Bi-Level Residential Income
For Sale
$309,000
843 N 16TH STREET Unit 3, Philadelphia, PA 19130
Private roof deck adds outdoor entertaining space with skyline views, lighting, outlets, and water access.
Property Size1,116 SF
Days on Market127
Property Features for 843 N 16TH STREET Unit 3
General Information
Standard status
Active
Size
1,116 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$4,546
Building Details
Building Size
1,116 SF
Year Built
2014
Listing Agency:
Central Realty Group LLC
Listed By:
Sze Wai Kwong · License #RM422843
(215) 516-6038
Source:
Patmckennarealtors
Added: May 6
Changed: Sep 4
Last Checked: Sep 8 at 12:30PM
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 Central Realty Group LLC
Investment Insights
Based on property information with market context.
Unit 3 is a bi-level residential income property built in 2014, with an open layout, hardwood floors, central air conditioning, and in-unit laundry. The kitchen includes quartz countertops, a central island, glass tile backsplash, and energy-efficient stainless steel appliances. Both bedrooms provide generous closet storage, while the primary bedroom adds natural light and a Juliet balcony.
A private roof deck extends the usable living area with 360-degree views of the Center City skyline. The outdoor space includes lighting, electrical outlets, and water access for entertaining. The property is near the Broad Street subway, multiple bus routes, and the shops and restaurants along Fairmount Avenue. Vineyards cafe is located next door.
A private roof deck extends the usable living area with 360-degree views of the Center City skyline. The outdoor space includes lighting, electrical outlets, and water access for entertaining. The property is near the Broad Street subway, multiple bus routes, and the shops and restaurants along Fairmount Avenue. Vineyards cafe is located next door.
Key Highlights
- Private roof deck with 360‑degree Center City skyline views
- Roof deck includes lighting, outlets, and water access
- Bi‑level layout with two bedrooms and large closets
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
$17,554
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
5.68%
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%
$351,080
$351.1K
Cap Rate 7%
$250,771
$250.8K
Cap Rate 9%
$195,044
$195.0K
Market Conditions
NOI Build-Up for 1,116 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
$33.9K $30.36/SF
− Vacancy
−$2.0K −$1.76/SF
EGI
$31.9K $28.60/SF
− OpEx
−$14.4K −$12.87/SF
NOI
$17.6K $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%
$351,080
Cap Rate 7%
$250,771
Cap Rate 9%
$195,044
Alternative Uses
Best Use
Apartment 5plus
$250.8K
$219.4K – $292.6K
NOI $17,554 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$272.1K
$238.1K – $317.4K
NOI $19,044 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,682
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Private roof deck adds outdoor entertaining space with skyline views, lighting, outlets, and water access.
Where is this residential income property located?
The property is located at 843 N 16TH STREET Unit 3 Philadelphia, PA.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: Private roof deck with 360‑degree Center City skyline views; Roof deck includes lighting, outlets, and water access; Bi‑level layout with two bedrooms and large closets
