12-Unit Apartment
New
For Sale
Contact for pricing
2522-2528 N 2nd St, Philadelphia, PA 19133
Multi-story rental property with studio, one-bedroom, and two-bedroom apartments.
Property Size5,838 SF
Lot Size0.10 Acres
Price / SF$188.42
Days on Market5
Property Features for 2522-2528 N 2nd St
General Information
Standard status
Active
Size
5,838 SF
Lot size
0.10 Acres
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
6 x studio, 3 x 1BR/1BA, 3 x 2BR/1BA
Multifamily Units
12
Building Details
Buildings
1
Listing Agency:
Horvath & Tremblay
Listed By:
Joe Loonstyn · License #RS351792
(267) 252-0223
Source:
Crexi
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 18 at 3:40PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This multi-story apartment property contains 12 residential units within 5,838 square feet of gross building area. The unit mix includes six studios, three one-bedroom, one-bathroom apartments, and three two-bedroom, one-bathroom apartments. The asset occupies four parcels totaling 0.10 acres at 2522-2528 N 2nd St in Philadelphia.
The property is immediately adjacent to Fishtown and offers access to the Frankford Avenue dining, retail, and entertainment corridor. Aramingo Avenue, Frankford Avenue, and Front Street provide local connectivity, while Interstate 95 and the Betsy Ross Bridge interchange connect the property with the broader Philadelphia metropolitan area and South Jersey. Center City and the Delaware River waterfront are also identified as accessible destinations.
The property is immediately adjacent to Fishtown and offers access to the Frankford Avenue dining, retail, and entertainment corridor. Aramingo Avenue, Frankford Avenue, and Front Street provide local connectivity, while Interstate 95 and the Betsy Ross Bridge interchange connect the property with the broader Philadelphia metropolitan area and South Jersey. Center City and the Delaware River waterfront are also identified as accessible destinations.
Key Highlights
- 12 residential units with six studios, three one‑bedroom units, and three two‑bedroom units
- 5,838 square feet of gross building area
- Four parcels totaling 0.10 acres
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
$91,829
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
8.35%
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%
$1,836,580
$1.8M
Cap Rate 7%
$1,311,843
$1.3M
Cap Rate 9%
$1,020,322
$1.0M
Market Conditions
NOI Build-Up for 5,838 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
$177.2K $30.36/SF
− Vacancy
−$10.3K −$1.76/SF
EGI
$167.0K $28.60/SF
− OpEx
−$75.1K −$12.87/SF
NOI
$91.8K $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%
$1,836,580
Cap Rate 7%
$1,311,843
Cap Rate 9%
$1,020,322
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $91,829 @ 7.0% cap · market cap 8.35%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.42M
$1.25M – $1.66M
NOI $99,625 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,441
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 - Multi-story rental property with studio, one-bedroom, and two-bedroom apartments.
Where is this apartment building located?
The property is located at 2522-2528 N 2nd St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 12 residential units with six studios, three one‑bedroom units, and three two‑bedroom units; 5,838 square feet of gross building area; Four parcels totaling 0.10 acres
