Boutique 12-Unit Apartment
For Sale
Contact for pricing
549 Armstrong Street, Philadelphia, PA 19144
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 Market43
Property Features for 549 Armstrong Street
General Information
Standard status
Active
Size
18,239 SF
Class
C
Total Parking Spaces
11
Lot size
0.27 Acres
Property subtype
Multifamily
Zoning
RSA-3
Occupancy
100%
Additional Details
Multifamily Units
12
Building Details
Year Built
2018
Buildings
1
Stories
3
Units
12
Tenancy
Multi
Listing Agency:
GREA
Listed By:
Ken Wellar · License #PA 10401252368
Source:
Crexi
Added: Jul 1
Changed: Aug 8
Last Checked: Aug 12 at 12:03PM
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
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
$286,891
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
7.45%
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%
$5,737,820
$5.7M
Cap Rate 7%
$4,098,443
$4.1M
Cap Rate 9%
$3,187,678
$3.2M
Market Conditions
NOI Build-Up for 18,239 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
$553.7K $30.36/SF
− Vacancy
−$32.1K −$1.76/SF
EGI
$521.6K $28.60/SF
− OpEx
−$234.7K −$12.87/SF
NOI
$286.9K $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%
$5,737,820
Cap Rate 7%
$4,098,443
Cap Rate 9%
$3,187,678
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
916
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 - 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
