Five-Unit Apartment
For Sale
$1,295,000
348 Green Lane, Philadelphia, PA 19128
Separately metered units are currently leased, with individual entrances and one-bedroom layouts throughout.
Property Size4,080 SF
Price / SF$317.40
Days on Market28
Property Features for 348 Green Lane
General Information
Standard status
Active
Size
4,080 SF
Property subtype
Multi-family
Occupancy
100%
Lease Term
[]
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Elfant Wissahickon Realtors
(215) 866-0050
Listed By:
Jeanne A Whipple · License #RS275042
Source:
Deepcreeklake
Added: Jul 16
Changed: Aug 12
Last Checked: Aug 12 at 3:59AM
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 Elfant Wissahickon Realtors
Investment Insights
Based on property information with market context.
This five-unit apartment building at 348 Green Lane in Philadelphia includes four units accessed from the front porch and one unit with a private rear entrance. Each unit has one bedroom, a living and kitchen area, and a bathroom. Hardwood flooring runs throughout the building, which was built in 1920. The units are separately metered and currently leased.
The property includes a rear yard extending across the block of Manayunk Ave from Green Ln to Dupont St. The site provides a substantial outdoor area behind the building, with access connected to the surrounding streets. The property’s five one-bedroom units and individual metering offer a consistent configuration across the building.
The property includes a rear yard extending across the block of Manayunk Ave from Green Ln to Dupont St. The site provides a substantial outdoor area behind the building, with access connected to the surrounding streets. The property’s five one-bedroom units and individual metering offer a consistent configuration across the building.
Key Highlights
- Five one‑bedroom apartment units, each with a living and kitchen area and bathroom
- 4 units accessed from the front porch; 1 unit has a private rear entrance
- Separately metered units are currently leased
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
$64,176
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
4.96%
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%
$1,283,520
$1.3M
Cap Rate 7%
$916,800
$916.8K
Cap Rate 9%
$713,067
$713.1K
Market Conditions
NOI Build-Up for 4,080 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
$123.9K $30.36/SF
− Vacancy
−$7.2K −$1.76/SF
EGI
$116.7K $28.60/SF
− OpEx
−$52.5K −$12.87/SF
NOI
$64.2K $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%
$1,283,520
Cap Rate 7%
$916,800
Cap Rate 9%
$713,067
Alternative Uses
Best Use
Apartment 5plus
$916.8K
$802.2K – $1.07M
NOI $64,176 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$994.6K
$870.3K – $1.16M
NOI $69,625 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,474
Businesses Nearby
Explore this area
Business Placement
Demographics for 19128, PA
36,808
Population
19,006
Households
1.9
Avg Household Size
36
Median Age
55%
College-Educated
95%
High-School Grad
7.0 sq mi
ZIP Area
5,258
Density / Sq Mi
$89,639
Median Household Income
$64,861
Median Earnings
$1,563
Median Rent
$330,800
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 - Separately metered units are currently leased, with individual entrances and one-bedroom layouts throughout.
Where is this apartment building located?
The property is located at 348 Green Lane Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Five one‑bedroom apartment units, each with a living and kitchen area and bathroom; 4 units accessed from the front porch; 1 unit has a private rear entrance; Separately metered units are currently leased
