Victorian Triplex with Off-Street
New
For Sale
$950,000
121 S WALNUT Street E, West Chester, PA 19380
Multi-Family, WEST CHESTER, PA
Property Size2,776 SF
Lot Size0.09 Acres
Price / SF$342.22
Days on Market1
Property Features for 121 S WALNUT Street E
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
4
Parking features
Off Street, Parking Lot
Fireplace
1
Elementary school district
WEST CHESTER AREA
Middle school district
WEST CHESTER AREA
High school district
WEST CHESTER AREA
Standard status
Active
Size
2,776 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
4373
Utilities
Cooling system
Heat Pump
Building Details
Year built
1890
Number of units
3
Building materials
Brick, Masonry, Stone
Architectural style
Victorian
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(610) 363-6006
Listed By:
L. Robert Frame Jr. · License #AB047095L
(484) 678-0636
Added: Sep 17
Last Checked: Sep 17 at 10:06AM
MLS# PACT2135516
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 1890 Victorian triplex contains 2,776 square feet divided among three full apartments on the first, second, and third floors. The brick, masonry, and stone building retains restored hardwood floors, period trim, a large front porch, copper porch roofing, and internal copper gutters. Apartment A offers two bedrooms, a renovated kitchen and bathroom, a gas fireplace or stove, and a private side porch. Apartment B is a one-bedroom apartment with a restored interior, updated kitchen, laundry equipment, and a rear deck. Apartment C includes one bedroom, lofted ceilings, newer kitchen cabinetry and appliances, a kitchen island, mini-split heating and cooling, and skylights with solar-powered shades. A dry basement provides storage and laundry space. Each apartment has its own water heater, gas range, and separate heating and cooling features.
The property is at 121 S Walnut Street E in downtown West Chester, one block from East Market Street. Restaurants, shops, businesses, government offices, public parking, and West Chester University are within walking distance. The parcel includes a newly graveled four-car parking lot with off-street parking permits. Tenants pay electric and gas, while the owner pays water and sewer.
The property is at 121 S Walnut Street E in downtown West Chester, one block from East Market Street. Restaurants, shops, businesses, government offices, public parking, and West Chester University are within walking distance. The parcel includes a newly graveled four-car parking lot with off-street parking permits. Tenants pay electric and gas, while the owner pays water and sewer.
Key Highlights
- Three full apartments totaling 2,776 square feet
- 1890 Victorian building with brick, masonry, and stone construction
- Newly graveled four‑car parking lot with off‑street parking permits
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
$31,900
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
3.36%
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%
$638,000
$638.0K
Cap Rate 7%
$455,714
$455.7K
Cap Rate 9%
$354,444
$354.4K
Market Conditions
NOI Build-Up for 2,776 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
$53.3K $19.20/SF
− Vacancy
−$7.7K −$2.78/SF
EGI
$45.6K $16.42/SF
− OpEx
−$13.7K −$4.92/SF
NOI
$31.9K $11.49/SF
Area
Chester County, PA
Vacancy
14.50%
Lease Rate
$19.20 /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%
$638,000
Cap Rate 7%
$455,714
Cap Rate 9%
$354,444
Alternative Uses
Best Use
Multifamily LT 5
$455.7K
$398.8K – $531.7K
NOI $31,900 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$430.0K
$376.3K – $501.7K
NOI $30,101 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$841.7K
$736.5K – $981.9K
NOI $58,916 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,036
Businesses Nearby
Explore this area
Business Placement
Demographics for 19380, PA
50,692
Population
21,490
Households
2.4
Avg Household Size
43
Median Age
64%
College-Educated
97%
High-School Grad
30.5 sq mi
ZIP Area
1,662
Density / Sq Mi
$122,876
Median Household Income
$69,599
Median Earnings
$1,820
Median Rent
$530,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three full apartments with updated kitchens, private outdoor areas, and separate utility systems in downtown West Chester.
Where is this triplex located?
The property is located at 121 S WALNUT Street E West Chester, PA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Three full apartments totaling 2,776 square feet; 1890 Victorian building with brick, masonry, and stone construction; Newly graveled four‑car parking lot with off‑street parking permits
