Renovated Triplex With Shared
New
For Sale
$699,999
1221 N RANDOLPH STREET, Philadelphia, PA 19122
Three updated apartments offer refreshed interiors, central HVAC, and shared rear outdoor space in Northern Liberties.
Property Size2,872 SF
Price / SF$243.73
Days on Market6
Property Features for 1221 N RANDOLPH STREET
General Information
Standard status
Active
Size
2,872 SF
Property subtype
Triplex
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Amenities
shared rear yard
Building Details
Year Built
1923
Year Renovated
2026
Listing Agency:
Honest Real Estate
(267) 340-1034
Listed By:
Scott C Kelly · License #2439442
(267) 340-1034
Source:
Cummingsrealtors
Added: Aug 9
Changed: Aug 13
Last Checked: Aug 14 at 6:08AM
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 Honest Real Estate
Investment Insights
Based on property information with market context.
This 2,872-square-foot triplex contains two two-bedroom, one-bath apartments and one three-bedroom, one-bath apartment. The property was built in 1923 and received substantial improvements in 2026, including a new roof, central heating and air conditioning systems, flooring throughout, and renovated kitchens and bathrooms across all three units. A shared rear yard adds outdoor space for residents.
Located in Philadelphia’s Northern Liberties section, the property combines a three-unit configuration with updated major building components and interior finishes. The unit mix provides two smaller apartments alongside a larger three-bedroom layout, supporting a varied residential configuration within one multifamily property.
Located in Philadelphia’s Northern Liberties section, the property combines a three-unit configuration with updated major building components and interior finishes. The unit mix provides two smaller apartments alongside a larger three-bedroom layout, supporting a varied residential configuration within one multifamily property.
Key Highlights
- Three‑unit property totaling 2,872 SF
- Unit mix includes two 2‑bedroom, 1‑bath units and one 3‑bedroom, 1‑bath unit
- 2026 improvements include a new roof and central heating and air conditioning systems
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
$49,010
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
7.00%
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%
$980,200
$980.2K
Cap Rate 7%
$700,143
$700.1K
Cap Rate 9%
$544,556
$544.6K
Market Conditions
NOI Build-Up for 2,872 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
$74.1K $25.80/SF
− Vacancy
−$4.1K −$1.42/SF
EGI
$70.0K $24.38/SF
− OpEx
−$21.0K −$7.31/SF
NOI
$49.0K $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%
$980,200
Cap Rate 7%
$700,143
Cap Rate 9%
$544,556
Alternative Uses
Best Use
Multifamily LT 5
$700.1K
$612.6K – $816.8K
NOI $49,010 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$645.4K
$564.7K – $752.9K
NOI $45,175 @ 7.0% cap · market cap 6.45%
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
Location Intelligence
Trade Area within ½ mile
3,111
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
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 - Three updated apartments offer refreshed interiors, central HVAC, and shared rear outdoor space in Northern Liberties.
Where is this triplex located?
The property is located at 1221 N RANDOLPH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Three‑unit property totaling 2,872 SF; Unit mix includes two 2‑bedroom, 1‑bath units and one 3‑bedroom, 1‑bath unit; 2026 improvements include a new roof and central heating and air conditioning systems
