Multifamily Property with Attached
For Sale
$295,000
Pending
6228 ALGON AVENUE, Philadelphia, PA 19111
The property includes natural gas heating and an unfinished full basement.
Property Size1,600 SF
Days on Market26
Property Features for 6228 ALGON AVENUE
General Information
Standard status
Pending
Size
1,600 SF
Total Parking Spaces
1
Property subtype
Residential Income
Zoning
RSA5
Taxes and HOA fees
Annual Taxes
$3,978
Amenities
Natural Gas, Forced Air
Exterior Entry, Full, Unfinished, Interior Entry
Gas Water Heater, Dryer, Washer
Garage, Inside Entrance, Attached
Straight Thru
Building Details
Building Size
1,600 SF
Year Built
1951
Stories
2
Listing Agency:
Coldwell Banker Hearthside,Realtors
(215) 740-3813
Listed By:
Ned P Graham · License #AB061000L
(215) 740-3813
Source:
Evrealestate
Added: Jul 18
Changed: Aug 12
Last Checked: Aug 12 at 6:11AM
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 Coldwell Banker Hearthside,Realtors
Investment Insights
Based on property information with market context.
This multifamily property at 6228 Algon Avenue in Philadelphia includes an attached garage with interior access. The building has natural gas service, forced-air heating, and a gas water heater. Interior features also include a full, unfinished basement with both exterior and interior entry points, along with washer and dryer connections or equipment. Built in 1951, the property is located in Philadelphia County and carries RSA5 zoning.
Key Highlights
- Attached garage with interior access
- Full, unfinished basement with exterior and interior entry
- Natural gas and forced‑air heating
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
$19,810
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
6.72%
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%
$396,200
$396.2K
Cap Rate 7%
$283,000
$283.0K
Cap Rate 9%
$220,111
$220.1K
Market Conditions
NOI Build-Up for 1,600 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
$37.2K $23.28/SF
− Vacancy
−$1.2K −$0.77/SF
EGI
$36.0K $22.51/SF
− OpEx
−$16.2K −$10.13/SF
NOI
$19.8K $12.38/SF
Area
ZIP 19111
Vacancy
3.30%
Lease Rate
$23.28 /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%
$396,200
Cap Rate 7%
$283,000
Cap Rate 9%
$220,111
Alternative Uses
Best Use
Apartment 5plus
$283.0K
$247.6K – $330.2K
NOI $19,810 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$485.1K
$424.5K – $566.0K
NOI $33,957 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
829
Businesses Nearby
Explore this area
Business Placement
Demographics for 19111, PA
67,017
Population
27,518
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
86%
High-School Grad
4.8 sq mi
ZIP Area
13,962
Density / Sq Mi
$60,441
Median Household Income
$39,065
Median Earnings
$1,221
Median Rent
$244,000
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 - The property includes natural gas heating and an unfinished full basement.
Where is this multifamily property located?
The property is located at 6228 ALGON AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Attached garage with interior access; Full, unfinished basement with exterior and interior entry; Natural gas and forced‑air heating
