Three-Unit Triplex with Separate
For Sale
$550,000
129 GAY STREET, Philadelphia, PA 19127
Manayunk property near Main Street with individual kitchens, bathrooms, and living areas in each residence.
Property Size2,064 SF
Price / SF$266.47
Days on Market12
Property Features for 129 GAY STREET
General Information
Standard status
Active
Size
2,064 SF
Property subtype
Triplex
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
KW Empower
(267) 266-8629
Listed By:
Kristin Daly
(267) 266-8629
Source:
Cummingsrealtors
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 29 at 9:13AM
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 2,064-square-foot triplex, built in 1900, contains three separate residential units. Each unit includes its own kitchen, bathroom, and living area, providing distinct layouts within the property. The building is located at 129 Gay Street in Philadelphia’s Manayunk neighborhood.
The property sits near Main Street and the neighborhood’s restaurants, retail, nightlife, and outdoor recreation. Public transportation and major roadways are also accessible from the area, adding connectivity to the surrounding district and broader Philadelphia market.
The property sits near Main Street and the neighborhood’s restaurants, retail, nightlife, and outdoor recreation. Public transportation and major roadways are also accessible from the area, adding connectivity to the surrounding district and broader Philadelphia market.
Key Highlights
- Three separate residential units within a 2,064‑square‑foot triplex
- Each unit has its own kitchen, bathroom, and living area
- Built in 1900
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
$35,222
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
6.40%
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%
$704,440
$704.4K
Cap Rate 7%
$503,171
$503.2K
Cap Rate 9%
$391,356
$391.4K
Market Conditions
NOI Build-Up for 2,064 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 $25.80/SF
− Vacancy
−$2.9K −$1.42/SF
EGI
$50.3K $24.38/SF
− OpEx
−$15.1K −$7.31/SF
NOI
$35.2K $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%
$704,440
Cap Rate 7%
$503,171
Cap Rate 9%
$391,356
Alternative Uses
Best Use
Multifamily LT 5
$503.2K
$440.3K – $587.0K
NOI $35,222 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$463.8K
$405.8K – $541.1K
NOI $32,466 @ 7.0% cap · market cap 5.90%
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
1,573
Businesses Nearby
Explore this area
Business Placement
Demographics for 19127, PA
6,929
Population
3,496
Households
2
Avg Household Size
29
Median Age
77%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
11,548
Density / Sq Mi
$99,792
Median Household Income
$73,061
Median Earnings
$1,765
Median Rent
$298,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Manayunk property near Main Street with individual kitchens, bathrooms, and living areas in each residence.
Where is this triplex located?
The property is located at 129 GAY STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three separate residential units within a 2,064‑square‑foot triplex; Each unit has its own kitchen, bathroom, and living area; Built in 1900
