New Construction Triplex with
New
For Sale
$899,000
1840 1840-42 N Gratz St, Philadelphia, PA 19121
Three-unit investment property with private laundry, updated finishes, and shared outdoor space near Temple University.
Property Size2,937 SF
Price / SF$306.09
Days on Market2
Property Features for 1840 1840-42 N Gratz St
General Information
Standard status
Active
Size
2,937 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 2 x 2BR/1.5BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
common backyard patio
Building Details
Year Built
2022
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Patrick G Campbell · License #RS286983
(267) 435-8015
Source:
Bethsamberg
Added: Sep 19
Last Checked: Sep 19 at 2:14PM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
Completed in 2022, this 2,937-square-foot triplex contains three residential units with private in-unit laundry and access to a shared backyard patio. The property includes hardwood flooring, recessed lighting, quartz countertops, and solid wood cabinetry throughout. Unit 1 is arranged over two levels with three bedrooms and two bathrooms, while Units 2 and 3 each offer two bedrooms and one-and-a-half bathrooms.
The property is located at 1840-1842 N Gratz Street in Philadelphia, near Temple University, Geasey Field, The Liacouras Center, and public transportation. Its new-construction design and tax-abated status add practical appeal for an owner seeking a recently built multifamily asset.
The property is located at 1840-1842 N Gratz Street in Philadelphia, near Temple University, Geasey Field, The Liacouras Center, and public transportation. Its new-construction design and tax-abated status add practical appeal for an owner seeking a recently built multifamily asset.
Key Highlights
- Three‑unit triplex completed in 2022
- 2,937 SF property with three residential units
- Unit 1 features 3 bedrooms and 2 bathrooms across two levels
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
$50,120
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
5.58%
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%
$1,002,400
$1.0M
Cap Rate 7%
$716,000
$716.0K
Cap Rate 9%
$556,889
$556.9K
Market Conditions
NOI Build-Up for 2,937 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
$75.8K $25.80/SF
− Vacancy
−$4.2K −$1.42/SF
EGI
$71.6K $24.38/SF
− OpEx
−$21.5K −$7.31/SF
NOI
$50.1K $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%
$1,002,400
Cap Rate 7%
$716,000
Cap Rate 9%
$556,889
Alternative Uses
Best Use
Multifamily LT 5
$716.0K
$626.5K – $835.3K
NOI $50,120 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$660.0K
$577.5K – $770.0K
NOI $46,198 @ 7.0% cap · market cap 5.14%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,980
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit investment property with private laundry, updated finishes, and shared outdoor space near Temple University.
Where is this triplex located?
The property is located at 1840 1840-42 N Gratz St Philadelphia, PA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Three‑unit triplex completed in 2022; 2,937 SF property with three residential units; Unit 1 features 3 bedrooms and 2 bathrooms across two levels
