Renovated 7-Unit Apartment
New
For Sale
Contact for pricing
304 East 9th Street, Chester, PA 19013
Fully occupied multifamily property with updated building systems, varied unit layouts, and on-site parking.
Property Size4,084 SF
Price / SF$171.40
Days on Market6
Property Features for 304 East 9th Street
General Information
Standard status
Active
Size
4,084 SF
Class
C
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
C-1R
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$41,392
Building Details
Year Built
1925
Year Renovated
2021
Buildings
1
Units
7
Tenancy
Multi
Listing Agency:
VRA Realty Commercial
(610) 291-9895
Listed By:
Brady Carroll · License #RS318466
Source:
Crexi
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 6:16AM
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 VRA Realty Commercial
Investment Insights
Based on property information with market context.
This 7-unit apartment building contains six one-bedroom, one-bath residences and one studio within 4,084 square feet. The property underwent a full gut renovation in 2014, including replacement of the electrical, plumbing, and HVAC systems, along with substantial capital improvements. Further updates have been completed since 2021, and the building is fully occupied.
The property includes four off-street parking spaces, supplemented by non-metered street parking. It is located at 304 East 9th Street in Chester, Pennsylvania, and carries C-1R zoning. Constructed in 1925, the building combines a renovated interior and updated core systems with a compact multifamily configuration.
The property includes four off-street parking spaces, supplemented by non-metered street parking. It is located at 304 East 9th Street in Chester, Pennsylvania, and carries C-1R zoning. Constructed in 1925, the building combines a renovated interior and updated core systems with a compact multifamily configuration.
Key Highlights
- 7‑unit apartment building with six one‑bedroom/one‑bath units and one studio
- 4,084 SF building fully gut‑renovated in 2014
- New electrical, plumbing, and HVAC installed during the 2014 renovation
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
$40,940
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
5.85%
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%
$818,800
$818.8K
Cap Rate 7%
$584,857
$584.9K
Cap Rate 9%
$454,889
$454.9K
Market Conditions
NOI Build-Up for 4,084 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
$86.3K $21.12/SF
− Vacancy
−$11.8K −$2.89/SF
EGI
$74.4K $18.23/SF
− OpEx
−$33.5K −$8.20/SF
NOI
$40.9K $10.02/SF
Area
Delaware County, PA
Vacancy
13.70%
Lease Rate
$21.12 /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%
$818,800
Cap Rate 7%
$584,857
Cap Rate 9%
$454,889
Alternative Uses
Best Use
Apartment 5plus
$584.9K
$511.8K – $682.3K
NOI $40,940 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,676 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,668
Businesses Nearby
Explore this area
Business Placement
Demographics for 19013, PA
34,252
Population
15,664
Households
2.2
Avg Household Size
34
Median Age
13%
College-Educated
86%
High-School Grad
5.6 sq mi
ZIP Area
6,116
Density / Sq Mi
$39,416
Median Household Income
$31,668
Median Earnings
$1,083
Median Rent
$85,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with updated building systems, varied unit layouts, and on-site parking.
Where is this apartment building located?
The property is located at 304 East 9th Street Chester, PA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 7‑unit apartment building with six one‑bedroom/one‑bath units and one studio; 4,084 SF building fully gut‑renovated in 2014; New electrical, plumbing, and HVAC installed during the 2014 renovation
