Three-Unit Triplex with Roof
For Sale
$999,900
1848 N 16TH STREET, Philadelphia, PA 19121
Multifamily property near Temple University with a vacant six-bedroom unit and two leased residences.
Property Size4,297 SF
Days on Market8
Property Features for 1848 N 16TH STREET
General Information
Standard status
Active
Size
4,297 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$2,539
Building Details
Building Size
4,297 SF
Year Built
2019
Listing Agency:
BHHS Fox & Roach-Center City Walnut
Listed By:
Danielle Redenbaugh · License #RS371661
(267) 614-3971
Source:
Lizclarkrealestate
Added: Sep 8
Changed: Sep 12
Last Checked: Sep 15 at 10:45AM
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 BHHS Fox & Roach-Center City Walnut
Investment Insights
Based on property information with market context.
This three-unit multifamily property contains 4,297 square feet with a combined 14 bedrooms and 8 bathrooms. The configuration includes two six-bedroom, three-bath units and one two-bedroom, two-bath unit. Unit 1 is vacant, while Units 2 and 3 are leased for the 26/27 season. Shared outdoor features include a roof deck and rear patio.
The property is within walking distance of Temple University Main Campus and the Broad Street Line. A tax abatement remains in place through 2030, and purchasers should account for the tax change when underwriting the property beyond that period. An offering memorandum with a complete rent roll and operating statement is available upon request.
The property is within walking distance of Temple University Main Campus and the Broad Street Line. A tax abatement remains in place through 2030, and purchasers should account for the tax change when underwriting the property beyond that period. An offering memorandum with a complete rent roll and operating statement is available upon request.
Key Highlights
- Three‑unit building with 4,297 sq ft, 14 bedrooms, and 8 bathrooms
- Unit mix includes two 6‑bed/3‑bath residences and one 2‑bed/2‑bath residence
- Unit 1 is vacant; Units 2 and 3 are leased for the 26/27 season
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
$73,328
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
7.33%
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%
$1,466,560
$1.5M
Cap Rate 7%
$1,047,543
$1.0M
Cap Rate 9%
$814,756
$814.8K
Market Conditions
NOI Build-Up for 4,297 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
$110.9K $25.80/SF
− Vacancy
−$6.1K −$1.42/SF
EGI
$104.8K $24.38/SF
− OpEx
−$31.4K −$7.31/SF
NOI
$73.3K $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%
$1,466,560
Cap Rate 7%
$1,047,543
Cap Rate 9%
$814,756
Alternative Uses
Best Use
Multifamily LT 5
$1.05M
$916.6K – $1.22M
NOI $73,328 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$965.6K
$844.9K – $1.13M
NOI $67,590 @ 7.0% cap · market cap 6.76%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,008
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
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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 - Multifamily property near Temple University with a vacant six-bedroom unit and two leased residences.
Where is this triplex located?
The property is located at 1848 N 16TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Three‑unit building with 4,297 sq ft, 14 bedrooms, and 8 bathrooms; Unit mix includes two 6‑bed/3‑bath residences and one 2‑bed/2‑bath residence; Unit 1 is vacant; Units 2 and 3 are leased for the 26/27 season
