Fully Leased Multifamily Building with
For Sale
$3,800,000
619 N 35Th Street, Philadelphia, PA 19104
Newly constructed, fully leased 11-unit apartment building with private baths and attached retail space.
Property Size13,822 SF
Price / SF$274.92
Days on Market145
Property Features for 619 N 35Th Street
General Information
Standard status
Active
Size
13,822 SF
Property subtype
Commercial
Zoning
CMX2
Occupancy
100%
Net Operating Income
$251,046
Financials
Cap Rate
6.7%
Business Included
Yes
Site & Location
Neighborhood
West Philadelphia
Additional Details
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$8,000
Amenities
Electric
1
Yes
3
35
Public
60.00 x 100.00
0.14
No
Estimated
13822.00
Building Details
Year Built
1920
Listing Agency:
High Associates Ltd.
(856) 222-0077
Listed By:
Brittany Moody
(609) 744-6614
Source:
Thetristaterealestategroup
Added: Jun 3
Changed: Oct 11
Last Checked: Oct 24 at 2:04PM
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 High Associates Ltd.
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Investment Insights
Based on property information with market context.
This newly constructed multifamily building is fully leased and configured with 11 apartments totaling 33 bedrooms and 33 bathrooms, with each unit featuring private bathrooms, large living areas, and modern finishes. The property also includes retail space totaling 1,460 square feet. A 10-year tax abatement is in place.
Located in University City, the property is just steps from Drexel University and the University of Pennsylvania. It combines residential income with ground-floor retail, providing an integrated mixed-use setup in a high-demand student and workforce area.
For investors seeking a turnkey income stream, the building is presented as fully leased, with stated annual gross income of $322,000 and operating expenses of $67,000, resulting in $255,000 net income. The offering is described with a 6.7% cap rate based on provided figures. The combination of modern unit layouts, private bathroom design, retail component, and tax abatement may appeal to buyers looking for a stabilized multifamily asset with both residential and retail cash flow under one ownership structure.
Located in University City, the property is just steps from Drexel University and the University of Pennsylvania. It combines residential income with ground-floor retail, providing an integrated mixed-use setup in a high-demand student and workforce area.
For investors seeking a turnkey income stream, the building is presented as fully leased, with stated annual gross income of $322,000 and operating expenses of $67,000, resulting in $255,000 net income. The offering is described with a 6.7% cap rate based on provided figures. The combination of modern unit layouts, private bathroom design, retail component, and tax abatement may appeal to buyers looking for a stabilized multifamily asset with both residential and retail cash flow under one ownership structure.
Key Highlights
- Newly constructed, fully leased 11‑unit multifamily building in University City
- 11 apartments offering 33 bedrooms and 33 bathrooms, with private bathrooms in each unit
- Includes attached 1,460 SF of retail space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$217,413
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,348,260
$4.3M
Cap Rate 7%
$3,105,900
$3.1M
Cap Rate 9%
$2,415,700
$2.4M
Market Conditions
NOI Build-Up for 13,822 SF
Gross rent
$419.6K $30.36/SF
− Vacancy
−$24.3K −$1.76/SF
EGI
$395.3K $28.60/SF
− OpEx
−$177.9K −$12.87/SF
NOI
$217.4K $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 Rate 5%
$4,348,260
Cap Rate 7%
$3,105,900
Cap Rate 9%
$2,415,700
Alternative Uses
Best Use
Apartment 5plus
$3.11M
$2.72M – $3.62M
NOI $217,413 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.37M
$2.95M – $3.93M
NOI $235,871 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
11
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,222
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Newly constructed, fully leased 11-unit apartment building with private baths and attached retail space.
Where is this apartment building located?
The property is located at 619 N 35Th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Newly constructed, fully leased 11‑unit multifamily building in University City; 11 apartments offering 33 bedrooms and 33 bathrooms, with private bathrooms in each unit; Includes attached 1,460 SF of retail space
