Turnkey Multifamily Property
3535 3535-3537 N 16th St Philadelphia, PA 19140
For Sale
$1,250,000
Two fully leased multifamily buildings built in 2017, each with three 2-bed/2-bath units and full basements.
Property Size5,880 SF
Price / SF$212.59
Days on Market11
Property Features for 3535 3535-3537 N 16th St
General Information
Standard status
Active
Size
5,880 SF
Building Details
Year Built
2017
Listing Agency:
KW Empower
(609) 226-9287
Listed By:
Martin Rodriguez · License #RS348037
Source:
Kandorre
Added: Jul 20
Changed: Jul 21
Last Checked: Jul 29 at 9:05AM
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 KW Empower
Investment Insights
Based on property information with market context.
This for-sale package includes two turnkey multifamily buildings, with each property featuring three residential units. Each unit is described as having 2 bedrooms and 2 bathrooms, and the lower-level units include full basements. The buildings were built in 2017 using modular construction, with modern interiors, high ceilings, and contemporary appliances.
The seller notes remaining full tax abatement benefits, with 9 years left on an abatement program that runs for ten years. The remarks state the taxes are $1,875 per year and that the abatement was not applied when the building was originally bought; the seller’s expediter worked with the city to apply the abatement last year, with the next nine years remaining.
3535–3537 N. 16th St. is offered as an immediately available bundle, with the properties described as fully occupied. Management and leasing are also noted in the materials as part of the offering.
The seller notes remaining full tax abatement benefits, with 9 years left on an abatement program that runs for ten years. The remarks state the taxes are $1,875 per year and that the abatement was not applied when the building was originally bought; the seller’s expediter worked with the city to apply the abatement last year, with the next nine years remaining.
3535–3537 N. 16th St. is offered as an immediately available bundle, with the properties described as fully occupied. Management and leasing are also noted in the materials as part of the offering.
Key Highlights
- Two fully leased multifamily buildings in a package: 3535 N. 16th St. and 3537 N. 16th St.
- Each building built in 2017 and features three 2‑bed/2‑bath units (6 total units across both buildings).
- Rental rate noted at $1,400 per unit per month for the 3 units in each building (per package notes).
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $178.5k | $30.36 |
| − Vacancy | −$10.4k | −$1.76 |
| EGI | $168.2k | $28.60 |
| − OpEx | −$75.7k | −$12.87 |
| NOI | $92.5k | $15.73 |
5,880 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,490 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.43M
$1.25M – $1.67M
NOI $100,342 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Two fully leased multifamily buildings built in 2017, each with three 2-bed/2-bath units and full basements.
Where is this apartment building located?
The property is located at 3535 3535-3537 N 16th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Two fully leased multifamily buildings in a package: 3535 N. 16th St. and 3537 N. 16th St.; Each building built in 2017 and features three 2‑bed/2‑bath units (6 total units across both buildings).; Rental rate noted at $1,400 per unit per month for the 3 units in each building (per package notes).
