Two-Bedroom Residential Income
For Sale
$225,000
Pending
9228 BLUE GRASS ROAD Unit 38, Philadelphia, PA 19114
Condominium residence with open living areas, in-unit laundry, permitted rentals, and community-maintained exterior features.
Property Size1,136 SF
Days on Market100
Property Features for 9228 BLUE GRASS ROAD Unit 38
General Information
Standard status
Pending
Size
1,136 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$3,199
Building Details
Building Size
1,136 SF
Year Built
2006
Listing Agency:
Dan Realty
Listed By:
Kateryna Salnikova · License #rs329567
(215) 527-6176
Source:
Lizclarkrealestate
Added: May 27
Changed: Aug 16
Last Checked: Aug 15 at 12:56PM
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 Dan Realty
Investment Insights
Based on property information with market context.
Built in 2006, this two-bedroom, two-bath condominium offers an open floor plan with sleek flooring and abundant natural light. The primary suite includes a walk-in closet and private bath with a double stall shower. An in-unit washer and dryer, along with additional storage, add practical functionality.
The Village of Blue Grass community is in Northeast Philadelphia near I-95, Route 1, shopping, and restaurants. HOA-covered services include water, sewer, trash, lawn care, snow removal, exterior maintenance, and common areas. Rentals are permitted, supporting both owner occupancy and investment use.
The Village of Blue Grass community is in Northeast Philadelphia near I-95, Route 1, shopping, and restaurants. HOA-covered services include water, sewer, trash, lawn care, snow removal, exterior maintenance, and common areas. Rentals are permitted, supporting both owner occupancy and investment use.
Key Highlights
- 2‑bedroom, 2‑bath condominium in the Village of Blue Grass community
- Built in 2006 with an open floor plan and abundant natural light
- Primary suite includes a walk‑in closet and private bath with double stall shower
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
$17,869
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
7.94%
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%
$357,380
$357.4K
Cap Rate 7%
$255,271
$255.3K
Cap Rate 9%
$198,544
$198.5K
Market Conditions
NOI Build-Up for 1,136 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
$34.5K $30.36/SF
− Vacancy
−$2.0K −$1.76/SF
EGI
$32.5K $28.60/SF
− OpEx
−$14.6K −$12.87/SF
NOI
$17.9K $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%
$357,380
Cap Rate 7%
$255,271
Cap Rate 9%
$198,544
Alternative Uses
Best Use
Apartment 5plus
$255.3K
$223.4K – $297.8K
NOI $17,869 @ 7.0% cap · market cap 7.94%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$276.9K
$242.3K – $323.1K
NOI $19,386 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,297
Businesses Nearby
Explore this area
Business Placement
Demographics for 19114, PA
32,645
Population
14,703
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
5.6 sq mi
ZIP Area
5,829
Density / Sq Mi
$76,076
Median Household Income
$48,257
Median Earnings
$1,369
Median Rent
$276,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with open living areas, in-unit laundry, permitted rentals, and community-maintained exterior features.
Where is this residential income property located?
The property is located at 9228 BLUE GRASS ROAD Unit 38 Philadelphia, PA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium in the Village of Blue Grass community; Built in 2006 with an open floor plan and abundant natural light; Primary suite includes a walk‑in closet and private bath with double stall shower
