Block-to-Block Triplex with
For Sale
$674,999
1825 W Master Street, Philadelphia, PA 19121
Three-unit building fully gut-renovated in 2021, with covered parking accessed from Harlan Street.
Property Size2,958 SF
Days on Market66
Property Features for 1825 W Master Street
General Information
Standard status
Active
Size
2,958 SF
Total Parking Spaces
1
Property subtype
Multifamily
Additional Details
Opportunity Zone
Yes
Multifamily Units
3
Building Details
Building Size
2,958 SF
Year Built
1915
Year Renovated
2021
Listing Agency:
Mallin Panchelli Nadel Realty Inc
(215) 609-8621
Listed By:
Roman Melnyk · License #RS290724
(215) 609-8621
Source:
Mpnrealty
Added: Jun 25
Changed: Aug 8
Last Checked: Aug 29 at 8:47AM
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 Mallin Panchelli Nadel Realty Inc
Investment Insights
Based on property information with market context.
This three-unit triplex at 1825 W Master Street was fully gut-renovated in 2021. The building is configured as a block-to-block asset running from W Master Street to Harlan Street. One covered parking spot is provided, with entry from Harlan Street.
The property spans the block between W Master Street and Harlan Street and is described as being just one block from the rapidly developing Ridge Avenue area. The 1800 block of W Master Street is also identified as a Qualified Opportunity Zone (QOZ).
With three residential units and recent renovations, the property may fit buyers looking for a residential income asset with updated interior condition. The inclusion of a covered parking spot accessed from Harlan Street adds practical utility for tenants. The Opportunity Zone designation and proximity to the Ridge Avenue development context provide additional considerations for investors evaluating long-term hold strategies.
The property spans the block between W Master Street and Harlan Street and is described as being just one block from the rapidly developing Ridge Avenue area. The 1800 block of W Master Street is also identified as a Qualified Opportunity Zone (QOZ).
With three residential units and recent renovations, the property may fit buyers looking for a residential income asset with updated interior condition. The inclusion of a covered parking spot accessed from Harlan Street adds practical utility for tenants. The Opportunity Zone designation and proximity to the Ridge Avenue development context provide additional considerations for investors evaluating long-term hold strategies.
Key Highlights
- 3‑unit building fully gut‑renovated in 2021
- Year built: 1915
- Block‑to‑block layout running from W Master Street to Harlan Street
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
$50,478
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
7.48%
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%
$1,009,560
$1.0M
Cap Rate 7%
$721,114
$721.1K
Cap Rate 9%
$560,867
$560.9K
Market Conditions
NOI Build-Up for 2,958 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
$76.3K $25.80/SF
− Vacancy
−$4.2K −$1.42/SF
EGI
$72.1K $24.38/SF
− OpEx
−$21.6K −$7.31/SF
NOI
$50.5K $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%
$1,009,560
Cap Rate 7%
$721,114
Cap Rate 9%
$560,867
Alternative Uses
Best Use
Multifamily LT 5
$721.1K
$631.0K – $841.3K
NOI $50,478 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$664.7K
$581.6K – $775.5K
NOI $46,528 @ 7.0% cap · market cap 6.89%
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
2,512
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit building fully gut-renovated in 2021, with covered parking accessed from Harlan Street.
Where is this triplex located?
The property is located at 1825 W Master Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $674,999.
What are key features of this property?
This property features: 3‑unit building fully gut‑renovated in 2021; Year built: 1915; Block‑to‑block layout running from W Master Street to Harlan Street
