Renovated 3-Unit
For Sale
$1,200,000
1108 LOCUST Street, Philadelphia, PA 19107
Multi-Family, PHILADELPHIA, PA
Property Size2,380 SF
Lot Size0.02 Acres
Price / SF$504.20
Days on Market51
Property Features for 1108 LOCUST Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Subdivision
WASHINGTON SQ WEST
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,380 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
10820
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
central air conditioning
in-unit washer/dryer
Building Details
Year built
1920
Number of units
3
Building materials
Masonry
Architectural style
Other
Listing Agency:
EXP Realty, LLC
(888) 397-7352
Listed By:
Anna DePalma · License #RS339336
(215) 490-2992
Added: Jul 15
Changed: Aug 21
Last Checked: Sep 3 at 2:06AM
MLS# PAPH2648290
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 2,380-square-foot masonry triplex, built in 1920, contains three occupied apartments with a practical one-bedroom configuration throughout. The first-floor residence includes a partially finished basement, 1.5 baths, and a flexible bonus room. The second-floor apartment features a renovated kitchen with center island, walk-in closet, and tiled bath, while the third-floor unit also includes a walk-in closet. Each apartment has its own washer and dryer, central air conditioning, and central heating. Separate gas and electric meters and individual water heaters serve the residences.
Located at 1108 Locust Street in Philadelphia’s Washington Square West neighborhood, the property is near cafes, restaurants, boutiques, Pennsylvania Hospital, and Jefferson University Hospital. Transit options include PATCO, the Broad Street Line, Regional Rail, and multiple bus routes.
Located at 1108 Locust Street in Philadelphia’s Washington Square West neighborhood, the property is near cafes, restaurants, boutiques, Pennsylvania Hospital, and Jefferson University Hospital. Transit options include PATCO, the Broad Street Line, Regional Rail, and multiple bus routes.
Key Highlights
- Three occupied 1‑bedroom apartments, including one bi‑level residence with a partially finished basement
- 2,380 square feet on a 0.0236‑acre lot
- Built in 1920 with masonry construction
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
$40,614
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
3.38%
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%
$812,280
$812.3K
Cap Rate 7%
$580,200
$580.2K
Cap Rate 9%
$451,267
$451.3K
Market Conditions
NOI Build-Up for 2,380 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
$61.4K $25.80/SF
− Vacancy
−$3.4K −$1.42/SF
EGI
$58.0K $24.38/SF
− OpEx
−$17.4K −$7.31/SF
NOI
$40.6K $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%
$812,280
Cap Rate 7%
$580,200
Cap Rate 9%
$451,267
Alternative Uses
Best Use
Multifamily LT 5
$580.2K
$507.7K – $676.9K
NOI $40,614 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$534.8K
$468.0K – $623.9K
NOI $37,436 @ 7.0% cap · market cap 3.12%
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
25,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 19107, PA
17,600
Population
10,239
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
92%
High-School Grad
0.5 sq mi
ZIP Area
35,200
Density / Sq Mi
$70,382
Median Household Income
$57,694
Median Earnings
$1,691
Median Rent
$452,500
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 - Masonry construction with central air, central heating, and laundry appliances in each residence.
Where is this triplex located?
The property is located at 1108 LOCUST Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three occupied 1‑bedroom apartments, including one bi‑level residence with a partially finished basement; 2,380 square feet on a 0.0236‑acre lot; Built in 1920 with masonry construction
