Three-Unit Triplex with Rear
For Sale
$350,000
1717 North Gratz Street, Philadelphia, PA 19121
Three occupied residential units feature separate utilities, central heating and cooling, and a rear deck.
Property Size1,620 SF
Price / SF$216.05
Days on Market571
Property Features for 1717 North Gratz Street
General Information
Standard status
Active
Size
1,620 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RM1
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,712
Amenities
central cooling and heating system
high ceiling
rear deck
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1915
Buildings
1
Stories
3
Listing Agency:
Nova Realty, LLC
(215) 365-8200
Listed By:
Lawrence M Eburuoh · License #RM424250
(215) 365-8200
Source:
Compass
Added: Feb 6, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:25AM
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 Nova Realty, LLC
Investment Insights
Based on property information with market context.
This Philadelphia triplex offers a three-level residential configuration with two-bedroom, one-bathroom units on the first and second floors and a one-bedroom, one-bathroom unit on the third floor. The property includes central heating and cooling, separate utilities for each unit, high ceilings, and a rear deck. Built in 1915, the building is designated RM1.
All three units are currently occupied, with the option for delivery vacant to accommodate a buyer’s preferred ownership or leasing plan. The property is located at 1717 North Gratz Street in Philadelphia’s 19121 area, within the School District of Philadelphia and the Temple University area.
All three units are currently occupied, with the option for delivery vacant to accommodate a buyer’s preferred ownership or leasing plan. The property is located at 1717 North Gratz Street in Philadelphia’s 19121 area, within the School District of Philadelphia and the Temple University area.
Key Highlights
- Three‑unit layout with two 2‑bedroom units and one 1‑bedroom unit
- All units currently occupied; vacant delivery is available
- Separate utilities serving each unit
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
$27,645
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
7.90%
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%
$552,900
$552.9K
Cap Rate 7%
$394,929
$394.9K
Cap Rate 9%
$307,167
$307.2K
Market Conditions
NOI Build-Up for 1,620 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
$41.8K $25.80/SF
− Vacancy
−$2.3K −$1.42/SF
EGI
$39.5K $24.38/SF
− OpEx
−$11.8K −$7.31/SF
NOI
$27.6K $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%
$552,900
Cap Rate 7%
$394,929
Cap Rate 9%
$307,167
Alternative Uses
Best Use
Multifamily LT 5
$394.9K
$345.6K – $460.8K
NOI $27,645 @ 7.0% cap · market cap 7.90%
Second Best
Apartment 5plus
$364.0K
$318.5K – $424.7K
NOI $25,482 @ 7.0% cap · market cap 7.28%
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,126
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
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 - Three occupied residential units feature separate utilities, central heating and cooling, and a rear deck.
Where is this triplex located?
The property is located at 1717 North Gratz Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three‑unit layout with two 2‑bedroom units and one 1‑bedroom unit; All units currently occupied; vacant delivery is available; Separate utilities serving each unit
