Renovated Three-Unit Apartment
New
For Sale
$499,900
1241 N 28TH STREET, Philadelphia, PA 19121
Renovated multifamily property with central air, private laundry, and a two-bedroom, two-bath residence.
Property Size1,680 SF
Days on Market7
Property Features for 1241 N 28TH STREET
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
1 x 2BR/2BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Asking Price
$499,000
Taxes and HOA fees
Annual Taxes
$5,982
Amenities
Central AC
recessed lighting
updated kitchen
updated baths
basement laundry
additional storage space
in-unit laundry
Building Details
Building Size
1,680 SF
Year Built
1925
Listing Agency:
KW Empower
Listed By:
Domenick Parris · License #RS321735
(267) 593-6184
Source:
Patmckennarealtors
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 15 at 11:49AM
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 KW Empower
Investment Insights
Based on property information with market context.
This triplex, built in 1925, contains three fully renovated residential units. The unit mix includes one two-bedroom, two-bath residence and two one-bedroom, one-bath residences. Each unit has its own laundry equipment and central air conditioning, while interior improvements include updated kitchens and bathrooms and recessed lighting.
A large basement provides additional storage and laundry space. The property is fully leased through next year and is located at 1241 N 28th Street in Philadelphia’s Brewerytown neighborhood.
A large basement provides additional storage and laundry space. The property is fully leased through next year and is located at 1241 N 28th Street in Philadelphia’s Brewerytown neighborhood.
Key Highlights
- Three fully renovated residential units
- Unit mix includes one 2‑bedroom, 2‑bath unit and two 1‑bedroom, 1‑bath units
- 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
$28,669
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
5.73%
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%
$573,380
$573.4K
Cap Rate 7%
$409,557
$409.6K
Cap Rate 9%
$318,544
$318.5K
Market Conditions
NOI Build-Up for 1,680 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
$43.3K $25.80/SF
− Vacancy
−$2.4K −$1.42/SF
EGI
$41.0K $24.38/SF
− OpEx
−$12.3K −$7.31/SF
NOI
$28.7K $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%
$573,380
Cap Rate 7%
$409,557
Cap Rate 9%
$318,544
Alternative Uses
Best Use
Multifamily LT 5
$409.6K
$358.4K – $477.8K
NOI $28,669 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$377.5K
$330.3K – $440.4K
NOI $26,426 @ 7.0% cap · market cap 5.29%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,534
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
Median Home Value
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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 - Renovated multifamily property with central air, private laundry, and a two-bedroom, two-bath residence.
Where is this triplex located?
The property is located at 1241 N 28TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Three fully renovated residential units; Unit mix includes one 2‑bedroom, 2‑bath unit and two 1‑bedroom, 1‑bath units; Central air conditioning throughout the property
