Well-Maintained Triplex with In-Unit
For Sale
$695,000
332 N 41ST Street, Philadelphia, PA 19104
MULTI_FAMILY - PHILADELPHIA, PA
Property Size2,763 SF
Lot Size0.03 Acres
Price / SF$251.54
Days on Market100
Property Features for 332 N 41ST Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,763 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
11339
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2013
Number of units
3
Building materials
Masonry
Listing Agency:
Realty Mark Associates
(215) 376-4444
Listed By:
Duc Tran · License #RS298300
(267) 230-4632
Added: May 8
Changed: Jun 9
Last Checked: Aug 15 at 2:06AM
MLS# PAPH2618756
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 fully leased, ground-up constructed triplex is approximately 13 years old and designed for tenant comfort and day-to-day convenience. Each unit includes hardwood floors and large windows providing natural light, plus stainless steel appliances and in-unit laundry. Kitchens feature shaker-style cabinets and granite countertops, along with dishwashers, garbage disposals, microwaves, and refrigerators. All three units have separate utilities. Unit 1 is a 5-bedroom, 2-bath bilevel with a private yard. Unit 2 offers 2 bedrooms and 1 bath with a private rear deck. Unit 3 is configured as 2 bedrooms and 1 bath with a private roof deck.
Located in the Powelton area of University City, the property is described as minutes from Drexel University, the University of Pennsylvania, and the University of the Sciences. The building sits on a quiet street while remaining steps from public transportation and University City amenities, with walk, transit, and bike scores reported as 85, 89, and 98, respectively.
The layout and separate utilities can support tenants’ preferences for autonomy while helping simplify operations for an owner. With three separate outdoor spaces and a mix of unit sizes, the property may appeal to both investors seeking a turnkey, occupied asset and owner-occupants looking to supplement occupancy with additional rental units. The listing also notes the property is within an FHA limit for four-unit buildings and aligns with Fannie Mae/Freddie Mac’s 5% down owner-occupied multi-family program.
Located in the Powelton area of University City, the property is described as minutes from Drexel University, the University of Pennsylvania, and the University of the Sciences. The building sits on a quiet street while remaining steps from public transportation and University City amenities, with walk, transit, and bike scores reported as 85, 89, and 98, respectively.
The layout and separate utilities can support tenants’ preferences for autonomy while helping simplify operations for an owner. With three separate outdoor spaces and a mix of unit sizes, the property may appeal to both investors seeking a turnkey, occupied asset and owner-occupants looking to supplement occupancy with additional rental units. The listing also notes the property is within an FHA limit for four-unit buildings and aligns with Fannie Mae/Freddie Mac’s 5% down owner-occupied multi-family program.
Key Highlights
- Fully leased 3‑unit triplex built in 2013 in a Qualified Opportunity Zone (QOZ) in the Powelton area of University City
- Unit mix: Unit 1 is 5BR/2BA bilevel with private yard; Unit 2 is 2BR/1BA with private rear deck; Unit 3 is 2BR/1BA with private roof deck
- Each unit has separate utilities, plus in‑unit laundry, large windows, and hardwood floors
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
$47,150
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
6.78%
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%
$943,000
$943.0K
Cap Rate 7%
$673,571
$673.6K
Cap Rate 9%
$523,889
$523.9K
Market Conditions
NOI Build-Up for 2,763 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
$71.3K $25.80/SF
− Vacancy
−$3.9K −$1.42/SF
EGI
$67.4K $24.38/SF
− OpEx
−$20.2K −$7.31/SF
NOI
$47.2K $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%
$943,000
Cap Rate 7%
$673,571
Cap Rate 9%
$523,889
Alternative Uses
Best Use
Multifamily LT 5
$673.6K
$589.4K – $785.8K
NOI $47,150 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$620.9K
$543.3K – $724.4K
NOI $43,461 @ 7.0% cap · market cap 6.25%
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
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,616
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
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?
Triplex - Fully leased triplex with separate utilities and in-unit laundry across three distinct units in University City.
Where is this triplex located?
The property is located at 332 N 41ST Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Fully leased 3‑unit triplex built in 2013 in a Qualified Opportunity Zone (QOZ) in the Powelton area of University City; Unit mix: Unit 1 is 5BR/2BA bilevel with private yard; Unit 2 is 2BR/1BA with private rear deck; Unit 3 is 2BR/1BA with private roof deck; Each unit has separate utilities, plus in‑unit laundry, large windows, and hardwood floors
