New-Construction Triplex with Rooftop
For Sale
$892,000
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$223
Days on Market52
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
Buildings
1
Listing Agency:
Coldwell Banker Realty
(215) 923-7600
Listed By:
Frank Altamuro · License #RS297004
(215) 495-2348
Source:
Graves
Added: Aug 24
Changed: Oct 2
Last Checked: Oct 12 at 7:56PM
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 / Yr
$68,260
Cap Rate
7.65%
Suggested Prices Based on Cap Rates
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
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 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 7.65%
Second Best
Apartment 5plus
$898.8K
$786.5K – $1.05M
NOI $62,918 @ 7.0% cap · market cap 7.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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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
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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 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 $892,000.
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
