8-Unit Apartment
For Sale
$600,000
517 N 35th St, Philadelphia, PA 19104
Self-contained studio units include kitchenettes and private bathrooms in a fully leased multifamily property.
Property Size2,364 SF
Price / SF$253.81
Days on Market52
Property Features for 517 N 35th St
General Information
Standard status
Active
Size
2,364 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
8 x studio
Multifamily Units
8
Additional Details
Gross Income
$80,940
Public Transit
Yes
Building Details
Year Built
1930
Listing Agency:
Loonstyn Brothers Realty LLC
Listed By:
Joseph M. Loonstyn Jr.
Source:
Bethsamberg
Added: Jul 14
Changed: Aug 28
Last Checked: Sep 1 at 10:01PM
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 Loonstyn Brothers Realty LLC
Investment Insights
Based on property information with market context.
This 2,364-square-foot multifamily building contains 8 self-contained studio units, each equipped with a kitchenette and private bathroom. The layout places 2 rooms on the first floor, 3 on the second floor, and 3 on the third floor. The property is fully leased and managed, with tenants paying their own electric and internet costs while the landlord covers water and common-area electric.
Located at 517 N. 35th Street in Philadelphia’s Powelton Village, the property sits just blocks from Drexel University and the University of Pennsylvania. SEPTA transit lines, restaurants, and local amenities are within walking distance. Zoning, licensure, and permitted use requirements are subject to verification with the City of Philadelphia.
Located at 517 N. 35th Street in Philadelphia’s Powelton Village, the property sits just blocks from Drexel University and the University of Pennsylvania. SEPTA transit lines, restaurants, and local amenities are within walking distance. Zoning, licensure, and permitted use requirements are subject to verification with the City of Philadelphia.
Key Highlights
- 8 self‑contained studio units with individual kitchenettes and private bathrooms
- 2,364 SF building with 2 rooms on the first floor, 3 on the second, and 3 on the third
- Fully leased multifamily property
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
$37,185
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
6.20%
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%
$743,700
$743.7K
Cap Rate 7%
$531,214
$531.2K
Cap Rate 9%
$413,167
$413.2K
Market Conditions
NOI Build-Up for 2,364 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
$71.8K $30.36/SF
− Vacancy
−$4.2K −$1.76/SF
EGI
$67.6K $28.60/SF
− OpEx
−$30.4K −$12.87/SF
NOI
$37.2K $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%
$743,700
Cap Rate 7%
$531,214
Cap Rate 9%
$413,167
Alternative Uses
Best Use
Apartment 5plus
$531.2K
$464.8K – $619.8K
NOI $37,185 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$576.3K
$504.3K – $672.4K
NOI $40,341 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,589
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 - Self-contained studio units include kitchenettes and private bathrooms in a fully leased multifamily property.
Where is this apartment building located?
The property is located at 517 N 35th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 8 self‑contained studio units with individual kitchenettes and private bathrooms; 2,364 SF building with 2 rooms on the first floor, 3 on the second, and 3 on the third; Fully leased multifamily property
