Garden-Style Multifamily Apartment
For Sale
Contact for pricing
9400 Roosevelt Boulevard, Philadelphia, PA 19115
33-unit garden-style apartment property with ample off-street parking and primarily one-bedroom apartments.
Property Size22,650 SF
Price / SF$229.58
Days on Market70
Property Features for 9400 Roosevelt Boulevard
General Information
Standard status
Active
Size
22,650 SF
Class
B
Property subtype
Multifamily
Zoning
RTA-1
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
33
Building Details
Year Built
1962
Buildings
3
Units
33
Tenancy
Multi
Listed By:
Christopher Farmer · License #RS331174
Source:
Crexi
Added: Jul 1
Changed: Aug 28
Last Checked: Sep 7 at 8:22AM
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 Christopher Farmer
Investment Insights
Based on property information with market context.
Michner Pointe Apartments is a 33-unit garden-style apartment community built in 1962. The property includes three brick apartment buildings and an apartment mix that is primarily one-bedroom units. Off-street parking is available on site, and the property is currently maintained at 100% occupancy.
Located along Roosevelt Boulevard (Route 1) in the Bustleton section of Northeast Philadelphia, the community provides immediate access to multiple area highways and major roadways, including Interstate-95, Interstate-276, and Interstate-295. Transit options nearby include SEPTA bus routes 1, 14, and 19, as well as the Torresdale Regional Rail Station.
For buyers seeking stabilized multifamily income with room for operational improvements, the property is positioned for continued apartment renovations and ongoing management enhancements.
Located along Roosevelt Boulevard (Route 1) in the Bustleton section of Northeast Philadelphia, the community provides immediate access to multiple area highways and major roadways, including Interstate-95, Interstate-276, and Interstate-295. Transit options nearby include SEPTA bus routes 1, 14, and 19, as well as the Torresdale Regional Rail Station.
For buyers seeking stabilized multifamily income with room for operational improvements, the property is positioned for continued apartment renovations and ongoing management enhancements.
Key Highlights
- 33‑unit garden‑style apartment community built in 1962, consisting of three brick apartment buildings
- Primarily one‑bedroom apartments with 100% current occupancy
- Ample off‑street parking for tenants
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
$356,274
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
6.85%
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%
$7,125,480
$7.1M
Cap Rate 7%
$5,089,629
$5.1M
Cap Rate 9%
$3,958,600
$4.0M
Market Conditions
NOI Build-Up for 22,650 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
$687.7K $30.36/SF
− Vacancy
−$39.9K −$1.76/SF
EGI
$647.8K $28.60/SF
− OpEx
−$291.5K −$12.87/SF
NOI
$356.3K $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%
$7,125,480
Cap Rate 7%
$5,089,629
Cap Rate 9%
$3,958,600
Alternative Uses
Best Use
Apartment 5plus
$5.09M
$4.45M – $5.94M
NOI $356,274 @ 7.0% cap · market cap 6.85%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$5.52M
$4.83M – $6.44M
NOI $386,520 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
33
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,687
Businesses Nearby
Explore this area
Business Placement
Demographics for 19115, PA
35,919
Population
15,071
Households
2.4
Avg Household Size
44
Median Age
37%
College-Educated
92%
High-School Grad
5.2 sq mi
ZIP Area
6,908
Density / Sq Mi
$70,388
Median Household Income
$48,949
Median Earnings
$1,230
Median Rent
$330,500
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 - 33-unit garden-style apartment property with ample off-street parking and primarily one-bedroom apartments.
Where is this apartment building located?
The property is located at 9400 Roosevelt Boulevard Philadelphia, PA.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: 33‑unit garden‑style apartment community built in 1962, consisting of three brick apartment buildings; Primarily one‑bedroom apartments with 100% current occupancy; Ample off‑street parking for tenants
