Modern Three-Unit
For Sale
$755,000
Pending
1802 N 5TH STREET, Philadelphia, PA 19122
Fully occupied triplex with varied unit layouts, private outdoor areas, and in-unit laundry.
Property Size3,051 SF
Days on Market525
Property Features for 1802 N 5TH STREET
General Information
Standard status
Pending
Size
3,051 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Opportunity Zone
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,582
Amenities
private outdoor space
hardwood floors
stainless-steel appliances
in-unit washer/dryer
Building Details
Year Built
2019
Listing Agency:
KW Empower
(215) 783-7779
Listed By:
Steven Onesti · License #RS372317
(215) 783-7779
Source:
Exitrealty
Added: Mar 25, 2025
Changed: Aug 29
Last Checked: Aug 29 at 11:34PM
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.
Built in 2019, this three-unit residential income property contains one-, two-, and three-bedroom layouts within approximately 3,051 square feet. The property is fully occupied and each residence includes private outdoor space, configured as a rear yard, rear deck, or roof deck. Interior features include hardwood flooring, stainless-steel appliances, and in-unit washers and dryers.
The property is located at 1802 N 5th Street in Philadelphia’s Olde Kensington neighborhood, within walking distance of Temple University, Fishtown, and Northern Liberties. It carries a tax abatement and is situated in a Qualified Opportunity Zone. The property is offered individually, with the source information also identifying it as part of an eight-property portfolio that may be acquired in full or in part.
The property is located at 1802 N 5th Street in Philadelphia’s Olde Kensington neighborhood, within walking distance of Temple University, Fishtown, and Northern Liberties. It carries a tax abatement and is situated in a Qualified Opportunity Zone. The property is offered individually, with the source information also identifying it as part of an eight-property portfolio that may be acquired in full or in part.
Key Highlights
- Three‑unit property built in 2019
- Fully occupied residential income asset
- One-, two-, and three‑bedroom unit layouts
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
$52,065
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
6.90%
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%
$1,041,300
$1.0M
Cap Rate 7%
$743,786
$743.8K
Cap Rate 9%
$578,500
$578.5K
Market Conditions
NOI Build-Up for 3,051 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
$78.7K $25.80/SF
− Vacancy
−$4.3K −$1.42/SF
EGI
$74.4K $24.38/SF
− OpEx
−$22.3K −$7.31/SF
NOI
$52.1K $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%
$1,041,300
Cap Rate 7%
$743,786
Cap Rate 9%
$578,500
Alternative Uses
Best Use
Multifamily LT 5
$743.8K
$650.8K – $867.8K
NOI $52,065 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$685.6K
$599.9K – $799.9K
NOI $47,991 @ 7.0% cap · market cap 6.36%
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
2,478
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
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 - Fully occupied triplex with varied unit layouts, private outdoor areas, and in-unit laundry.
Where is this triplex located?
The property is located at 1802 N 5TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $755,000.
What are key features of this property?
This property features: Three‑unit property built in 2019; Fully occupied residential income asset; One-, two-, and three‑bedroom unit layouts
