15-Unit Apartment
For Sale
Contact for pricing
517-21 Martin Street, Philadelphia, PA 19128
The residential mix includes one- and two-bedroom apartments.
Property Size10,750 SF
Lot Size0.32 Acres
Price / SF$177.67
Days on Market10
Property Features for 517-21 Martin Street
General Information
Standard status
Active
Size
10,750 SF
Lot size
0.32 Acres
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
3 x 1BR/1BA, 12 x 2BR/1BA
Multifamily Units
15
Building Details
Buildings
1
Listing Agency:
Horvath & Tremblay
Listed By:
Zeke Rotter · License #PA RS347618
Source:
Crexi
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 24 at 3:09PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This 15-unit apartment building contains 10,750 square feet of gross building area on a 0.32-acre parcel. The unit mix consists of three one-bedroom, one-bathroom apartments and twelve two-bedroom, one-bathroom apartments.
In Philadelphia’s Roxborough section, the property is near Ridge Avenue retail, the Manayunk business district, and surrounding residential areas. Ridge Avenue, Green Lane, and Henry Avenue provide regional connections, with Interstate 76 nearby for travel across Philadelphia and the metropolitan area.
In Philadelphia’s Roxborough section, the property is near Ridge Avenue retail, the Manayunk business district, and surrounding residential areas. Ridge Avenue, Green Lane, and Henry Avenue provide regional connections, with Interstate 76 nearby for travel across Philadelphia and the metropolitan area.
Key Highlights
- 15 apartments: three one‑bedroom, one‑bathroom units and twelve two‑bedroom, one‑bathroom units
- 10,750 square feet of gross building area
- Situated on a 0.32‑acre parcel
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
$169,092
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
8.85%
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%
$3,381,840
$3.4M
Cap Rate 7%
$2,415,600
$2.4M
Cap Rate 9%
$1,878,800
$1.9M
Market Conditions
NOI Build-Up for 10,750 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
$326.4K $30.36/SF
− Vacancy
−$18.9K −$1.76/SF
EGI
$307.4K $28.60/SF
− OpEx
−$138.3K −$12.87/SF
NOI
$169.1K $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%
$3,381,840
Cap Rate 7%
$2,415,600
Cap Rate 9%
$1,878,800
Alternative Uses
Best Use
Apartment 5plus
$2.42M
$2.11M – $2.82M
NOI $169,092 @ 7.0% cap · market cap 8.85%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.62M
$2.29M – $3.06M
NOI $183,448 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,198
Businesses Nearby
Explore this area
Business Placement
Demographics for 19128, PA
36,808
Population
19,006
Households
1.9
Avg Household Size
36
Median Age
55%
College-Educated
95%
High-School Grad
7.0 sq mi
ZIP Area
5,258
Density / Sq Mi
$89,639
Median Household Income
$64,861
Median Earnings
$1,563
Median Rent
$330,800
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 - The residential mix includes one- and two-bedroom apartments.
Where is this apartment building located?
The property is located at 517-21 Martin Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,910,000.
What are key features of this property?
This property features: 15 apartments: three one‑bedroom, one‑bathroom units and twelve two‑bedroom, one‑bathroom units; 10,750 square feet of gross building area; Situated on a 0.32‑acre parcel
