Philadelphia Triplex in Dickinson
1831 S 5TH Street Philadelphia, PA 19148
For Sale
$425,000
MULTI_FAMILY - Other - PHILADELPHIA, PA
Property Size2,475 SF
Lot Size0.02 Acres
Price / SF$171.72
Days on Market563
Property Features for 1831 S 5TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Standard status
Active
Size
2,475 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
5233
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1915
Number of units
3
Building materials
Masonry
Architectural style
Other
Listing Agency:
RE/MAX Ready
(610) 828-6300
Listed By:
Ben Finelli · License #RS334157
(267) 853-8823
Added: Jan 12, 2025
Changed: Jun 9
Last Checked: Jul 29 at 1:06AM
MLS# PAPH2434530
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located in Dickinson Narrows, South Philadelphia, this legally zoned three-unit building features active rental licenses. The property is situated near East Passyunk, Moyamensing, and Pennsport, adjacent to a transformative intersection anchored by Commercial Mixed Use Corridors. It is surrounded by residential and multi-unit development and major infrastructure projects. The triplex consists of three large two-bedroom, one-bathroom units within a three-story structure, and includes a backyard and common easement. The first-floor unit, accessible via a vestibule and hallway, has backyard access. The second-floor unit is not self-contained, presenting an opportunity to convert it into two studios, potentially increasing the total unit count to four or more. The building is equipped with four gas meters, new 240 electrical service and heads, three water heaters, and one heating furnace. Common heat is currently configured, but switching to in-unit baseboard electric is suggested. Cosmetic upgrades are present throughout the building, with an in-unit washer/dryer in the third-floor unit. The property spans 2475 square feet on a 0.0243-acre lot. All units are currently occupied below market rates. East Passyunk Avenue, with over 160 independent businesses and retail locations, is nearby. Dickinson Narrows is also adjacent to the Riverwards along the Delaware River.
Key Highlights
- Legally zoned three‑unit building with active rental licenses in desirable South Philadelphia location, close to East Passyunk.
- Value‑add opportunity to convert the second‑floor unit into two studios, increasing the total unit count to four or more.
- Strong rental income potential with current rents significantly below market rates.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $75.1k | $30.36 |
| − Vacancy | −$4.4k | −$1.76 |
| EGI | $70.8k | $28.60 |
| − OpEx | −$31.9k | −$12.87 |
| NOI | $38.9k | $15.73 |
2,475 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$603.4K
$528.0K – $703.9K
NOI $42,236 @ 7.0% cap · market cap 9.94%
Second Best
Apartment 5plus
$556.2K
$486.6K – $648.9K
NOI $38,931 @ 7.0% cap · market cap 9.16%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit building near East Passyunk with value-add potential.
Where is this triplex located?
The property is located at 1831 S 5TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Legally zoned three‑unit building with active rental licenses in desirable South Philadelphia location, close to East Passyunk.; Value‑add opportunity to convert the second‑floor unit into two studios, increasing the total unit count to four or more.; Strong rental income potential with current rents significantly below market rates.
