Residential Income Multifamily
For Sale
$897,000
607 West Norris Street, Philadelphia, PA 19122
For sale multifamily residential income property located at 607 W Norris Street in Philadelphia, PA 19122.
Property Size2,280 SF
Price / SF$393.42
Days on Market316
Property Features for 607 West Norris Street
General Information
Standard status
Active
Size
2,280 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RM1
Taxes and HOA fees
Annual Taxes
$4,829
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1920
Listing Agency:
Elite Realty Group Unl. Inc.
(215) 688-1220
Listed By:
Ilya Markman · License #RS224080L
(215) 688-1220
Source:
Compass
Added: Oct 14, 2025
Changed: Aug 8
Last Checked: Jul 23 at 1:48PM
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 Elite Realty Group Unl. Inc.
Investment Insights
Based on property information with market context.
Offered for sale, this multifamily residential income property is located at 607 West Norris Street in Philadelphia, PA 19122. The listing is shown under PHILADELPHIA County with MLS Area 19122.
Additional information on the building layout, unit count, and condition was not provided in the remarks, so interested buyers should confirm details directly with the listing broker.
Additional information on the building layout, unit count, and condition was not provided in the remarks, so interested buyers should confirm details directly with the listing broker.
Key Highlights
- Multifamily income property for sale at 607 W Norris Street, Philadelphia, PA 19122
- Year built: 1920
- No pool
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
$35,863
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
4.00%
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%
$717,260
$717.3K
Cap Rate 7%
$512,329
$512.3K
Cap Rate 9%
$398,478
$398.5K
Market Conditions
NOI Build-Up for 2,280 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
$69.2K $30.36/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$65.2K $28.60/SF
− OpEx
−$29.3K −$12.87/SF
NOI
$35.9K $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%
$717,260
Cap Rate 7%
$512,329
Cap Rate 9%
$398,478
Alternative Uses
Best Use
Apartment 5plus
$512.3K
$448.3K – $597.7K
NOI $35,863 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$555.8K
$486.4K – $648.5K
NOI $38,908 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,067
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
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?
Multifamily property - For sale multifamily residential income property located at 607 W Norris Street in Philadelphia, PA 19122.
Where is this multifamily property located?
The property is located at 607 West Norris Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $897,000.
What are key features of this property?
This property features: Multifamily income property for sale at 607 W Norris Street, Philadelphia, PA 19122; Year built: 1920; No pool
