Student Housing
New
For Sale
$850,000
1628 N WILLINGTON STREET, Philadelphia, PA 19121
The three-unit property is leased for the 2026–2027 school year, with new carpeting in each residence.
Property Size3,748 SF
Price / SF$226.79
Days on Market4
Property Features for 1628 N WILLINGTON STREET
General Information
Standard status
Active
Size
3,748 SF
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
5 Bedrooms / 3 Bathrooms, 3 Bedrooms / 2 Bathrooms, 6 Bedrooms / 4 Bathrooms
Multifamily Units
3
Building Details
Year Built
2015
Buildings
1
Listing Agency:
Plus Realtors
(215) 422-3711
Listed By:
Katherine Wang · License #RS372324
(646) 379-7109
Source:
Cummingsrealtors
Added: Sep 29
Changed: Oct 1
Last Checked: Oct 1 at 11:19AM
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 Plus Realtors
Investment Insights
Based on property information with market context.
Built in 2015, this 3,748-square-foot triplex contains three units with a combined 14 bedrooms and 9 bathrooms. The unit mix comprises a five-bedroom, three-bathroom residence; a three-bedroom, two-bathroom residence; and a six-bedroom, four-bathroom residence. Each unit received new carpeting at the start of the 2026–2027 school year, and the property is leased for that school year.
At 1628 N Willington Street in Philadelphia, the property is near Temple University and is configured for student housing.
At 1628 N Willington Street in Philadelphia, the property is near Temple University and is configured for student housing.
Key Highlights
- Three‑unit triplex with 14 bedrooms and 9 bathrooms
- Unit mix: 5 bedrooms/3 bathrooms, 3 bedrooms/2 bathrooms, and 6 bedrooms/4 bathrooms
- 3,748 square feet; built in 2015
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
$63,959
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
7.52%
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%
$1,279,180
$1.3M
Cap Rate 7%
$913,700
$913.7K
Cap Rate 9%
$710,656
$710.7K
Market Conditions
NOI Build-Up for 3,748 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
$96.7K $25.80/SF
− Vacancy
−$5.3K −$1.42/SF
EGI
$91.4K $24.38/SF
− OpEx
−$27.4K −$7.31/SF
NOI
$64.0K $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 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%
$1,279,180
Cap Rate 7%
$913,700
Cap Rate 9%
$710,656
Alternative Uses
Best Use
Multifamily LT 5
$913.7K
$799.5K – $1.07M
NOI $63,959 @ 7.0% cap · market cap 7.52%
Second Best
Apartment 5plus
$842.2K
$736.9K – $982.6K
NOI $58,954 @ 7.0% cap · market cap 6.94%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,206
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - The three-unit property is leased for the 2026–2027 school year, with new carpeting in each residence.
Where is this triplex located?
The property is located at 1628 N WILLINGTON STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Three‑unit triplex with 14 bedrooms and 9 bathrooms; Unit mix: 5 bedrooms/3 bathrooms, 3 bedrooms/2 bathrooms, and 6 bedrooms/4 bathrooms; 3,748 square feet; built in 2015
