Renovated Quadplex with Mixed Unit
For Sale
Under Contract
$475,000
597 ADAMS Avenue, Philadelphia, PA 19120
Multi-Family, PHILADELPHIA, PA
Property Size1,524 SF
Lot Size0.04 Acres
Price / SF$311.68
Days on Market51
Property Features for 597 ADAMS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active Under Contract
Size
1,524 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
3089
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Attic Fan, Central Air
Building Details
Year built
1955
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Keller Williams Real Estate - Newtown · Keller Williams Realty
(215) 860-4200
Listed By:
Alysha Brand · License #RS343769
(215) 588-8086
Added: Jul 27
Changed: Sep 13
Last Checked: Sep 15 at 9:06AM
MLS# PAPH2652484
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This masonry quadplex, built in 1955, contains four residential units arranged across two levels. The configuration includes two one-bedroom, one-bath apartments and two two-bedroom, one-bath apartments. Units feature living and dining areas, full kitchens, storage, and separate entrances. Shared utility access and laundry-related features are located in the rear service area.
One upstairs apartment has been renovated with new flooring, a newer HVAC system and hot water heater, updated kitchen and bathroom finishes, new light fixtures, and washer/dryer hookups. That unit is vacant, while the other units are occupied. The property also includes fenced outdoor space, a front patio, back-yard access, on-street parking, forced-air heat, central air, ceiling fans, and an attic fan. Public transportation and major roadways are nearby.
One upstairs apartment has been renovated with new flooring, a newer HVAC system and hot water heater, updated kitchen and bathroom finishes, new light fixtures, and washer/dryer hookups. That unit is vacant, while the other units are occupied. The property also includes fenced outdoor space, a front patio, back-yard access, on-street parking, forced-air heat, central air, ceiling fans, and an attic fan. Public transportation and major roadways are nearby.
Key Highlights
- Four‑unit quadplex with two 1‑bedroom and two 2‑bedroom apartments
- One upstairs unit recently renovated with new floors, kitchen, bathroom, and light fixtures
- Newer HVAC system and hot water heater in the renovated apartment
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
$16,509
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
3.48%
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%
$330,180
$330.2K
Cap Rate 7%
$235,843
$235.8K
Cap Rate 9%
$183,433
$183.4K
Market Conditions
NOI Build-Up for 1,524 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
$25.4K $16.68/SF
− Vacancy
−$1.8K −$1.20/SF
EGI
$23.6K $15.48/SF
− OpEx
−$7.1K −$4.64/SF
NOI
$16.5K $10.83/SF
Area
ZIP 19120
Vacancy
7.22%
Lease Rate
$16.68 /SF/Yr
Expense Ratio
30.00%
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%
$330,180
Cap Rate 7%
$235,843
Cap Rate 9%
$183,433
Alternative Uses
Best Use
Multifamily LT 5
$235.8K
$206.4K – $275.2K
NOI $16,509 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$209.8K
$183.6K – $244.7K
NOI $14,684 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$364.1K
$318.6K – $424.7K
NOI $25,484 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,037
Businesses Nearby
Explore this area
Business Placement
Demographics for 19120, PA
66,177
Population
25,730
Households
2.6
Avg Household Size
35
Median Age
13%
College-Educated
77%
High-School Grad
3.2 sq mi
ZIP Area
20,680
Density / Sq Mi
$51,993
Median Household Income
$32,980
Median Earnings
$1,186
Median Rent
$143,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include occupied apartments and a recently updated vacant unit.
Where is this quadplex located?
The property is located at 597 ADAMS Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Four‑unit quadplex with two 1‑bedroom and two 2‑bedroom apartments; One upstairs unit recently renovated with new floors, kitchen, bathroom, and light fixtures; Newer HVAC system and hot water heater in the renovated apartment
