Contemporary Triplex with Rooftop
For Sale
$899,000
1702 S 22ND Street, Philadelphia, PA 19145
Multi-Family, PHILADELPHIA, PA
Property Size4,000 SF
Lot Size0.02 Acres
Price / SF$224.75
Days on Market189
Property Features for 1702 S 22ND Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Rooms
Basement, Dining Room
Parking features
On Street
Interior features
Combination Dining/Living
Appliances
Built-In Microwave, Built-In Range, Dishwasher, Dryer, Oven/Range - Electric, Refrigerator, Stainless Steel Appliances, Washer
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active
Size
4,000 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
6118
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
hardwood flooring
stainless steel appliances
quartz countertops
backsplash
stackable washer/dryer
microwaves
refrigerators
electric stoves
private rooftop deck
spacious yard
Building Details
Year built
2024
Number of units
3
Building materials
Masonry
Architectural style
Contemporary
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(215) 923-7600
Listed By:
Frank Altamuro · License #RS297004
(215) 495-2348
Added: Feb 27
Changed: Aug 19
Last Checked: Sep 4 at 1:06AM
MLS# PAPH2587390
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This contemporary triplex at 1702 S 22ND Street includes approximately 4,000 square feet across three residential units and was built in 2024. The property is under construction and features masonry construction, forced-air heating, central air, hardwood flooring, stainless steel appliances, quartz kitchen finishes, and contemporary layouts. Unit One offers a larger configuration with multiple living areas, two full bathrooms, a lower-level flex area, and access to a rear yard; it is currently rented. Units Two and Three each include two bedrooms, two full bathrooms, a primary en suite, a modern kitchen, and a stackable washer and dryer. Unit Three also has a private rooftop deck.
The property is located in Philadelphia’s Point Breeze area, near the Broad Street Line, Center City, the sports district, restaurants, major highways, and bridges. On-street parking is available. The property includes an estimated nine years remaining on its tax abatement, and its three-unit layout supports rental occupancy, owner-occupancy, or multigenerational use as described in the source information.
The property is located in Philadelphia’s Point Breeze area, near the Broad Street Line, Center City, the sports district, restaurants, major highways, and bridges. On-street parking is available. The property includes an estimated nine years remaining on its tax abatement, and its three-unit layout supports rental occupancy, owner-occupancy, or multigenerational use as described in the source information.
Key Highlights
- Three‑unit multifamily property totaling 4,000 square feet
- Built in 2024 with masonry construction, forced‑air heat, and central air
- Unit Three includes a private rooftop deck
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
$68,260
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
7.59%
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%
$1,365,200
$1.4M
Cap Rate 7%
$975,143
$975.1K
Cap Rate 9%
$758,444
$758.4K
Market Conditions
NOI Build-Up for 4,000 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
$103.2K $25.80/SF
− Vacancy
−$5.7K −$1.42/SF
EGI
$97.5K $24.38/SF
− OpEx
−$29.3K −$7.31/SF
NOI
$68.3K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,365,200
Cap Rate 7%
$975,143
Cap Rate 9%
$758,444
Alternative Uses
Best Use
Multifamily LT 5
$975.1K
$853.3K – $1.14M
NOI $68,260 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$898.8K
$786.5K – $1.05M
NOI $62,918 @ 7.0% cap · market cap 7.00%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,015
Businesses Nearby
Explore this area
Business Placement
Demographics for 19145, PA
47,079
Population
21,295
Households
2.2
Avg Household Size
38
Median Age
36%
College-Educated
89%
High-School Grad
4.8 sq mi
ZIP Area
9,808
Density / Sq Mi
$70,374
Median Household Income
$45,940
Median Earnings
$1,343
Median Rent
$290,100
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?
Triplex - Recently built multifamily property with modern finishes, private outdoor areas, and central access to Philadelphia destinations.
Where is this triplex located?
The property is located at 1702 S 22ND Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 4,000 square feet; Built in 2024 with masonry construction, forced‑air heat, and central air; Unit Three includes a private rooftop deck
