Five-Unit Apartment
For Sale
$499,500
4154 W GIRARD AVENUE, Philadelphia, PA 19104
Recently updated five-unit apartment building with separate utilities per unit except water.
Property Size2,776 SF
Price / SF$179.94
Days on Market101
Property Features for 4154 W GIRARD AVENUE
General Information
Standard status
Active
Size
2,776 SF
Property subtype
Commercial
Financials
Cap Rate
14%
Business Included
Yes
Additional Details
Multifamily Units
5
Building Details
Year Built
1915
Tenancy
Multi
Listing Agency:
Best City Homes Inc
(215) 545-1144
Listed By:
Richard B Moore · License #RM419421
(267) 977-8205
Source:
Cummingsrealtors
Added: May 29
Changed: Sep 5
Last Checked: Sep 6 at 7:05AM
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 Best City Homes Inc
Investment Insights
Based on property information with market context.
This recently updated five-unit apartment building at 4154 W Girard Avenue offers a straightforward multifamily setup for investors. Each unit features separate utilities, with the exception of water.
Located in the Parkside section of West Philadelphia (ZIP Code 19104), the property is described as being a few blocks from the Philadelphia Zoo and close to Fairmount Park. Commuting is supported by nearby transit, with the Centennial Village train station about five blocks away and SEPTA 15 and 40 trolleys less than a block from the building.
The public remarks also note a current cap rate of over 7%, along with a potential cap rate of 14% if the new owner chooses Section 8 tenancy.
Located in the Parkside section of West Philadelphia (ZIP Code 19104), the property is described as being a few blocks from the Philadelphia Zoo and close to Fairmount Park. Commuting is supported by nearby transit, with the Centennial Village train station about five blocks away and SEPTA 15 and 40 trolleys less than a block from the building.
The public remarks also note a current cap rate of over 7%, along with a potential cap rate of 14% if the new owner chooses Section 8 tenancy.
Key Highlights
- Recently updated 5‑unit apartment building (Year built: 1915) in West Philadelphia (ZIP 19104)
- Each unit has separate utilities, except water
- Currently over a 7% cap rate
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
$43,665
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
8.74%
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%
$873,300
$873.3K
Cap Rate 7%
$623,786
$623.8K
Cap Rate 9%
$485,167
$485.2K
Market Conditions
NOI Build-Up for 2,776 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
$84.3K $30.36/SF
− Vacancy
−$4.9K −$1.76/SF
EGI
$79.4K $28.60/SF
− OpEx
−$35.7K −$12.87/SF
NOI
$43.7K $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%
$873,300
Cap Rate 7%
$623,786
Cap Rate 9%
$485,167
Alternative Uses
Best Use
Apartment 5plus
$623.8K
$545.8K – $727.8K
NOI $43,665 @ 7.0% cap · market cap 8.74%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$676.7K
$592.2K – $789.5K
NOI $47,372 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
935
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 - Recently updated five-unit apartment building with separate utilities per unit except water.
Where is this apartment building located?
The property is located at 4154 W GIRARD AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $499,500.
What are key features of this property?
This property features: Recently updated 5‑unit apartment building (Year built: 1915) in West Philadelphia (ZIP 19104); Each unit has separate utilities, except water; Currently over a 7% cap rate
