Historic 7-Unit Apartment
For Sale
$1,000,000
5015 MCKEAN AVENUE, Philadelphia, PA 19144
Renovation is approximately 75% complete, with new mechanical, plumbing, electrical, framing, and cabinetry installed.
Property Size4,382 SF
Lot Size0.49 Acres
Price / SF$228.21
Days on Market18
Property Features for 5015 MCKEAN AVENUE
General Information
Standard status
Active
Size
4,382 SF
Lot size
0.49 Acres
Property subtype
Multi-Family
Additional Details
Unit Mix
4 x 1BR, 1 x studio, 1 x 2BR/2BA, 1 x 3BR/2BA, 1 x carriage house
Taxes and HOA fees
Annual Taxes
$8,131
Amenities
Central Air
3
Parking.
Lot.
168.00 x 127.00
Building Details
Year Built
1930
Listing Agency:
(215) 617-6142
Listed By:
Keller Williams Main Line
(215) 617-6142
Source:
Xome
Added: Jul 26
Changed: Aug 11
Last Checked: Aug 12 at 3:45AM
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 Keller Williams Main Line
Investment Insights
Based on property information with market context.
This historic apartment property contains 4,382 square feet on a 21,318-square-foot lot and includes seven apartments plus a detached carriage house. The unit mix comprises four one-bedroom apartments, one studio, one two-bedroom, two-bath apartment, and one three-bedroom, two-bath apartment. Central air is among the interior features, and parking is present on the property.
Renovation work is approximately 75% complete. New plumbing, electrical systems, water heaters, framing, and cabinetry have been installed, leaving primarily finish work. The building is currently vacant. All permits have expired, and older stamped plans will be provided to the buyer. The property is offered in as-is, where-is condition.
The property is located at 5015 McKean Avenue in Philadelphia’s Germantown area, near the Germantown Cricket Club. The site measures 168.00 x 127.00, and the building dates to 1930.
Renovation work is approximately 75% complete. New plumbing, electrical systems, water heaters, framing, and cabinetry have been installed, leaving primarily finish work. The building is currently vacant. All permits have expired, and older stamped plans will be provided to the buyer. The property is offered in as-is, where-is condition.
The property is located at 5015 McKean Avenue in Philadelphia’s Germantown area, near the Germantown Cricket Club. The site measures 168.00 x 127.00, and the building dates to 1930.
Key Highlights
- 7‑unit apartment property with a detached carriage house
- 4,382 square feet on a 21,318‑square‑foot lot
- Unit mix includes four one‑bedroom apartments, one studio, and two larger apartments
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
$68,927
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
6.89%
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%
$1,378,540
$1.4M
Cap Rate 7%
$984,671
$984.7K
Cap Rate 9%
$765,856
$765.9K
Market Conditions
NOI Build-Up for 4,382 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
$133.0K $30.36/SF
− Vacancy
−$7.7K −$1.76/SF
EGI
$125.3K $28.60/SF
− OpEx
−$56.4K −$12.87/SF
NOI
$68.9K $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%
$1,378,540
Cap Rate 7%
$984,671
Cap Rate 9%
$765,856
Alternative Uses
Best Use
Apartment 5plus
$984.7K
$861.6K – $1.15M
NOI $68,927 @ 7.0% cap · market cap 6.89%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.07M
$934.7K – $1.25M
NOI $74,778 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,037
Businesses Nearby
Explore this area
Business Placement
Demographics for 19144, PA
44,481
Population
23,583
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
90%
High-School Grad
3.6 sq mi
ZIP Area
12,356
Density / Sq Mi
$45,727
Median Household Income
$36,020
Median Earnings
$1,110
Median Rent
$224,600
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 - Renovation is approximately 75% complete, with new mechanical, plumbing, electrical, framing, and cabinetry installed.
Where is this apartment building located?
The property is located at 5015 MCKEAN AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 7‑unit apartment property with a detached carriage house; 4,382 square feet on a 21,318‑square‑foot lot; Unit mix includes four one‑bedroom apartments, one studio, and two larger apartments
