Remodeled Triplex With Commercial
For Sale
$475,000
120 W GIRARD Avenue, Philadelphia, PA 19123
Multi-Family, PHILADELPHIA, PA
Property Size1,980 SF
Lot Size0.02 Acres
Price / SF$239.90
Days on Market191
Property Features for 120 W GIRARD Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
On Street
Appliances
Built-In Microwave, Microwave, Oven - Self Cleaning, Refrigerator, Washer, Dryer
Subdivision
NORTHERN LIBERTIES
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
1,980 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
5219
Utilities
Heating system
Other (Heating)
Cooling system
Wall Unit(s)
Building Details
Year built
1927
Number of units
3
Building materials
Brick
Listing Agency:
Re/Max One Realty · RE/MAX International
(215) 953-8800
Listed By:
Edward J. McDonald Jr. · License #RS195849L
(215) 442-9388
Added: Feb 19
Changed: Aug 19
Last Checked: Aug 29 at 5:06PM
MLS# PAPH2585906
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 1,980-square-foot brick triplex, built in 1927, includes two remodeled one-bedroom apartments and a separate commercial space. Each residential unit has separate utilities and laundry hookups, with appliances including a refrigerator, washer, dryer, oven, and built-in microwave. Wall-unit cooling and other heating serve the building, while on-street parking is available.
The property is located at 120 W Girard Avenue in Philadelphia’s Northern Liberties section. The surrounding area includes restaurants, boutiques, and cultural attractions, with access to public transportation and major highways. The commercial component is occupied by a long-term tenant, creating a mixed residential and commercial configuration within the three-unit asset.
The property is located at 120 W Girard Avenue in Philadelphia’s Northern Liberties section. The surrounding area includes restaurants, boutiques, and cultural attractions, with access to public transportation and major highways. The commercial component is occupied by a long-term tenant, creating a mixed residential and commercial configuration within the three-unit asset.
Key Highlights
- Three‑unit triplex with two residential apartments and one commercial space
- Two remodeled 1‑bedroom residential units
- 1,980 square feet on a 0.022‑acre lot
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
$33,788
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
7.11%
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%
$675,760
$675.8K
Cap Rate 7%
$482,686
$482.7K
Cap Rate 9%
$375,422
$375.4K
Market Conditions
NOI Build-Up for 1,980 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
$51.1K $25.80/SF
− Vacancy
−$2.8K −$1.42/SF
EGI
$48.3K $24.38/SF
− OpEx
−$14.5K −$7.31/SF
NOI
$33.8K $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%
$675,760
Cap Rate 7%
$482,686
Cap Rate 9%
$375,422
Alternative Uses
Best Use
Multifamily LT 5
$482.7K
$422.4K – $563.1K
NOI $33,788 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$444.9K
$389.3K – $519.1K
NOI $31,144 @ 7.0% cap · market cap 6.56%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,571
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
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 - Three-unit property combines updated apartments with an occupied commercial component in Northern Liberties.
Where is this triplex located?
The property is located at 120 W GIRARD Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Three‑unit triplex with two residential apartments and one commercial space; Two remodeled 1‑bedroom residential units; 1,980 square feet on a 0.022‑acre lot
