West Philadelphia Quadruplex Investment
For Sale
$350,000
400-402 N 64TH ST, Philadelphia, PA 19151
Legally zoned quadruplex in West Philadelphia, fully occupied, generating income.
Property Size2,036 SF
Price / SF$171.91
Days on Market386
Property Features for 400-402 N 64TH ST
General Information
Standard status
Active
Size
2,036 SF
Property subtype
Quadruplex
Amenities
Baseboard - Electric
Building Details
Building Size
2,036 SF
Year Built
1925
Stories
2
Listing Agency:
KW Empower
Listed By:
Eric Land · License #RS363265
(609) 992-8248
Source:
Kw
Added: Aug 26, 2025
Changed: Sep 13
Last Checked: Sep 15 at 11:57AM
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.
Located in West Philadelphia, this legally zoned quadruplex presents an investment opportunity. The property is fully occupied and generates $3,585 per month in gross rental income, with rents currently below market value. A vacant storage unit is located at the rear of the property, which could be rented for additional income or converted into an extra bedroom. On-site laundry facilities are available in the basement. The property is certified lead safe, legally licensed, and owned by a licensed real estate agent. The building has tenant-friendly amenities. The property size is 2,036 square feet.
Key Highlights
- Legally zoned quadruplex generating $3,585/month in gross rental income.
- Certified lead safe and legally licensed.
- Opportunity to purchase adjacent lot (400 N 64th St) for parking, land‑banking, or new construction.
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
$32,025
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
9.15%
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%
$640,500
$640.5K
Cap Rate 7%
$457,500
$457.5K
Cap Rate 9%
$355,833
$355.8K
Market Conditions
NOI Build-Up for 2,036 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
$61.8K $30.36/SF
− Vacancy
−$3.6K −$1.76/SF
EGI
$58.2K $28.60/SF
− OpEx
−$26.2K −$12.87/SF
NOI
$32.0K $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%
$640,500
Cap Rate 7%
$457,500
Cap Rate 9%
$355,833
Alternative Uses
Best Use
Multifamily LT 5
$496.3K
$434.3K – $579.1K
NOI $34,744 @ 7.0% cap · market cap 9.93%
Second Best
Apartment 5plus
$457.5K
$400.3K – $533.8K
NOI $32,025 @ 7.0% cap · market cap 9.15%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,463
Businesses Nearby
Explore this area
Business Placement
Demographics for 19151, PA
30,394
Population
15,084
Households
2
Avg Household Size
39
Median Age
28%
College-Educated
93%
High-School Grad
2.4 sq mi
ZIP Area
12,664
Density / Sq Mi
$58,046
Median Household Income
$42,504
Median Earnings
$1,167
Median Rent
$181,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Legally zoned quadruplex in West Philadelphia, fully occupied, generating income.
Where is this quadplex located?
The property is located at 400-402 N 64TH ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Legally zoned quadruplex generating $3,585/month in gross rental income.; Certified lead safe and legally licensed.; Opportunity to purchase adjacent lot (400 N 64th St) for parking, land‑banking, or new construction.
