Renovated 3-Unit Apartment
For Sale
$715,000
705 N 40TH STREET, Philadelphia, PA 19104
Recently renovated multifamily property with individual HVAC systems and in-unit laundry.
Property Size2,400 SF
Days on Market752
Property Features for 705 N 40TH STREET
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Triplex
Site & Location
Neighborhood
Haverford North
Public Transit
Yes
Units
Unit Mix
3 x 2BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,480
Building Details
Building Size
2,400 SF
Year Built
1960
Listing Agency:
Burke Property Group
Listed By:
Desiree R Richardson · License #RS281339
(215) 416-3467
Source:
Patmckennarealtors
Added: Oct 3, 2024
Changed: Oct 21
Last Checked: Oct 23 at 1:12PM
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 Burke Property Group
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Investment Insights
Based on property information with market context.
This triplex contains three two-bedroom, two-bathroom apartments, each with its own HVAC system providing high-efficiency heating and central air. The interiors were renovated one year ago and feature tile and hardwood flooring, stainless-steel appliances, and washer and dryer setups in every unit. The property was originally built in 1960.
The building is located near schools, parks, and public transportation in Philadelphia. The University of Pennsylvania, Drexel University, Children's Hospital of Philadelphia, and Penn hospitals are minutes away, providing proximity to major educational, medical, and institutional destinations.
The building is located near schools, parks, and public transportation in Philadelphia. The University of Pennsylvania, Drexel University, Children's Hospital of Philadelphia, and Penn hospitals are minutes away, providing proximity to major educational, medical, and institutional destinations.
Key Highlights
- Three apartments, each with 2 bedrooms and 2 bathrooms
- Renovated one year ago; original construction dates to 1960
- Individual HVAC systems with high‑efficiency heat and central air
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,956
Cap Rate
5.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$819,120
$819.1K
Cap Rate 7%
$585,086
$585.1K
Cap Rate 9%
$455,067
$455.1K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$61.9K $25.80/SF
− Vacancy
−$3.4K −$1.42/SF
EGI
$58.5K $24.38/SF
− OpEx
−$17.6K −$7.31/SF
NOI
$41.0K $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 Rate 5%
$819,120
Cap Rate 7%
$585,086
Cap Rate 9%
$455,067
Alternative Uses
Best Use
Multifamily LT 5
$585.1K
$512.0K – $682.6K
NOI $40,956 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$539.3K
$471.9K – $629.2K
NOI $37,751 @ 7.0% cap · market cap 5.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,420
Businesses Nearby
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Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
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 - Recently renovated multifamily property with individual HVAC systems and in-unit laundry.
Where is this triplex located?
The property is located at 705 N 40TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: Three apartments, each with 2 bedrooms and 2 bathrooms; Renovated one year ago; original construction dates to 1960; Individual HVAC systems with high‑efficiency heat and central air
