Renovated Legal Triplex
For Sale
$625,000
Pending
2302 North 15th Street, Philadelphia, PA 19132
Turnkey legal triplex with three renovated units, separate utilities, and two current monthly rent streams.
Property Size2,655 SF
Days on Market138
Property Features for 2302 North 15th Street
General Information
Standard status
Pending
Size
2,655 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RM1
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,780
Amenities
Bathroom - Tub Shower, Kitchen - Eat-In, Recessed Lighting, Upgraded Countertops
No Pool
Above Grade, Below Grade
Building Details
Year Built
1915
Stories
3
Listing Agency:
Luxe Real Estate LLC
Listed By:
Michelle Phillips · License #RM425239
(215) 251-7519
Source:
Compass
Added: Apr 21
Changed: Aug 8
Last Checked: Jul 22 at 10:20PM
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 Luxe Real Estate LLC
Investment Insights
Based on property information with market context.
Turnkey, legal triplex presented as a fully renovated 3-story row home configured with three separate units. Each unit offers 3 bedrooms and 1 full bathroom. Interior improvements include brand-new kitchens with white shaker cabinetry, a tile backsplash, updated appliances, fully tiled tub/shower combinations, updated flooring, recessed lighting, and ample closet space.
Two units are currently occupied, generating $1,200 and $1,300 per month, while the third unit is vacant. Separate utilities are provided for each unit, supporting straightforward property management.
The property is located in the Temple University area, described as just steps from Temple University. Additional context in the remarks notes it is within walking distance to shopping, restaurants, Broad Street, and multiple public transportation options.
Two units are currently occupied, generating $1,200 and $1,300 per month, while the third unit is vacant. Separate utilities are provided for each unit, supporting straightforward property management.
The property is located in the Temple University area, described as just steps from Temple University. Additional context in the remarks notes it is within walking distance to shopping, restaurants, Broad Street, and multiple public transportation options.
Key Highlights
- Legal triplex row home built in 1915 with 3 floors and three units
- Each unit features 3 bedrooms and 1 full bathroom
- Renovations include new eat‑in kitchens with white shaker cabinetry, tile backsplash, updated appliances, and recessed lighting
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
$45,307
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
7.25%
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%
$906,140
$906.1K
Cap Rate 7%
$647,243
$647.2K
Cap Rate 9%
$503,411
$503.4K
Market Conditions
NOI Build-Up for 2,655 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
$68.5K $25.80/SF
− Vacancy
−$3.8K −$1.42/SF
EGI
$64.7K $24.38/SF
− OpEx
−$19.4K −$7.31/SF
NOI
$45.3K $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%
$906,140
Cap Rate 7%
$647,243
Cap Rate 9%
$503,411
Alternative Uses
Best Use
Multifamily LT 5
$647.2K
$566.3K – $755.1K
NOI $45,307 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$596.6K
$522.0K – $696.0K
NOI $41,762 @ 7.0% cap · market cap 6.68%
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
1,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 19132, PA
33,926
Population
17,402
Households
1.9
Avg Household Size
37
Median Age
13%
College-Educated
83%
High-School Grad
2.2 sq mi
ZIP Area
15,421
Density / Sq Mi
$30,974
Median Household Income
$30,300
Median Earnings
$1,055
Median Rent
$73,000
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 - Turnkey legal triplex with three renovated units, separate utilities, and two current monthly rent streams.
Where is this triplex located?
The property is located at 2302 North 15th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Legal triplex row home built in 1915 with 3 floors and three units; Each unit features 3 bedrooms and 1 full bathroom; Renovations include new eat‑in kitchens with white shaker cabinetry, tile backsplash, updated appliances, and recessed lighting
