Quadruplex with Updated
For Sale
$500,000
2940 DEVEREAUX AVENUE, Philadelphia, PA 19149
Fully rented quadruplex with one-bedroom and two-bedroom units, with three units updated and one unit offering renovation potential.
Property Size2,800 SF
Days on Market154
Property Features for 2940 DEVEREAUX AVENUE
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Quadruplex
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$5,838
Building Details
Building Size
2,800 SF
Year Built
1970
Tenancy
Multi
Listing Agency:
KW Main Line - Narberth
Listed By:
Damon C. Michels · License #AB067731
(610) 731-9300
Source:
Mainlinekw
Added: Apr 10
Changed: Sep 9
Last Checked: Sep 9 at 10:01AM
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 Main Line - Narberth
Investment Insights
Based on property information with market context.
This fully rented quadruplex features four well-laid-out residential units in a configuration that includes two 1-bedroom, 1-bath apartments and two 2-bedroom, 1-bath apartments. The property was built in 1970, and three of the four units have been thoughtfully updated. The remaining unit offers potential for future improvement.
Located at 2940 Devereux Avenue in Philadelphia’s 19149 area, the property is positioned near Wissinoming Park and surrounded by neighborhood amenities such as shopping and dining. Public transportation access is also described as convenient.
For an owner seeking an income-producing multi-family asset with a unit mix that can appeal to a range of tenants, this quadruplex provides an immediately occupied structure with interior updates already in place for most of the building.
Located at 2940 Devereux Avenue in Philadelphia’s 19149 area, the property is positioned near Wissinoming Park and surrounded by neighborhood amenities such as shopping and dining. Public transportation access is also described as convenient.
For an owner seeking an income-producing multi-family asset with a unit mix that can appeal to a range of tenants, this quadruplex provides an immediately occupied structure with interior updates already in place for most of the building.
Key Highlights
- Fully rented quadruplex with four residential units
- Two 1‑bedroom, 1‑bath apartments and two 2‑bedroom, 1‑bath apartments
- Three units updated; one unit offering potential for future improvement
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
$39,872
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
7.97%
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%
$797,440
$797.4K
Cap Rate 7%
$569,600
$569.6K
Cap Rate 9%
$443,022
$443.0K
Market Conditions
NOI Build-Up for 2,800 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
$58.8K $21.00/SF
− Vacancy
−$1.8K −$0.66/SF
EGI
$57.0K $20.34/SF
− OpEx
−$17.1K −$6.10/SF
NOI
$39.9K $14.24/SF
Area
ZIP 19149
Vacancy
3.13%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
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%
$797,440
Cap Rate 7%
$569,600
Cap Rate 9%
$443,022
Alternative Uses
Best Use
Apartment 5plus
$5.36M
$4.69M – $6.25M
NOI $375,273 @ 7.0% cap · market cap 75.05%
Second Best
Multifamily LT 5
$569.6K
$498.4K – $664.5K
NOI $39,872 @ 7.0% cap · market cap 7.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,036
Businesses Nearby
Explore this area
Business Placement
Demographics for 19149, PA
60,408
Population
20,810
Households
2.9
Avg Household Size
33
Median Age
15%
College-Educated
76%
High-School Grad
2.4 sq mi
ZIP Area
25,170
Density / Sq Mi
$54,679
Median Household Income
$33,111
Median Earnings
$1,484
Median Rent
$198,200
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 Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully rented quadruplex with one-bedroom and two-bedroom units, with three units updated and one unit offering renovation potential.
Where is this quadplex located?
The property is located at 2940 DEVEREAUX AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Fully rented quadruplex with four residential units; Two 1‑bedroom, 1‑bath apartments and two 2‑bedroom, 1‑bath apartments; Three units updated; one unit offering potential for future improvement
