Triplex with Private Rooftop
For Sale
$799,900
924 N 15TH Street, Philadelphia, PA 19130
MULTI_FAMILY - Contemporary - PHILADELPHIA, PA
Property Size2,469 SF
Lot Size0.02 Acres
Price / SF$323.98
Days on Market344
Property Features for 924 N 15TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
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
2,469 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
2249
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2017
Number of units
3
Building materials
Masonry
Architectural style
Contemporary
Listing Agency:
Realty Mark Associates - KOP
(215) 376-4444
Listed By:
LIN LIN DONG · License #RS345597
(215) 834-8897
Added: Sep 21, 2025
Changed: Jun 15
Last Checked: Aug 30 at 4:06AM
MLS# PAPH2539904
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.
Built new and completed in late 2017, this contemporary triplex offers three modern, fully leased units. Unit A is a bi-level 2-bedroom, 2-bath layout on the first floor. Unit B is a 1-bedroom, 1-bath unit on the second floor. Unit C is a 2-bedroom, 1-bath unit on the third floor and includes a private rooftop deck. Interiors include open kitchens with quartz countertops, stainless steel appliances, French door refrigerators, 42-inch cabinets, and breakfast bars, along with solid birch hardwood flooring, Honeywell Wi-Fi-controlled thermostats, and a video-monitored intercom system.
The property is located one block from Girard Avenue in Philadelphia’s Fairmount neighborhood, with public transit on Girard Avenue described as nearby and I-76 minutes away. The offering also notes that the Philadelphia Museum of Art, restaurants, shops, and green spaces are within walking distance.
For purchasers, the triplex is positioned for hands-on or managed rental operations with tenant responsibility for all utilities, while the owner covers hallway lighting and sprinkler water only. The units are currently leased, with stated monthly rents of $1,900 for Unit A, $1,300 for Unit B, and $1,800 for Unit C. A 10-year tax abatement is in place through 2027, which the listing indicates may help reduce ongoing property costs.
The property is located one block from Girard Avenue in Philadelphia’s Fairmount neighborhood, with public transit on Girard Avenue described as nearby and I-76 minutes away. The offering also notes that the Philadelphia Museum of Art, restaurants, shops, and green spaces are within walking distance.
For purchasers, the triplex is positioned for hands-on or managed rental operations with tenant responsibility for all utilities, while the owner covers hallway lighting and sprinkler water only. The units are currently leased, with stated monthly rents of $1,900 for Unit A, $1,300 for Unit B, and $1,800 for Unit C. A 10-year tax abatement is in place through 2027, which the listing indicates may help reduce ongoing property costs.
Key Highlights
- Fully leased triplex generating $5,000 monthly income in the desirable Fairmount neighborhood.
- 10‑year tax abatement in place through 2027, offering significant savings.
- Modern units feature high‑end finishes including quartz countertops, stainless steel appliances, and hardwood flooring.
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
$42,133
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
5.27%
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%
$842,660
$842.7K
Cap Rate 7%
$601,900
$601.9K
Cap Rate 9%
$468,144
$468.1K
Market Conditions
NOI Build-Up for 2,469 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
$63.7K $25.80/SF
− Vacancy
−$3.5K −$1.42/SF
EGI
$60.2K $24.38/SF
− OpEx
−$18.1K −$7.31/SF
NOI
$42.1K $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%
$842,660
Cap Rate 7%
$601,900
Cap Rate 9%
$468,144
Alternative Uses
Best Use
Multifamily LT 5
$601.9K
$526.7K – $702.2K
NOI $42,133 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$554.8K
$485.5K – $647.3K
NOI $38,836 @ 7.0% cap · market cap 4.86%
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
Turnkey business
Opportunity
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,455
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
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 - Newer triplex with three leased apartments, rooftop deck, and tenant-paid utilities supported by partial owner-paid common expenses.
Where is this triplex located?
The property is located at 924 N 15TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Fully leased triplex generating $5,000 monthly income in the desirable Fairmount neighborhood.; 10‑year tax abatement in place through 2027, offering significant savings.; Modern units feature **high‑end finishes** including quartz countertops, stainless steel appliances, and hardwood flooring.
