Turnkey Multifamily Property
3535 3535-3537 N 16th St Philadelphia, PA 19140
New
3535 3535-3537 N 16th St, Philadelphia, PA, 19140
$1,250,000
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 Market3
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 Updated: Jul 21 at 12:31PM Checked: Jul 22 at 4:50AM
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).
Local 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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
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).
