11-Unit Multifamily Apartment
For Sale
$1,350,000
3022 Richmond St, Philadelphia, PA 19134
Two side-by-side buildings offer consistent one-bedroom, one-bathroom rental units in Philadelphia’s Port Richmond.
Property Size6,183 SF
Days on Market100
Property Features for 3022 Richmond St
General Information
Standard status
Active
Size
6,183 SF
Property subtype
Multifamily
Occupancy
95%
Additional Details
Cap Rate
6.74%
Highway Access
Yes
Multifamily Units
11
Amenities
Roughly 10% organic rent growth, with greater upside through light unit renovations
Prime location on Richmond Street commercial corridor with boutique retail and hospitality
Walkable to Aramingo and Lehigh Avenue grocery and retail, as well as General Pulaski Park on the Delaware River waterfront.
Immediate access to I-95 and the regional highway network
Within 10-minutes of Frankford Avenue hospitality, featuring six James Beard award winning chefs
Building Details
Building Size
6,183 SF
Units
11
Listing Agency:
Philadelphia Office
Listed By:
Vince Peruto · License #License(s): PA: RS355924
(215) 531-7035
Source:
Marcusmillichap
Added: Jun 9
Changed: Aug 8
Last Checked: Sep 15 at 4:23AM
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 Philadelphia Office
Investment Insights
Based on property information with market context.
This offering features an 11-unit multifamily property composed of two side-by-side buildings. The unit mix is entirely one-bedroom, one-bathroom layouts, providing a consistent configuration across the portfolio. As described, the asset is positioned to support efficient leasing and tenant turnover management, with opportunities noted for light unit renovations and interior improvements.
The property is located along the Richmond Street corridor in the Port Richmond neighborhood of Philadelphia, Pennsylvania. The area is characterized by boutique commercial establishments lining Richmond Street. The broader neighborhood is also described as being anchored by Lehigh Avenue, Aramingo Avenue, and Frankford Avenue, with Frankford Avenue noted for a hospitality corridor. Additional location benefits cited include direct access to Interstate 95 and proximity to the Delaware River waterfront at General Pulaski Park.
For investors and operators seeking a straightforward multifamily with a uniform 1 bed/1 bath rental profile, this asset offers a practical, repeatable unit type. The public remarks also note approximately 10 percent organic rent growth, alongside renovation-driven opportunities through interior updates, supporting consideration for buyers focused on maintaining and improving in-place residential income.
The property is located along the Richmond Street corridor in the Port Richmond neighborhood of Philadelphia, Pennsylvania. The area is characterized by boutique commercial establishments lining Richmond Street. The broader neighborhood is also described as being anchored by Lehigh Avenue, Aramingo Avenue, and Frankford Avenue, with Frankford Avenue noted for a hospitality corridor. Additional location benefits cited include direct access to Interstate 95 and proximity to the Delaware River waterfront at General Pulaski Park.
For investors and operators seeking a straightforward multifamily with a uniform 1 bed/1 bath rental profile, this asset offers a practical, repeatable unit type. The public remarks also note approximately 10 percent organic rent growth, alongside renovation-driven opportunities through interior updates, supporting consideration for buyers focused on maintaining and improving in-place residential income.
Key Highlights
- 11‑unit multifamily investment comprising two side‑by‑side buildings at 3022–3024 Richmond Street in Philadelphia’s Port Richmond neighborhood
- All units are 1‑bedroom, 1‑bathroom rentals
- Value‑add upside noted through light unit renovations and interior improvements
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
$97,256
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
7.20%
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%
$1,945,120
$1.9M
Cap Rate 7%
$1,389,371
$1.4M
Cap Rate 9%
$1,080,622
$1.1M
Market Conditions
NOI Build-Up for 6,183 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
$187.7K $30.36/SF
− Vacancy
−$10.9K −$1.76/SF
EGI
$176.8K $28.60/SF
− OpEx
−$79.6K −$12.87/SF
NOI
$97.3K $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%
$1,945,120
Cap Rate 7%
$1,389,371
Cap Rate 9%
$1,080,622
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.22M – $1.62M
NOI $97,256 @ 7.0% cap · market cap 7.20%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.51M
$1.32M – $1.76M
NOI $105,512 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
11
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,207
Businesses Nearby
Explore this area
Business Placement
Demographics for 19134, PA
57,463
Population
25,290
Households
2.3
Avg Household Size
33
Median Age
18%
College-Educated
77%
High-School Grad
3.4 sq mi
ZIP Area
16,901
Density / Sq Mi
$41,849
Median Household Income
$35,858
Median Earnings
$1,179
Median Rent
$127,500
Median Home Value
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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?
Apartment building - Two side-by-side buildings offer consistent one-bedroom, one-bathroom rental units in Philadelphia’s Port Richmond.
Where is this apartment building located?
The property is located at 3022 Richmond St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 11‑unit multifamily investment comprising two side‑by‑side buildings at 3022–3024 Richmond Street in Philadelphia’s Port Richmond neighborhood; All units are 1‑bedroom, 1‑bathroom rentals; Value‑add upside noted through light unit renovations and interior improvements
