Multifamily Property for Sale in Philadelphia, PA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Philadelphia, PA 19141

Description

Marcus & Millichap is pleased to present for sale the Somerville Homes, 24 units in North Philadelphia. Most units are currently occupied by a Section 8 tenant base - offering stable and predictable cash flow with secured rent growth for the coming years. The property is located directly next to the Einstein Medical Center, which is a large 772-bed teaching hospital. It is also located just off Broad Street, walking distance to the Olney Transportation Center which is a bus and subway hub for the area. The units each have separate entrances and separate utilities of which gas and water are paid for by the owner. Tenants are responsible for electricity. The downstairs units also have front porches and semi-private backyards. Somerville Homes is located in North Philadelphia, adjacent to Einstein Medical Center - A large 772-bed teaching hospital. The property is located in the Logan neighborhood (sometimes referred to as the Logan-Ogontz-Fern Rock area) of Upper North Philadelphia. The area surrounding Somerville Homes scores well for transit, with nearby public transportation options including Olney Transportation Center, the Broad Street Line subway, as well as numerous bus routes. Olney Transportation Center is less than a 10-minute walk from the property, and is a bus and subway hub for the area. Logan was once part of land owned by James Logan - An advisor to William Penn. The land was later developed around the transit corridor. The area includes a mix of residential styles, and has local commercial strips, especially along Broad Street. There are numerous local shops and convenience amenities in the immediate area, and the retail, dining, and entertainment options in Center City are just a short trip away on public transit. Investment Highlights: • 24 Units in North Philadelphia • Primarily Section 8 Voucher Tenancy • Located Next to Einstein Medical Center, Just Off Broad Street • Separate Entrances with Semi-Private Backyards • Low Tenant Turnover • Strong

Market Context

This multifamily in Philadelphia, PA is listed for sale. It is offered at an approximate 8.0% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 52 days. Compare it against other multifamily listings for sale in Philadelphia, PA — <a href="/search/sale/multifamily/pennsylvania/philadelphia">view the full market</a>.

As of Q1 2025, the Philadelphia multifamily market showed average asking rents near $2106.00/unit/mo, rents up 7.1% year over year, and cap rates around 5.7%. Source: Consensus Q1 2025 market report.

Its 8.0% asking cap rate is above the Philadelphia multifamily market average of about 5.7%, implying a higher yield (and typically more risk or upside) than comparable assets. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

What is the typical cap rate for multifamily in Philadelphia?
About 5.7% as of Q1 2025, per Consensus.

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