New Multifamily in University
For Sale
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929 N 40th St, Philadelphia, PA 19104
Turnkey multifamily property in Philadelphia's University City area.
Property Size5,000 SF
Price / SF$260
Days on Market178
Property Features for 929 N 40th St
General Information
Standard status
Active
Size
5,000 SF
Class
A
Property subtype
Multifamily
Zoning
cmx1
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
2025
Stories
3
Units
6
Listing Agency:
The Oceanside Realty Team
Listed By:
PHL · License #Pennsylvania RS316262
Source:
Crexi
Added: Mar 15
Changed: Aug 31
Last Checked: Sep 7 at 9:18AM
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 The Oceanside Realty Team
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 = 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
$78,648
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
6.05%
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%
$1,572,960
$1.6M
Cap Rate 7%
$1,123,543
$1.1M
Cap Rate 9%
$873,867
$873.9K
Market Conditions
NOI Build-Up for 5,000 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
$151.8K $30.36/SF
− Vacancy
−$8.8K −$1.76/SF
EGI
$143.0K $28.60/SF
− OpEx
−$64.3K −$12.87/SF
NOI
$78.6K $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%
$1,572,960
Cap Rate 7%
$1,123,543
Cap Rate 9%
$873,867
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$983.1K – $1.31M
NOI $78,648 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.22M
$1.07M – $1.42M
NOI $85,324 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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 $1,300,000.
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).
