Renovated Triplex with In-Unit
For Sale
$789,000
1816 W Girard Ave, Philadelphia, PA 19130
Fully occupied multifamily property with updated systems, private outdoor spaces, and transit access along a Philadelphia commercial corridor.
Property Size2,595 SF
Price / SF$304.05
Days on Market38
Property Features for 1816 W Girard Ave
General Information
Standard status
Active
Size
2,595 SF
Property subtype
Multi-Family
Building Details
Year Built
1915
Listing Agency:
Compass Pennsylvania, LLC
(484) 431-8821
Listed By:
Peter van der Vlugt · License #RS374437
Source:
Bethsamberg
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 29 at 4:52PM
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.
This 2,595-square-foot triplex contains three two-bedroom, one-bathroom apartments, each with central air conditioning, natural gas forced-air heat, modern finishes, and in-unit laundry. Renovations were completed in 2020, with updated mechanical systems, dedicated basement storage, a rear patio assigned to the first-floor apartment, and an upper-level private balcony. The building was constructed in 1915 and is currently 100% occupied by long-term Housing Choice Voucher tenants.
Located at 1816 W Girard Ave in Philadelphia, the property sits along the Girard Avenue commercial corridor with access to SEPTA transit and the Broad Street Line. The surrounding area provides connectivity to Center City, Temple University, Fairmount, Brewerytown, the Philadelphia Museum of Art, neighborhood restaurants, retail, and employment centers. The in-place cap rate is 9.3%. Showings require 48 hours' notice.
Located at 1816 W Girard Ave in Philadelphia, the property sits along the Girard Avenue commercial corridor with access to SEPTA transit and the Broad Street Line. The surrounding area provides connectivity to Center City, Temple University, Fairmount, Brewerytown, the Philadelphia Museum of Art, neighborhood restaurants, retail, and employment centers. The in-place cap rate is 9.3%. Showings require 48 hours' notice.
Key Highlights
- Three 2‑bedroom, 1‑bathroom apartments
- 2,595 SF triplex renovated in 2020
- 100% occupied by long‑term Housing Choice Voucher tenants
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
$44,283
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
5.61%
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%
$885,660
$885.7K
Cap Rate 7%
$632,614
$632.6K
Cap Rate 9%
$492,033
$492.0K
Market Conditions
NOI Build-Up for 2,595 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
$67.0K $25.80/SF
− Vacancy
−$3.7K −$1.42/SF
EGI
$63.3K $24.38/SF
− OpEx
−$19.0K −$7.31/SF
NOI
$44.3K $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%
$885,660
Cap Rate 7%
$632,614
Cap Rate 9%
$492,033
Alternative Uses
Best Use
Multifamily LT 5
$632.6K
$553.5K – $738.1K
NOI $44,283 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$583.1K
$510.2K – $680.3K
NOI $40,818 @ 7.0% cap · market cap 5.17%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,556
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
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 - Fully occupied multifamily property with updated systems, private outdoor spaces, and transit access along a Philadelphia commercial corridor.
Where is this triplex located?
The property is located at 1816 W Girard Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bathroom apartments; 2,595 SF triplex renovated in 2020; 100% occupied by long‑term Housing Choice Voucher tenants
