New Mixed-Use Multifamily
New
For Sale
Contact for pricing
838 North Broad Street, Philadelphia, PA 19130
Newly built building combines apartments with occupied ground-floor commercial space.
Property Size39,330 SF
Price / SF$330.54
Days on Market4
Property Features for 838 North Broad Street
General Information
Standard status
Active
Size
39,330 SF
Class
B
Total Parking Spaces
11
Property subtype
Retail, Multifamily
Zoning
CMX-4
Units
Unit Mix
1 x studio, 13 x 1BR, 14 x 2BR, 5 x 3BR
Multifamily Units
33
Additional Details
Gross Income
$69,600
Public Transit
Yes
Building Details
Year Built
2023
Buildings
1
Units
35
Tenancy
Multi
Listed By:
Christopher Farmer · License #RS331174
Source:
Crexi
Added: Aug 31
Changed: Sep 2
Last Checked: Sep 2 at 2:01PM
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 Christopher Farmer
Investment Insights
Based on property information with market context.
Completed in 2023, this 39,330-square-foot mixed-use property includes 33 apartment units and two ground-floor commercial spaces. The residential inventory comprises one studio, 13 one-bedroom units, 14 two-bedroom units, and five three-bedroom units. Apartment occupancy is 32 of 33 units, while both commercial spaces are occupied. Zoning is CMX-4.
The property occupies a North Broad Street location in Philadelphia, north of Center City. Residents have access to SEPTA’s Broad Street Line and multiple bus routes, with nearby restaurants, retailers, grocery stores, entertainment venues, universities, healthcare institutions, and employment centers. The surrounding corridor also includes ongoing residential and commercial development.
The property occupies a North Broad Street location in Philadelphia, north of Center City. Residents have access to SEPTA’s Broad Street Line and multiple bus routes, with nearby restaurants, retailers, grocery stores, entertainment venues, universities, healthcare institutions, and employment centers. The surrounding corridor also includes ongoing residential and commercial development.
Key Highlights
- 33 apartment units with a mix of studio, one-, two-, and three‑bedroom layouts
- Two occupied ground‑floor commercial spaces
- 32 of 33 apartment units currently occupied
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
$618,642
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
4.76%
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%
$12,372,840
$12.4M
Cap Rate 7%
$8,837,743
$8.8M
Cap Rate 9%
$6,873,800
$6.9M
Market Conditions
NOI Build-Up for 39,330 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
$1.19M $30.36/SF
− Vacancy
−$69.3K −$1.76/SF
EGI
$1.12M $28.60/SF
− OpEx
−$506.2K −$12.87/SF
NOI
$618.6K $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%
$12,372,840
Cap Rate 7%
$8,837,743
Cap Rate 9%
$6,873,800
Alternative Uses
Best Use
Apartment 5plus
$8.84M
$7.73M – $10.31M
NOI $618,642 @ 7.0% cap · market cap 4.76%
Second Best
Mixed Use
$6.67M
$5.84M – $7.79M
NOI $467,240 @ 7.0% cap · market cap 3.59%
Theoretical Best
Multifamily LT 5
$9.59M
$8.39M – $11.19M
NOI $671,162 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
33
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,508
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
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?
Mixed-use property - Newly built building combines apartments with occupied ground-floor commercial space.
Where is this mixed-use property located?
The property is located at 838 North Broad Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $13,000,000.
What are key features of this property?
This property features: 33 apartment units with a mix of studio, one-, two-, and three‑bedroom layouts; Two occupied ground‑floor commercial spaces; 32 of 33 apartment units currently occupied
