Renovated Three-Unit Apartment
For Sale
$289,900
1315 S 56TH STREET, Philadelphia, PA 19143
Renovated triplex with separate utilities and updated one-bedroom apartments across three levels.
Property Size1,110 SF
Price / SF$261.17
Days on Market32
Property Features for 1315 S 56TH STREET
General Information
Standard status
Active
Size
1,110 SF
Property subtype
Triplex
Units
Unit Mix
3 x 1BR
Multifamily Units
3
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Luxe Real Estate LLC
(215) 251-7519
Listed By:
Michelle Phillips · License #RM425239
(215) 251-7519
Source:
Cummingsrealtors
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 29 at 9:48AM
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.
This legal triplex contains three one-bedroom apartments within 1,110 square feet. The property was built in 1925 and has been renovated throughout. Unit improvements include updated kitchens and bathrooms, refreshed flooring, hardwood flooring, recessed lighting, living and dining areas, and bedrooms with closet space. The basement apartment is vacant, while the first-floor unit is currently rented.
Each apartment has separate heat, hot water, and utilities, supporting distinct unit-level operations. The property is located at 1315 S 56th Street in Philadelphia, Pennsylvania, with ZIP code 19143. The layout offers three individual residences in a compact multifamily configuration.
Each apartment has separate heat, hot water, and utilities, supporting distinct unit-level operations. The property is located at 1315 S 56th Street in Philadelphia, Pennsylvania, with ZIP code 19143. The layout offers three individual residences in a compact multifamily configuration.
Key Highlights
- Legal triplex with three one‑bedroom apartments
- 1,110 square feet across three residential units
- Renovated kitchens, bathrooms, flooring, and interior finishes
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
$12,025
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
4.15%
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%
$240,500
$240.5K
Cap Rate 7%
$171,786
$171.8K
Cap Rate 9%
$133,611
$133.6K
Market Conditions
NOI Build-Up for 1,110 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
$18.5K $16.68/SF
− Vacancy
−$1.3K −$1.20/SF
EGI
$17.2K $15.48/SF
− OpEx
−$5.2K −$4.64/SF
NOI
$12.0K $10.83/SF
Area
ZIP 19143
Vacancy
7.22%
Lease Rate
$16.68 /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%
$240,500
Cap Rate 7%
$171,786
Cap Rate 9%
$133,611
Alternative Uses
Best Use
Multifamily LT 5
$171.8K
$150.3K – $200.4K
NOI $12,025 @ 7.0% cap · market cap 4.15%
Second Best
Apartment 5plus
$152.8K
$133.7K – $178.3K
NOI $10,695 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$380.4K
$332.9K – $443.9K
NOI $26,631 @ 7.0% cap · market cap 9.19%
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
1,496
Businesses Nearby
Explore this area
Business Placement
Demographics for 19143, PA
64,648
Population
31,391
Households
2.1
Avg Household Size
36
Median Age
32%
College-Educated
91%
High-School Grad
3.1 sq mi
ZIP Area
20,854
Density / Sq Mi
$47,964
Median Household Income
$38,189
Median Earnings
$1,235
Median Rent
$152,000
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 - Renovated triplex with separate utilities and updated one-bedroom apartments across three levels.
Where is this triplex located?
The property is located at 1315 S 56TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Legal triplex with three one‑bedroom apartments; 1,110 square feet across three residential units; Renovated kitchens, bathrooms, flooring, and interior finishes
