New-Construction Triplex with Rooftop
New
For Sale
$899,000
1702 S 22nd St, Philadelphia, PA 19145
Three modern units offer en suite baths, contemporary kitchens, and a mix of private outdoor spaces.
Property Size4,000 SF
Price / SF$224.75
Days on Market7
Property Features for 1702 S 22nd St
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Year Built
2024
Buildings
1
Listing Agency:
Coldwell Banker Realty
(215) 495-2348
Listed By:
Frank Altamuro · License #RS297004
Source:
Upgradebymichaud
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 5:22PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Completed in 2024, this 4,000-square-foot triplex contains three residential units with modern finishes, hardwood flooring, and abundant natural light. Kitchens feature stainless steel appliances, white cabinetry, quartz countertops, and backsplashes, while all units include microwaves, refrigerators, and electric stoves. Units Two and Three also have stackable washer/dryers and master en suite bathrooms.
Unit One includes an open living and kitchen area, two first-floor bedrooms, a rear bedroom opening to the yard, a lower-level bedroom or flex area, an additional living space, and two full bathrooms. Unit Two has two bedrooms and two full bathrooms. Unit Three offers two bedrooms, a master en suite, and a private rooftop deck. Unit One is currently rented, and the tax abatement is estimated to have 9 years remaining.
The property is located near the Broad Street Line, Center City, the sports district, restaurants, major highways, and bridges.
Unit One includes an open living and kitchen area, two first-floor bedrooms, a rear bedroom opening to the yard, a lower-level bedroom or flex area, an additional living space, and two full bathrooms. Unit Two has two bedrooms and two full bathrooms. Unit Three offers two bedrooms, a master en suite, and a private rooftop deck. Unit One is currently rented, and the tax abatement is estimated to have 9 years remaining.
The property is located near the Broad Street Line, Center City, the sports district, restaurants, major highways, and bridges.
Key Highlights
- 4,000 SF triplex completed in 2024
- Three units with modern kitchens, hardwood flooring, and abundant natural light
- Estimated 9 years remaining on the tax abatement
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
$68,260
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
7.59%
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%
$1,365,200
$1.4M
Cap Rate 7%
$975,143
$975.1K
Cap Rate 9%
$758,444
$758.4K
Market Conditions
NOI Build-Up for 4,000 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
$103.2K $25.80/SF
− Vacancy
−$5.7K −$1.42/SF
EGI
$97.5K $24.38/SF
− OpEx
−$29.3K −$7.31/SF
NOI
$68.3K $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%
$1,365,200
Cap Rate 7%
$975,143
Cap Rate 9%
$758,444
Alternative Uses
Best Use
Multifamily LT 5
$975.1K
$853.3K – $1.14M
NOI $68,260 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$898.8K
$786.5K – $1.05M
NOI $62,918 @ 7.0% cap · market cap 7.00%
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
Location Intelligence
Trade Area within ½ mile
2,015
Businesses Nearby
Explore this area
Business Placement
Demographics for 19145, PA
47,079
Population
21,295
Households
2.2
Avg Household Size
38
Median Age
36%
College-Educated
89%
High-School Grad
4.8 sq mi
ZIP Area
9,808
Density / Sq Mi
$70,374
Median Household Income
$45,940
Median Earnings
$1,343
Median Rent
$290,100
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 modern units offer en suite baths, contemporary kitchens, and a mix of private outdoor spaces.
Where is this triplex located?
The property is located at 1702 S 22nd 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: 4,000 SF triplex completed in 2024; Three units with modern kitchens, hardwood flooring, and abundant natural light; Estimated 9 years remaining on the tax abatement
