Five-Unit Apartment
For Sale
$475,000
3521 N 21ST STREET, Philadelphia, PA 19140
Well-kept five-unit apartment building featuring three one-bedroom units and two studio units, built in 1930.
Property Size2,540 SF
Days on Market16
Property Features for 3521 N 21ST STREET
General Information
Standard status
Active
Size
2,540 SF
Property subtype
Five Or More Units
Units
Unit Mix
3 x 1BR/1BA, 2 x studio
Multifamily Units
5
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,341
Building Details
Building Size
2,540 SF
Year Built
1930
Listing Agency:
OCF Realty LLC - Philadelphia
(856) 347-0434
Listed By:
Kevin M McGettigan · License #RS326539
(856) 347-0434
Source:
Patmckennarealtors
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 12 at 3:29PM
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 OCF Realty LLC - Philadelphia
Investment Insights
Based on property information with market context.
This well-kept five-unit apartment building offers a simple, practical unit mix designed to support long-term occupancy. The property includes three one-bedroom, one-bath units and two studio units. The building was constructed in 1930.
The property is located in Philadelphia’s West Allegheny neighborhood, positioned near Broad Street transit, Roosevelt Blvd, neighborhood retail, and key bus routes. This access to transit and everyday services supports consistent tenant demand.
For buyers evaluating portfolio strategies, the property is also offered as part of a three-property, 14-unit package with 2122 W Estaugh St and 1729 W Erie Ave. Financial details are available on request.
The property is located in Philadelphia’s West Allegheny neighborhood, positioned near Broad Street transit, Roosevelt Blvd, neighborhood retail, and key bus routes. This access to transit and everyday services supports consistent tenant demand.
For buyers evaluating portfolio strategies, the property is also offered as part of a three-property, 14-unit package with 2122 W Estaugh St and 1729 W Erie Ave. Financial details are available on request.
Key Highlights
- Five‑unit apartment building with three one‑bedroom, one‑bath units
- Two studio units
- Year built: 1930
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
$39,953
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
8.41%
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%
$799,060
$799.1K
Cap Rate 7%
$570,757
$570.8K
Cap Rate 9%
$443,922
$443.9K
Market Conditions
NOI Build-Up for 2,540 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
$77.1K $30.36/SF
− Vacancy
−$4.5K −$1.76/SF
EGI
$72.6K $28.60/SF
− OpEx
−$32.7K −$12.87/SF
NOI
$40.0K $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%
$799,060
Cap Rate 7%
$570,757
Cap Rate 9%
$443,922
Alternative Uses
Best Use
Apartment 5plus
$570.8K
$499.4K – $665.9K
NOI $39,953 @ 7.0% cap · market cap 8.41%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$619.2K
$541.8K – $722.4K
NOI $43,345 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,604
Businesses Nearby
Explore this area
Business Placement
Demographics for 19140, PA
52,124
Population
23,104
Households
2.3
Avg Household Size
36
Median Age
9%
College-Educated
73%
High-School Grad
3.2 sq mi
ZIP Area
16,289
Density / Sq Mi
$33,149
Median Household Income
$31,508
Median Earnings
$1,085
Median Rent
$101,100
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 - Well-kept five-unit apartment building featuring three one-bedroom units and two studio units, built in 1930.
Where is this apartment building located?
The property is located at 3521 N 21ST STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Five‑unit apartment building with three one‑bedroom, one‑bath units; Two studio units; Year built: 1930
