Three-Unit Residential Income
For Sale
$425,000
1831 S 5Th Street, Philadelphia, PA 19148
Three large 2-bedroom units with a shared backyard and separate utilities, offering conversion flexibility into additional units.
Property Size4,950 SF
Price / SF$171.72
Days on Market586
Property Features for 1831 S 5Th Street
General Information
Standard status
Active
Size
4,950 SF
Property subtype
Multi-Family
Zoning
RM1
Taxes and HOA fees
Annual Taxes
$5,233
Amenities
Natural Gas
Yes
No
All
Assessor
No Pool
Public
U50
16.00 x 66.00
0.02
Brick/Mortar,Slab
74780.00
Building Details
Building Size
4,950 SF
Year Built
1915
Listing Agency:
EXP Realty, LLC
(856) 630-4482
Listed By:
Julia Joyce-Hall · License #1540241
(856) 630-4482
Source:
Thetristaterealestategroup
Added: Jan 12, 2025
Changed: Aug 21
Last Checked: Aug 21 at 4:16AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This legally zoned three-unit building is built as a three-story structure containing three large 2-bedroom, 1-bath units. The layout includes a vestibule and hallway at entry, with a door leading to the first-floor unit and access to the backyard. The property also includes a backyard and common easement. The second-floor unit is not self-contained, creating an opportunity to convert it into additional space, potentially increasing the total unit count to four or more. Utility systems include four gas meters (one house), brand new 240 electrical service and heads, three water heaters, and one heating furnace. Common heat is currently configured for the building, with in-unit baseboard electric described as an option for a more economical setup. Cosmetic upgrades have been completed throughout, and the third-floor unit includes an in-unit washer/dryer.
Located in Dickinson Narrows in South Philadelphia near East Passyunk, Moyamensing, and Pennsport, the property sits close to a transformative intersection and is surrounded by residential and multi-unit development, as well as major infrastructure projects. East Passyunk Avenue is within short distance and features a concentration of independent businesses and retail.
For owner-occupants and investors, the combination of occupied units and the noted second-floor configuration supports strategies such as house-hacking or reconfiguration to create additional studio units. Current leases are described as below market, with reported monthly rents of $950, $1,100, and $1,200, and a prior lease at $1,400.
Located in Dickinson Narrows in South Philadelphia near East Passyunk, Moyamensing, and Pennsport, the property sits close to a transformative intersection and is surrounded by residential and multi-unit development, as well as major infrastructure projects. East Passyunk Avenue is within short distance and features a concentration of independent businesses and retail.
For owner-occupants and investors, the combination of occupied units and the noted second-floor configuration supports strategies such as house-hacking or reconfiguration to create additional studio units. Current leases are described as below market, with reported monthly rents of $950, $1,100, and $1,200, and a prior lease at $1,400.
Key Highlights
- Legally zoned three‑unit building with active rental licenses in Dickinson Narrows, South Philadelphia
- Triplex offers three large 2 bed/1 bath units across a 3‑story structure, plus a backyard and common easement
- Conversion potential: second‑floor unit is not self‑contained and could be converted into two studios for a total of 4+ units
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
$38,931
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
9.16%
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%
$778,620
$778.6K
Cap Rate 7%
$556,157
$556.2K
Cap Rate 9%
$432,567
$432.6K
Market Conditions
NOI Build-Up for 2,475 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
$75.1K $30.36/SF
− Vacancy
−$4.4K −$1.76/SF
EGI
$70.8K $28.60/SF
− OpEx
−$31.9K −$12.87/SF
NOI
$38.9K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$778,620
Cap Rate 7%
$556,157
Cap Rate 9%
$432,567
Alternative Uses
Best Use
Multifamily LT 5
$603.4K
$528.0K – $703.9K
NOI $42,236 @ 7.0% cap · market cap 9.94%
Second Best
Apartment 5plus
$556.2K
$486.6K – $648.9K
NOI $38,931 @ 7.0% cap · market cap 9.16%
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
2,289
Businesses Nearby
Explore this area
Business Placement
Demographics for 19148, PA
53,976
Population
22,944
Households
2.4
Avg Household Size
36
Median Age
39%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
12,851
Density / Sq Mi
$80,469
Median Household Income
$50,067
Median Earnings
$1,492
Median Rent
$296,800
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 large 2-bedroom units with a shared backyard and separate utilities, offering conversion flexibility into additional units.
Where is this triplex located?
The property is located at 1831 S 5Th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Legally zoned three‑unit building with active rental licenses in Dickinson Narrows, South Philadelphia; Triplex offers three large 2 bed/1 bath units across a 3‑story structure, plus a backyard and common easement; Conversion potential: second‑floor unit is not self‑contained and could be converted into two studios for a total of 4+ units
