Triplex Property with Separate
For Sale
$460,000
115 E Gorgas Ln, Philadelphia, PA 19119
Independent heating, utility, and fire-safety infrastructure supports the property’s multi-unit configuration.
Property Size1,986 SF
Price / SF$231.62
Days on Market25
Property Features for 115 E Gorgas Ln
General Information
Standard status
Active
Size
1,986 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
TLC
Taxes and HOA fees
Annual Taxes
$2,295
Listing Agency:
Mount Airy Real Estate
(215) 848-6030
Listed By:
William Qaadir Logan · License #RM419957
(215) 848-6030
Source:
Exprealty
Added: Aug 6
Changed: Aug 25
Last Checked: Aug 29 at 12:48PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Mount Airy Real Estate
Investment Insights
Based on property information with market context.
This Philadelphia triplex includes separate heating systems and utilities, along with a hardwired fire alarm system. The property is positioned as a renovation project requiring a new ownership plan and hands-on improvements.
Located at 115 E Gorgas Ln in Philadelphia, the building offers a defined multi-unit asset for an owner evaluating a residential income property with existing utility separation and fire-safety infrastructure.
Located at 115 E Gorgas Ln in Philadelphia, the building offers a defined multi-unit asset for an owner evaluating a residential income property with existing utility separation and fire-safety infrastructure.
Key Highlights
- Triplex property in Philadelphia
- Separate heating systems
- Separate utilities
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
$33,891
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
7.37%
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%
$677,820
$677.8K
Cap Rate 7%
$484,157
$484.2K
Cap Rate 9%
$376,567
$376.6K
Market Conditions
NOI Build-Up for 1,986 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
$51.2K $25.80/SF
− Vacancy
−$2.8K −$1.42/SF
EGI
$48.4K $24.38/SF
− OpEx
−$14.5K −$7.31/SF
NOI
$33.9K $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%
$677,820
Cap Rate 7%
$484,157
Cap Rate 9%
$376,567
Alternative Uses
Best Use
Multifamily LT 5
$484.2K
$423.6K – $564.9K
NOI $33,891 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$446.3K
$390.5K – $520.7K
NOI $31,239 @ 7.0% cap · market cap 6.79%
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
1,100
Businesses Nearby
Explore this area
Business Placement
Demographics for 19119, PA
27,265
Population
13,909
Households
2
Avg Household Size
44
Median Age
55%
College-Educated
96%
High-School Grad
3.4 sq mi
ZIP Area
8,019
Density / Sq Mi
$81,609
Median Household Income
$54,598
Median Earnings
$1,291
Median Rent
$326,600
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 - Independent heating, utility, and fire-safety infrastructure supports the property’s multi-unit configuration.
Where is this triplex located?
The property is located at 115 E Gorgas Ln Philadelphia, PA.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Triplex property in Philadelphia; Separate heating systems; Separate utilities
