Three-Unit Multifamily
For Sale
$384,000
830 North Preston Street, Philadelphia, PA 19104
Fully leased triplex with separate apartments, in-unit laundry, and a unit mix suited to rental or owner-occupant use.
Property Size2,003 SF
Price / SF$191.71
Days on Market509
Property Features for 830 North Preston Street
General Information
Standard status
Active
Size
2,003 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RSA5
Occupancy
100%
Units
Unit Mix
1 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,673
Amenities
washer/dryer
fire alarm system
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1915
Buildings
1
Listing Agency:
HomeSmart Realty Advisors
(267) 977-0304
Listed By:
Andre Richardson
(267) 977-0304
Source:
Compass
Added: Apr 10, 2025
Changed: Aug 29
Last Checked: Aug 31 at 1:52AM
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 HomeSmart Realty Advisors
Investment Insights
Based on property information with market context.
This 2,003-square-foot triplex contains three separate apartments: one one-bedroom unit and two two-bedroom units. Each residence includes a full bathroom, washer and dryer, and an open living and kitchen area. Kitchens are equipped with wood cabinetry, gas ranges, microwaves, and full-size refrigerators. Large windows provide natural light, while the bedrooms include closet space. A building-wide fire alarm system serves the property, which was built in 1915.
The property is fully leased, with one of the three units leased through Section 8. It is located at 830 North Preston Street in Philadelphia’s Mantua neighborhood, near Drexel University, the University of Pennsylvania, the Philadelphia Zoo, University City, and Center City. Zoning is RSA5.
The three-unit configuration provides separate residential spaces with a mix of one- and two-bedroom layouts. The property also includes above-grade and below-grade areas and no pool.
The property is fully leased, with one of the three units leased through Section 8. It is located at 830 North Preston Street in Philadelphia’s Mantua neighborhood, near Drexel University, the University of Pennsylvania, the Philadelphia Zoo, University City, and Center City. Zoning is RSA5.
The three-unit configuration provides separate residential spaces with a mix of one- and two-bedroom layouts. The property also includes above-grade and below-grade areas and no pool.
Key Highlights
- Three‑unit configuration with one 1‑bedroom and two 2‑bedroom apartments
- 2,003‑square‑foot property built in 1915
- Fully leased; 1 of 3 units leased through Section 8
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
$34,181
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
8.90%
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%
$683,620
$683.6K
Cap Rate 7%
$488,300
$488.3K
Cap Rate 9%
$379,789
$379.8K
Market Conditions
NOI Build-Up for 2,003 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
$51.7K $25.80/SF
− Vacancy
−$2.8K −$1.42/SF
EGI
$48.8K $24.38/SF
− OpEx
−$14.6K −$7.31/SF
NOI
$34.2K $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%
$683,620
Cap Rate 7%
$488,300
Cap Rate 9%
$379,789
Alternative Uses
Best Use
Multifamily LT 5
$488.3K
$427.3K – $569.7K
NOI $34,181 @ 7.0% cap · market cap 8.90%
Second Best
Apartment 5plus
$450.1K
$393.8K – $525.1K
NOI $31,506 @ 7.0% cap · market cap 8.20%
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
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,341
Businesses Nearby
Explore this area
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
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 - Fully leased triplex with separate apartments, in-unit laundry, and a unit mix suited to rental or owner-occupant use.
Where is this triplex located?
The property is located at 830 North Preston Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $384,000.
What are key features of this property?
This property features: Three‑unit configuration with one 1‑bedroom and two 2‑bedroom apartments; 2,003‑square‑foot property built in 1915; Fully leased; 1 of 3 units leased through Section 8
