Modernized 10-Bedroom
For Sale
$615,000
1833 Master Street, Philadelphia, PA 19121
Masonry row townhouse with finished basement, on-street parking, and RSA5 zoning near Temple University.
Property Size2,031 SF
Price / SF$302.81
Days on Market386
Property Features for 1833 Master Street
General Information
Standard status
Active
Size
2,031 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RSA5
Units
Unit Mix
1 x 3BR/3BA, 1 x 3BR/3BA, 1 x 4BR/4BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,428
Amenities
No Pool
Above Grade, Below Grade
Building Details
Year Built
1950
Year Renovated
2019
Buildings
1
Construction
masonry
Listing Agency:
Opulent Realty Group LLC
Listed By:
Seth Floyd · License #RM425920
(215) 601-5182
Source:
Compass
Added: Aug 16, 2025
Changed: Sep 2
Last Checked: Aug 29 at 10:17PM
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 Opulent Realty Group LLC
Investment Insights
Based on property information with market context.
This legal triplex is arranged as three interior row townhouse units with a combined total of 10 bedrooms and 10 bathrooms. The masonry-built property dates to 1950 and has been modernized, with a fully finished basement that adds usable interior area. The contemporary interior treatment retains the building’s architectural character while supporting practical residential use.
Located near Temple University in Philadelphia’s 19121 area, the property is positioned within an established university-oriented setting. On-street parking is available, and the property has no association fees. The absence of a pool and other amenity infrastructure may simplify ongoing operations. RSA5 zoning is noted for the property.
Located near Temple University in Philadelphia’s 19121 area, the property is positioned within an established university-oriented setting. On-street parking is available, and the property has no association fees. The absence of a pool and other amenity infrastructure may simplify ongoing operations. RSA5 zoning is noted for the property.
Key Highlights
- Legal triplex with 10 bedrooms and 10 bathrooms
- Three‑unit interior row townhouse configuration
- Fully finished basement provides additional interior space
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
$34,659
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
5.64%
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%
$693,180
$693.2K
Cap Rate 7%
$495,129
$495.1K
Cap Rate 9%
$385,100
$385.1K
Market Conditions
NOI Build-Up for 2,031 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
$52.4K $25.80/SF
− Vacancy
−$2.9K −$1.42/SF
EGI
$49.5K $24.38/SF
− OpEx
−$14.9K −$7.31/SF
NOI
$34.7K $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%
$693,180
Cap Rate 7%
$495,129
Cap Rate 9%
$385,100
Alternative Uses
Best Use
Multifamily LT 5
$495.1K
$433.2K – $577.7K
NOI $34,659 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$456.4K
$399.3K – $532.5K
NOI $31,947 @ 7.0% cap · market cap 5.19%
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
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Frequently Asked Questions
What type of property is this?
Triplex - Masonry row townhouse with finished basement, on-street parking, and RSA5 zoning near Temple University.
Where is this triplex located?
The property is located at 1833 Master Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Legal triplex with 10 bedrooms and 10 bathrooms; Three‑unit interior row townhouse configuration; Fully finished basement provides additional interior space
