap Rate 9%
$855,689
$855.7K
Market Conditions
NOI Build-Up for 4,896 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
$148.6K $30.36/SF
− Vacancy
−$8.6K −$1.76/SF
EGI
$140.0K $28.60/SF
− OpEx
−$63.0K −$12.87/SF
NOI
$77.0K $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%
$1,540,240
Cap Rate 7%
$1,100,171
Cap Rate 9%
$855,689
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$962.7K – $1.28M
NOI $77,012 @ 7.0% cap · market cap 7.16%
Second Best
Office B
$920.4K
$805.4K – $1.07M
NOI $64,429 @ 7.0% cap · market cap 5.99%
Theoretical Best
Multifamily LT 5
$1.19M
$1.04M – $1.39M
NOI $83,550 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,706
Businesses Nearby
Explore this area
Business Placement
Demographics for 19148, PA
53,976
Population
22,944
Households
2.4
Avg Household Size
36
Median Age
39%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
12,851
Density / Sq Mi
$80,469
Median Household Income
$50,067
Median Earnings
$1,492
Median Rent
$296,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Philadelphia, PA
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Frequently Asked Questions
What type of property is this?
Multifamily property - Masonry building with flexible rooms, multiple entrances, central air, and an open-air patio adjoining a courtyard.
Where is this multifamily property located?
The property is located at 2337 S 13TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,074,999.
What are key features of this property?
This property features: 4,896 square feet across an expansive 4‑level layout; 0.104‑acre double‑wide corner lot; Commercially zoned for school use; other business applications require a use change
