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 Market650
Property Features for 1831 S 5Th Street
General Information
Standard status
Active
Size
4,950 SF
Property subtype
Multi-Family
Zoning
RM1
Site & Location
Neighborhood
Greenwich
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:
Zar Realty, LLC
(856) 222-0077
Listed By:
Julia Joyce-Hall
(856) 630-4482
Source:
Thetristaterealestategroup
Added: Jan 12, 2025
Changed: Oct 14
Last Checked: Oct 23 at 5:31AM
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 Zar Realty, LLC
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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 / Yr
$38,931
Cap Rate
9.16%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
2,289
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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
