5-Unit Apartment Building with Central
For Sale
$1,999,000
4059 BARING Street, Philadelphia, PA 19104
MULTI_FAMILY - PHILADELPHIA, PA
Property Size7,465 SF
Lot Size0.05 Acres
Price / SF$267.78
Days on Market323
Property Features for 4059 BARING Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street, Offsite
Subdivision
UNIVERSITY CITY
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
1638
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
fire alarm monitoring
camera security system
Building Details
Year built
2019
Number of units
1
Building materials
Brick, Brick Front, Vinyl Siding
Listing Agency:
Keller Williams Realty - Marlton
(856) 441-6800
Listed By:
Ashwin Rashatwar · License #1756480
(609) 509-8484
Added: Sep 18, 2025
Changed: Jul 31
Last Checked: Aug 6 at 11:06AM
MLS# PAPH2539040
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 fully occupied 5-unit apartment building includes 7,465 sq. ft. of space and offers 15 beds with 12 full baths and 2 half baths. Built in 2019, the property comes fully furnished and features ultra-luxury interior finishes including quartz counters, stainless steel appliances, white cabinetry, and bamboo hardwood floors. Central heating and central air service the building, and the home has additional life-safety and security features such as fire sprinklers, fire alarm monitoring, and a camera security system. Parking is available via on-street and offsite options.
The property is located at 4059 Baring Street in Philadelphia, PA 19104, in University City. It has proximity to UPenn, Drexel, and the Market-Frankford Line transit.
The building has been previously used as Airbnb and includes fire and security systems, which may support short- and medium-term rental operations. There are 5 years of real estate tax abatement remaining.
The property is located at 4059 Baring Street in Philadelphia, PA 19104, in University City. It has proximity to UPenn, Drexel, and the Market-Frankford Line transit.
The building has been previously used as Airbnb and includes fire and security systems, which may support short- and medium-term rental operations. There are 5 years of real estate tax abatement remaining.
Key Highlights
- Fully occupied 5‑unit apartment building with 7,465 sq. ft.
- Built in 2019 with central heating and central air
- 15 beds with 12 full baths and 2 half baths
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
$117,421
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
5.87%
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%
$2,348,420
$2.3M
Cap Rate 7%
$1,677,443
$1.7M
Cap Rate 9%
$1,304,678
$1.3M
Market Conditions
NOI Build-Up for 7,465 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
$226.6K $30.36/SF
− Vacancy
−$13.1K −$1.76/SF
EGI
$213.5K $28.60/SF
− OpEx
−$96.1K −$12.87/SF
NOI
$117.4K $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%
$2,348,420
Cap Rate 7%
$1,677,443
Cap Rate 9%
$1,304,678
Alternative Uses
Best Use
Apartment 5plus
$1.68M
$1.47M – $1.96M
NOI $117,421 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.82M
$1.59M – $2.12M
NOI $127,389 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
4,421
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
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 - Five-unit building built in 2019 with central heating and central air, plus on-street and offsite parking.
Where is this apartment building located?
The property is located at 4059 BARING Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Fully occupied 5‑unit apartment building with 7,465 sq. ft.; Built in 2019 with central heating and central air; 15 beds with 12 full baths and 2 half baths
