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5321 Wayne Ave, Philadelphia, PA 19144
42-unit multifamily property with mark-to-market opportunity in Philadelphia.
Property Size22,074 SF
Price / SF$190.27
Days on Market165
Property Features for 5321 Wayne Ave
General Information
Standard status
Active
Size
22,074 SF
Property subtype
Multifamily
Zoning
RSA3
Listing Agency:
Horvath & Tremblay
(267) 252-0223
Listed By:
Joe Loonstyn · License #RS351792
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Aug 8 at 6:42AM
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 42-unit multifamily community is located in the Germantown section of Philadelphia. The property comprises 10 efficiency units, 16 studio units, 12 one-bedroom, one-bathroom units, and four two-bedroom, one-bathroom units. The building is fully electric, featuring electric baseboard heat, window unit air-conditioning, in-unit electric hot-water tanks, and electric cooking. Basement laundry facilities are available for resident use. The owner is responsible for common area electricity, water, and gas, with gas only used for the laundry machines. Units are individually metered for electricity. The property presents a mark-to-market opportunity. Achieving market rents of $995 for efficiencies and studios, $1,175 for one-bedroom, one-bathroom units, and $1,350 for two-bedroom, one-bathroom units could increase scheduled rent to $45,370 per month or $544,440 per year, creating $41,640 in immediate annual upside. Germantown is a historic, walkable Northwest Philadelphia neighborhood centered on Germantown Avenue and served by multiple transit options. The property is situated near Wayne Junction and Queen Lane Regional Rail stations, providing access to Center City and other employment hubs. SEPTA bus routes, including Route 65 on the Germantown–Chelten corridor, also serve the area. Nearby institutions include La Salle University and the Drexel University College of Medicine Queen Lane campus, with Temple University Health Center a short drive away. Daily-needs retail is available along Germantown Avenue and at neighborhood grocers such as Wayne Supermarket on Wayne Avenue.
Key Highlights
- 42‑unit multifamily community in Philadelphia's Germantown.
- Significant rent increase opportunity, potentially generating an additional $41,640 annually.
- Features a mix of efficiency, studio, one‑bedroom, and two‑bedroom 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
$347,213
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
8.27%
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%
$6,944,260
$6.9M
Cap Rate 7%
$4,960,186
$5.0M
Cap Rate 9%
$3,857,922
$3.9M
Market Conditions
NOI Build-Up for 22,074 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
$670.2K $30.36/SF
− Vacancy
−$38.9K −$1.76/SF
EGI
$631.3K $28.60/SF
− OpEx
−$284.1K −$12.87/SF
NOI
$347.2K $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%
$6,944,260
Cap Rate 7%
$4,960,186
Cap Rate 9%
$3,857,922
Alternative Uses
Best Use
Apartment 5plus
$4.96M
$4.34M – $5.79M
NOI $347,213 @ 7.0% cap · market cap 8.27%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$5.38M
$4.71M – $6.28M
NOI $376,690 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,630
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 - 42-unit multifamily property with mark-to-market opportunity in Philadelphia.
Where is this apartment building located?
The property is located at 5321 Wayne Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 42‑unit multifamily community in Philadelphia's Germantown.; Significant rent increase opportunity, potentially generating an additional $41,640 annually.; Features a mix of efficiency, studio, one‑bedroom, and two‑bedroom apartments.
