CMX2 Triplex With Commercial
For Sale
$329,000
2963 FRANKFORD Avenue, Philadelphia, PA 19134
Multi-Family, PHILADELPHIA, PA
Property Size2,424 SF
Lot Size0.03 Acres
Price / SF$135.73
Days on Market20
Property Features for 2963 FRANKFORD Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,424 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
3349
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1915
Number of units
3
Building materials
Masonry
Architectural style
Other
Listing Agency:
Dolan Family Real Estate
(215) 423-8888
Listed By:
Andrea L Mackin · License #RS206220L
(267) 226-7821
Added: Aug 17
Changed: Sep 1
Last Checked: Sep 5 at 1:06AM
MLS# PAPH2660858
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 2,424-square-foot masonry triplex was built in 1915 and is configured across three levels. The second floor contains two apartments, while the third floor has one apartment. A large first-floor area provides space for a business use or conversion to an additional large apartment, as supported by the CMX2 designation.
The property is located at 2963 Frankford Avenue in Philadelphia, PA 19134. Hot water heating serves the building, and the structure includes several mechanical upgrades. Cosmetic improvements are needed, presenting a clear renovation component within the existing multifamily layout.
The property is located at 2963 Frankford Avenue in Philadelphia, PA 19134. Hot water heating serves the building, and the structure includes several mechanical upgrades. Cosmetic improvements are needed, presenting a clear renovation component within the existing multifamily layout.
Key Highlights
- 2,424‑square‑foot triplex on a 0.0301‑acre lot
- CMX2 building with a large first‑floor area for business use or apartment conversion
- Two apartments on the second floor and one apartment on the third floor
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
$28,797
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
8.75%
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%
$575,940
$575.9K
Cap Rate 7%
$411,386
$411.4K
Cap Rate 9%
$319,967
$320.0K
Market Conditions
NOI Build-Up for 2,424 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
$52.4K $21.60/SF
− Vacancy
−$6.3K −$2.59/SF
EGI
$46.1K $19.01/SF
− OpEx
−$17.3K −$7.13/SF
NOI
$28.8K $11.88/SF
Area
Philadelphia, PA
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$575,940
Cap Rate 7%
$411,386
Cap Rate 9%
$319,967
Alternative Uses
Best Use
Multifamily LT 5
$590.9K
$517.1K – $689.4K
NOI $41,365 @ 7.0% cap · market cap 12.57%
Second Best
Apartment 5plus
$544.7K
$476.6K – $635.5K
NOI $38,128 @ 7.0% cap · market cap 11.59%
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
Location Intelligence
Trade Area within ½ mile
2,297
Businesses Nearby
Explore this area
Business Placement
Demographics for 19134, PA
57,463
Population
25,290
Households
2.3
Avg Household Size
33
Median Age
18%
College-Educated
77%
High-School Grad
3.4 sq mi
ZIP Area
16,901
Density / Sq Mi
$41,849
Median Household Income
$35,858
Median Earnings
$1,179
Median Rent
$127,500
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?
Triplex - Three-level masonry property with two second-floor apartments and one third-floor apartment.
Where is this triplex located?
The property is located at 2963 FRANKFORD Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: 2,424‑square‑foot triplex on a 0.0301‑acre lot; CMX2 building with a large first‑floor area for business use or apartment conversion; Two apartments on the second floor and one apartment on the third floor
