6-Unit Mixed-Use Income
For Sale
$1,225,000
929 N 40th Street, Philadelphia, PA 19104
Six-unit mixed-use building with five residential units and a leased commercial storefront, all currently rented.
Property Size5,032 SF
Price / SF$243.44
Days on Market99
Property Features for 929 N 40th Street
General Information
Standard status
Active
Size
5,032 SF
Property subtype
Multi-family
Occupancy
100%
Lease Term
[]
Additional Details
Multifamily Units
5
Building Details
Year Built
2025
Listing Agency:
Keller Williams Liberty Place
Listed By:
Alyce Gerhardt
(570) 690-8064
Source:
Deepcreeklake
Added: Jun 3
Changed: Sep 8
Last Checked: Sep 8 at 7:45AM
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.
This 6-unit mixed-use income property includes five residential units and a commercial storefront that is leased. The building currently has all units rented. The commercial portion features contractual rent escalations, helping support ongoing income over time.
The property is located at 929 N 40th Street in Philadelphia, PA 19104.
Built as new construction with tax abatement, this asset combines residential rental income with leased retail space within the same property.
The property is located at 929 N 40th Street in Philadelphia, PA 19104.
Built as new construction with tax abatement, this asset combines residential rental income with leased retail space within the same property.
Key Highlights
- 6‑unit mixed‑use property built in 2025 with five residential units and a commercial storefront
- All units are currently rented, offering occupancy at purchase
- Commercial storefront is leased, providing a second income stream alongside the residential units
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
$79,151
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
6.46%
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%
$1,583,020
$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
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
$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 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%
$1,583,020
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
Retail
$812.5K
$710.9K – $947.9K
NOI $56,873 @ 7.0% cap · market cap 4.64%
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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit mixed-use building with five residential units and a leased commercial storefront, all currently rented.
Where is this apartment building located?
The property is located at 929 N 40th Street 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: 6‑unit mixed‑use property built in 2025 with five residential units and a commercial storefront; All units are currently rented, offering occupancy at purchase; Commercial storefront is leased, providing a second income stream alongside the residential units
