Six-Unit Fully Renovated
For Sale
$1,495,000
517 South 42nd Street, Philadelphia, PA 19104
Six-unit multifamily property fully renovated in 2020, featuring 2-bedroom, 2-bath units and rare on-site parking.
Property Size4,625 SF
Price / SF$323.24
Days on Market212
Property Features for 517 South 42nd Street
General Information
Standard status
Active
Size
4,625 SF
Total Parking Spaces
3
Property subtype
Multi-Family / Fee Simple
Zoning
RTA1
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$10,156
Amenities
on-site parking
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1870
Year Renovated
2020
Tenancy
Multi
Listing Agency:
KW Empower
Listed By:
Steven Onesti · License #RS372317
(215) 783-7779
Source:
Compass
Added: Feb 8
Changed: Aug 8
Last Checked: Jul 23 at 4:32PM
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 KW Empower
Investment Insights
Based on property information with market context.
517 South 42nd Street is a fully renovated six-unit multifamily property. The building’s layout includes spacious units with 2 bedrooms and 2 full bathrooms, supported by a comprehensive renovation completed in 2020. Updates described in the renovation include a newly constructed rear expansion, contemporary finishes, and efficient floor plans. The property is presented as stabilized and turnkey.
The location is described as in University City, within walking distance of University of Pennsylvania, Drexel University, Children’s Hospital of Philadelphia, Saint Joseph’s University City Campus, Hospital of the University of Pennsylvania, and University of the Sciences. Additional noted highlights include rare on-site parking, a tax abatement in place, and an attractive cap rate exceeding 7% based on the listing remarks.
The location is described as in University City, within walking distance of University of Pennsylvania, Drexel University, Children’s Hospital of Philadelphia, Saint Joseph’s University City Campus, Hospital of the University of Pennsylvania, and University of the Sciences. Additional noted highlights include rare on-site parking, a tax abatement in place, and an attractive cap rate exceeding 7% based on the listing remarks.
Key Highlights
- Fully renovated 6‑unit multifamily property with a 2020 renovation, including a newly constructed rear expansion
- Unit mix: six units, each with 2 bedrooms and 2 full bathrooms
- Rare on‑site parking included with the 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
$72,749
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
4.87%
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%
$1,454,980
$1.5M
Cap Rate 7%
$1,039,271
$1.0M
Cap Rate 9%
$808,322
$808.3K
Market Conditions
NOI Build-Up for 4,625 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
$140.4K $30.36/SF
− Vacancy
−$8.1K −$1.76/SF
EGI
$132.3K $28.60/SF
− OpEx
−$59.5K −$12.87/SF
NOI
$72.7K $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%
$1,454,980
Cap Rate 7%
$1,039,271
Cap Rate 9%
$808,322
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$909.4K – $1.21M
NOI $72,749 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.13M
$986.6K – $1.32M
NOI $78,925 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,208
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 - Six-unit multifamily property fully renovated in 2020, featuring 2-bedroom, 2-bath units and rare on-site parking.
Where is this apartment building located?
The property is located at 517 South 42nd Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Fully renovated 6‑unit multifamily property with a 2020 renovation, including a newly constructed rear expansion; Unit mix: six units, each with 2 bedrooms and 2 full bathrooms; Rare on‑site parking included with the property
