Five-Unit Craftsman Apartment
For Sale
$1,295,000
348 GREEN Lane, Philadelphia, PA 19128
MULTI_FAMILY - Craftsman - PHILADELPHIA, PA
Property Size4,080 SF
Lot Size0.31 Acres
Price / SF$317.40
Days on Market16
Property Features for 348 GREEN Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Subdivision
MANAYUNK
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
4,080 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
8067
Utilities
Heating system
Hot Water(Heating), Other (Heating)
Cooling system
Window Unit(s), Ceiling Fan(s)
Building Details
Year built
1920
Number of units
4
Building materials
Masonry, Block, Stone
Architectural style
Craftsman
Listing Agency:
Elfant Wissahickon Realtors
(215) 866-0050
Listed By:
Jeanne A Whipple · License #RS275042
(215) 866-0050
Added: Jul 28
Changed: Jul 30
Last Checked: Aug 12 at 11:06PM
MLS# PAPH2652966
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This five-unit Craftsman apartment building was built in 1920 and features masonry construction with stone and block elements. Four of the units are accessible from the front porch, and the fifth unit has a private entrance around back. Each unit includes one bedroom, a living and kitchen area, and a bathroom. The building is separately metered, and the units are currently leased.
The property includes a massive rear yard and an on-street parking setup. The lot totals 0.3131 acres, and the land stretches across the entire block of Manayunk Ave from Green Ln to Dupont St. The heating system is listed as hot water, with window AC units and ceiling fans for cooling.
For a buyer looking for income-producing residential space, the current lease status, separate utility metering, and configuration of front-porch and private rear access units provide a straightforward operating profile.
The property includes a massive rear yard and an on-street parking setup. The lot totals 0.3131 acres, and the land stretches across the entire block of Manayunk Ave from Green Ln to Dupont St. The heating system is listed as hot water, with window AC units and ceiling fans for cooling.
For a buyer looking for income-producing residential space, the current lease status, separate utility metering, and configuration of front-porch and private rear access units provide a straightforward operating profile.
Key Highlights
- Five units with four accessed from the front porch and one with a private rear entrance
- Separately metered units that are currently leased
- 0.3131‑acre lot with a massive rear yard
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
Yes
Paved road access
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit Craftsman building with separate meters and current tenant leases, plus a rear yard for future options.
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 units with four accessed from the front porch and one with a private rear entrance; Separately metered units that are currently leased; 0.3131‑acre lot with a massive rear yard
