6-Unit Apartment
For Sale
$639,900
234-38 W ROOSEVELT Boulevard, Philadelphia, PA 19120
Multi-Family, PHILADELPHIA, PA
Property Size3,450 SF
Lot Size0.10 Acres
Price / SF$185.48
Days on Market65
Property Features for 234-38 W ROOSEVELT Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Subdivision
FELTONVILLE
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
3,450 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
3393
Utilities
Heating system
Electric (Heating), Baseboard, Other (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1940
Number of units
2
Building materials
Masonry, Brick
Architectural style
Other
Listing Agency:
Giraldo Real Estate Group
Listed By:
Jackeline Estrada · License #RS377975
(215) 745-0101
Added: Jul 1
Changed: Sep 2
Last Checked: Sep 3 at 1:06AM
MLS# PAPH2639838
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 6-unit apartment property contains six 1-bedroom residences within a 3,450-square-foot masonry and brick building constructed in 1940. The improvements include basement space, electric baseboard heating, and window-unit cooling. Two apartments have potential for additional bedrooms and bathrooms through connection to the basement. Recent updates are also noted in the property information.
Five of the six units are occupied under month-to-month leases. Electric, heat, and hot water are separately metered and paid by tenants. The property sits on 0.0981 acres in Feltonville, Philadelphia, with on-street parking. Its configuration combines individual apartments, basement area, and separately metered utility service in a compact multifamily asset.
Five of the six units are occupied under month-to-month leases. Electric, heat, and hot water are separately metered and paid by tenants. The property sits on 0.0981 acres in Feltonville, Philadelphia, with on-street parking. Its configuration combines individual apartments, basement area, and separately metered utility service in a compact multifamily asset.
Key Highlights
- 6‑unit building with six 1‑bedroom apartments
- 3,450 square feet on 0.0981 acres
- 5 of 6 units occupied with month‑to‑month leases
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
$33,242
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
5.19%
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%
$664,840
$664.8K
Cap Rate 7%
$474,886
$474.9K
Cap Rate 9%
$369,356
$369.4K
Market Conditions
NOI Build-Up for 3,450 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
$65.4K $18.96/SF
− Vacancy
−$5.0K −$1.44/SF
EGI
$60.4K $17.52/SF
− OpEx
−$27.2K −$7.88/SF
NOI
$33.2K $9.64/SF
Area
ZIP 19120
Vacancy
7.60%
Lease Rate
$18.96 /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%
$664,840
Cap Rate 7%
$474,886
Cap Rate 9%
$369,356
Alternative Uses
Best Use
Apartment 5plus
$474.9K
$415.5K – $554.0K
NOI $33,242 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$824.1K
$721.1K – $961.5K
NOI $57,689 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,494
Businesses Nearby
Explore this area
Business Placement
Demographics for 19120, PA
66,177
Population
25,730
Households
2.6
Avg Household Size
35
Median Age
13%
College-Educated
77%
High-School Grad
3.2 sq mi
ZIP Area
20,680
Density / Sq Mi
$51,993
Median Household Income
$32,980
Median Earnings
$1,186
Median Rent
$143,500
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 - Masonry multifamily property with separately metered utilities and basement space.
Where is this apartment building located?
The property is located at 234-38 W ROOSEVELT Boulevard Philadelphia, PA.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: 6‑unit building with six 1‑bedroom apartments; 3,450 square feet on 0.0981 acres; 5 of 6 units occupied with month‑to‑month leases
