Fully Leased Triplex with Central
For Sale
$1,250,000
1108 LOCUST Street, Philadelphia, PA 19107
MULTI_FAMILY - Other - PHILADELPHIA, PA
Property Size2,380 SF
Lot Size0.02 Acres
Price / SF$525.21
Days on Market30
Property Features for 1108 LOCUST Street
General Information
Property type
Residential Multi Family
Property subtype
Other
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
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
Last Checked: Aug 13 at 4:06AM
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.
1108 Locust Street is a fully occupied triplex offering three 1-bedroom apartments. The first-floor unit includes a partially finished basement and a bonus room, and each apartment features its own in-unit washer and dryer. The building also has central heating and air, individual water heaters for every apartment, and a renovated hallway.
The property has separate gas and electric meters serving the apartments. The leasing information in the remarks indicates the units are currently rented, with a gross monthly rental income listed as $6,500.
Each unit is configured as a 1-bedroom, 1-bath layout, with the second-floor apartment described as renovated and the third-floor apartment described as bright. The building totals three stories of residential income space as presented in the listing materials.
The property has separate gas and electric meters serving the apartments. The leasing information in the remarks indicates the units are currently rented, with a gross monthly rental income listed as $6,500.
Each unit is configured as a 1-bedroom, 1-bath layout, with the second-floor apartment described as renovated and the third-floor apartment described as bright. The building totals three stories of residential income space as presented in the listing materials.
Key Highlights
- Fully occupied 3‑unit triplex with current gross monthly rental income of $6,500
- All three apartments have separate gas and electric meters and individual water heaters
- Central heating and central air conditioning throughout the property
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
3.25%
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 3.25%
Second Best
Apartment 5plus
$534.8K
$468.0K – $623.9K
NOI $37,436 @ 7.0% cap · market cap 2.99%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Fully occupied triplex with separate gas/electric metering, in-unit washers and dryers, and central heating and air.
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 $1,250,000.
What are key features of this property?
This property features: Fully occupied 3‑unit triplex with current gross monthly rental income of $6,500; All three apartments have separate gas and electric meters and individual water heaters; Central heating and central air conditioning throughout the property
