New Multifamily Property in
For Sale
$9,199,999
3503 Midvale Ave, Philadelphia, PA 19129
Boutique 34-unit multifamily property in East Falls, Philadelphia.
Property Size30,000 SF
Price / SF$306.67
Days on Market672
Property Features for 3503 Midvale Ave
General Information
Standard status
Active
Size
30,000 SF
Property subtype
Commercial
Building Details
Year Built
2024
Listing Agency:
Keller Williams Liberty Place
Listed By:
Ryan J McManus · License #RS316262
(267) 435-8015
Source:
Searchhomesinbuckscounty
Added: Nov 5, 2024
Changed: Sep 8
Last Checked: Sep 8 at 7:02AM
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 Keller Williams Liberty Place
Investment Insights
Based on property information with market context.
The Grace Apartments, a new construction multifamily property with approximately 30,000 square feet, is located in the East Falls neighborhood of Philadelphia, Pennsylvania. This 5-story building features 34 units, including studios, one-bedroom, and two-bedroom apartments, as well as commercial space. Residents have access to a fully furnished fitness center and a panoramic rooftop terrace. The property is situated on Midvale Avenue, near shops, restaurants, cafes, and amenities in East Falls, as well as Main Street Manayunk and the Schuylkill River Trail. It is also conveniently located near Septa’s regional rail station, Jefferson University, Wissahickon Valley Park, and Bala Cynwyd shopping and office districts. The property benefits from a 10-year tax abatement.
Key Highlights
- New construction (2024) boutique apartment building in East Falls, Philadelphia.
- Full 10‑year tax abatement.
- 7.15% CAP rate turnkey asset.**
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
$471,885
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
5.13%
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%
$9,437,700
$9.4M
Cap Rate 7%
$6,741,214
$6.7M
Cap Rate 9%
$5,243,167
$5.2M
Market Conditions
NOI Build-Up for 30,000 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
$910.8K $30.36/SF
− Vacancy
−$52.8K −$1.76/SF
EGI
$858.0K $28.60/SF
− OpEx
−$386.1K −$12.87/SF
NOI
$471.9K $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%
$9,437,700
Cap Rate 7%
$6,741,214
Cap Rate 9%
$5,243,167
Alternative Uses
Best Use
Apartment 5plus
$6.74M
$5.90M – $7.86M
NOI $471,885 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$7.31M
$6.40M – $8.53M
NOI $511,947 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
822
Businesses Nearby
Explore this area
Business Placement
Demographics for 19129, PA
11,437
Population
6,228
Households
1.8
Avg Household Size
35
Median Age
60%
College-Educated
96%
High-School Grad
2.1 sq mi
ZIP Area
5,446
Density / Sq Mi
$77,225
Median Household Income
$58,576
Median Earnings
$1,471
Median Rent
$297,400
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 - Boutique 34-unit multifamily property in East Falls, Philadelphia.
Where is this apartment building located?
The property is located at 3503 Midvale Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $9,199,999.
What are key features of this property?
This property features: New construction (2024) boutique apartment building in East Falls, Philadelphia.; Full 10‑year tax abatement.; 7.15% CAP rate turnkey asset.**
