Boutique 12-Unit Apartment
549 Armstrong Street Philadelphia, PA 19144
549 Armstrong Street, Philadelphia, PA, 19144
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For Sale
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Modern 12-unit multifamily with secure entry, in-unit laundry, and gated off-street parking.
Property Size18,239 SF
Lot Size0.27 Acres
Price / SF$211.09
Days on Market18
Property Features for 549 Armstrong Street
General Information
- Standard status
- Active
- Size
- 18,239 SF
- Lot size
- 0.27 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 2018
Listing Agency
GREA
Listed by
Ken Wellar · License #PA 10401252368
Source
Crexi
Added: Jul 1 Checked: Jul 17 at 6:29 am
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 GREA
Investment Insights
Based on property information with market context.
549 Armstrong Street is a boutique 12-unit apartment community built in 2018. The three-story property is configured with (8) three-bedroom/two-bath units and (4) five-bedroom/three-bath units. Tenant conveniences include in-unit washers and dryers, stainless steel appliances, quartz countertops, and bi-level layouts. For parking, the building provides 11 gated off-street spaces, and secure access is supported by video intercom and keyless entry.
The property sits on a 0.27-acre parcel in the East Germantown section of Philadelphia. It is positioned near La Salle University, as well as regional rail stations and multiple bus lines, supporting tenant access to education and transportation across the Greater Philadelphia region. The building is fully leased for the 2026–2027 academic year.
This offering includes a 10-year real estate tax abatement that commenced in 2018. With a current lease roster in place for the upcoming academic year, the property is positioned for continued operating stability. The unit mix and amenity set are well suited for student and professional housing needs that prioritize in-unit laundry, modern finishes, and controlled entry, with parking available on-site for residents.
The property sits on a 0.27-acre parcel in the East Germantown section of Philadelphia. It is positioned near La Salle University, as well as regional rail stations and multiple bus lines, supporting tenant access to education and transportation across the Greater Philadelphia region. The building is fully leased for the 2026–2027 academic year.
This offering includes a 10-year real estate tax abatement that commenced in 2018. With a current lease roster in place for the upcoming academic year, the property is positioned for continued operating stability. The unit mix and amenity set are well suited for student and professional housing needs that prioritize in-unit laundry, modern finishes, and controlled entry, with parking available on-site for residents.
Key Highlights
- Built in 2018: boutique 12‑unit, 44‑bedroom apartment community on a 0.27‑acre parcel
- Fully leased for the 2026–2027 academic year; average monthly rent of $2,681 per unit
- Unit mix: (8) 3‑bedroom/2‑bath and (4) 5‑bedroom/3‑bath units with about 1,437 SF on average per unit
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $553.7k | $30.36 |
| − Vacancy | −$32.1k | −$1.76 |
| EGI | $521.6k | $28.60 |
| − OpEx | −$234.7k | −$12.87 |
| NOI | $286.9k | $15.73 |
18,239 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.10M
$3.59M – $4.78M
NOI $286,891 @ 7.0% cap · market cap 7.45%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.45M
$3.89M – $5.19M
NOI $311,247 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
549 Armstrong St
Vacation Rental
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Modern 12-unit multifamily with secure entry, in-unit laundry, and gated off-street parking.
Where is this apartment building located?
The property is located at 549 Armstrong Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Built in 2018: boutique 12‑unit, 44‑bedroom apartment community on a 0.27‑acre parcel; Fully leased for the 2026–2027 academic year; average monthly rent of $2,681 per unit; Unit mix: (8) 3‑bedroom/2‑bath and (4) 5‑bedroom/3‑bath units with about 1,437 SF on average per unit
