Fully Occupied 6-Unit Apartment
For Sale
$1,525,000
610 S AMERICAN STREET, Philadelphia, PA 19147
MULTI_FAMILY - PHILADELPHIA, PA
Property Size6,000 SF
Price / SF$254.17
Days on Market524
Property Features for 610 S AMERICAN STREET
General Information
Property type
Residential Multi Family
Property subtype
Townhouse
Subdivision
QUEEN VILLAGE
Standard status
Active
Size
6,000 SF
Building Details
Year built
1950
Listing Agency:
BHHS Fox & Roach Center City-Society Hill · Berkshire Hathaway HomeServices
(215) 627-6005
Listed By:
Patrick Conway · License #RS217990L
(215) 266-1537
Added: Mar 7, 2025
Changed: Jul 23
Last Checked: Aug 13 at 3:06AM
MLS# PAPH2452066
Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. 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 fully occupied 6-unit apartment building offers two 1-bedroom, 1-bath apartments and four 2-bedroom, 1-bath units. Each apartment features an open floor plan, eat-in kitchens, large windows, and in-unit laundry with a washer and dryer, along with central air. The building is described as well maintained and includes two separate stairwells, a rear shared community yard, and an expanded finished lower level.
The lower level provides additional flexible space, including a powder room, separate mechanical room, large storage room, and another separate bonus room. The property is zoned RMI and sits on a lot measuring 27x100, with over 6,000 square feet.
The current configuration supports continued income producing use as an apartment building, with the added noted flexibility for other end uses referenced in the remarks.
The lower level provides additional flexible space, including a powder room, separate mechanical room, large storage room, and another separate bonus room. The property is zoned RMI and sits on a lot measuring 27x100, with over 6,000 square feet.
The current configuration supports continued income producing use as an apartment building, with the added noted flexibility for other end uses referenced in the remarks.
Key Highlights
- Fully occupied 6‑unit apartment building built in 1950 on a 27x100 lot with over 6,000 sq. ft.
- Unit mix: two 1 bed, 1 bath and four 2 bed, 1 bath apartments.
- Each unit features an open floor plan, eat‑in kitchens, washer + dryer, and central air.
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
$94,377
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
6.19%
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%
$1,887,540
$1.9M
Cap Rate 7%
$1,348,243
$1.3M
Cap Rate 9%
$1,048,633
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$182.2K $30.36/SF
− Vacancy
−$10.6K −$1.76/SF
EGI
$171.6K $28.60/SF
− OpEx
−$77.2K −$12.87/SF
NOI
$94.4K $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%
$1,887,540
Cap Rate 7%
$1,348,243
Cap Rate 9%
$1,048,633
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.57M
NOI $94,377 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.46M
$1.28M – $1.71M
NOI $102,389 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
7,743
Businesses Nearby
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
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 - Fully occupied 6-unit apartment building with central air, in-unit washer and dryer, and a finished lower level with extra flexible space.
Where is this apartment building located?
The property is located at 610 S AMERICAN STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: Fully occupied 6‑unit apartment building built in 1950 on a 27x100 lot with over 6,000 sq. ft.; Unit mix: two 1 bed, 1 bath and four 2 bed, 1 bath apartments.; Each unit features an open floor plan, eat‑in kitchens, washer + dryer, and central air.
