New Multifamily in University
For Sale
$1,225,000
929 N 40th St, Philadelphia, PA 19104
Turnkey multifamily property in Philadelphia's University City area.
Property Size5,032 SF
Price / SF$243.44
Days on Market218
Property Features for 929 N 40th St
General Information
Standard status
Active
Size
5,032 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
East Parkside
Building Details
Year Built
2025
Listing Agency:
Keller Williams Liberty Place
Listed By:
Alyce Gerhardt
(570) 690-8064
Source:
Upgradebymichaud
Added: Mar 27
Changed: Oct 25
Last Checked: Oct 30 at 7:09PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This is a new construction multifamily property located in the University City area of Philadelphia, Pennsylvania. The area is ranked as a top destination to visit in the world for 2026 and a top-10 USA MSA for rent growth, also in 2026. The property benefits from a 10-year tax abatement. The location provides easy access to the "EDS + MEDS" economic district, which includes employers, institutions, healthcare systems, universities, and corporations such as UPENN, CHOP, HUP, Drexel University, Science Center, Schuylkill Yards, Amtrak’s 30th Street Station, Philadelphia Zoo, Boathouse Row, Kelly Drive, and the Museums District. These are all within reach from North 40th Street, potentially providing rental demand for years to come. The property size is 5000 square feet.
Key Highlights
- New construction (2025) multifamily property in University City, Philadelphia.
- 10 Year Tax Abatement.
- Located in a Top‑10 USA MSA for rent growth (2026).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,151
Cap Rate
6.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,583,020
$1.6M
Cap Rate 7%
$1,130,729
$1.1M
Cap Rate 9%
$879,456
$879.5K
Market Conditions
NOI Build-Up for 5,032 SF
Gross rent
$152.8K $30.36/SF
− Vacancy
−$8.9K −$1.76/SF
EGI
$143.9K $28.60/SF
− OpEx
−$64.8K −$12.87/SF
NOI
$79.2K $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 Rate 5%
$1,583,020
Cap Rate 7%
$1,130,729
Cap Rate 9%
$879,456
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$989.4K – $1.32M
NOI $79,151 @ 7.0% cap · market cap 6.46%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.23M
$1.07M – $1.43M
NOI $85,871 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
869
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Turnkey multifamily property in Philadelphia's University City area.
Where is this multifamily property located?
The property is located at 929 N 40th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: New construction (2025) multifamily property in University City, Philadelphia.; 10 Year Tax Abatement.; Located in a Top‑10 USA MSA for rent growth (2026).
