Corner Triplex with Private
New
For Sale
$800,000
1901 N 2ND STREET, Philadelphia, PA 19122
Updated three-unit multifamily property with separate entrances, oversized windows, and private outdoor space on two upper-level apartments.
Property Size2,989 SF
Price / SF$267.65
Days on Market6
Property Features for 1901 N 2ND STREET
General Information
Standard status
Active
Size
2,989 SF
Property subtype
Triplex
Property Condition
Severity
Minor
Evidence
needing only light TLC
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
private balconies
in-unit washer/dryer
private entrance
storage room
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Keller Williams Real Estate Tri-County
(215) 607-9958
Listed By:
Monazel Abdulelah · License #RS360046
(215) 607-9958
Source:
Cummingsrealtors
Added: Aug 13
Changed: Aug 17
Last Checked: Aug 17 at 6:09AM
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 Keller Williams Real Estate Tri-County
Investment Insights
Based on property information with market context.
This 1920-built triplex contains three 2-bedroom, 1-bath apartments within 2,989 square feet. The corner building features oversized windows and 10+ ft ceilings throughout each floor, contributing to bright, open interiors. Each unit has an updated layout and its own washer and dryer. Two upper-floor apartments include private balconies reached through sliding glass doors, while the first-floor residence has a dedicated entrance. A separate secure entry serves the second- and third-floor units, and an additional first-floor storage room provides practical flexibility.
The property is located at 1901 N 2ND STREET in Philadelphia’s Norris Square neighborhood, near Fishtown, Kensington, neighborhood restaurants, shopping, public transportation, and major city corridors. The third-floor apartment is vacant and requires light TLC, while the first- and second-floor units are occupied or leased. The layout also supports owner-occupancy with separate rental units.
The property is located at 1901 N 2ND STREET in Philadelphia’s Norris Square neighborhood, near Fishtown, Kensington, neighborhood restaurants, shopping, public transportation, and major city corridors. The third-floor apartment is vacant and requires light TLC, while the first- and second-floor units are occupied or leased. The layout also supports owner-occupancy with separate rental units.
Key Highlights
- Three 2‑bedroom, 1‑bath units in a 2,989‑square‑foot triplex
- Prominent corner position at 1901 N 2ND STREET, Philadelphia, PA 19122
- 10+ ft ceilings and oversized windows throughout each floor
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
$51,007
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
6.38%
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%
$1,020,140
$1.0M
Cap Rate 7%
$728,671
$728.7K
Cap Rate 9%
$566,744
$566.7K
Market Conditions
NOI Build-Up for 2,989 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
$77.1K $25.80/SF
− Vacancy
−$4.2K −$1.42/SF
EGI
$72.9K $24.38/SF
− OpEx
−$21.9K −$7.31/SF
NOI
$51.0K $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%
$1,020,140
Cap Rate 7%
$728,671
Cap Rate 9%
$566,744
Alternative Uses
Best Use
Multifamily LT 5
$728.7K
$637.6K – $850.1K
NOI $51,007 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$671.7K
$587.7K – $783.6K
NOI $47,016 @ 7.0% cap · market cap 5.88%
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,638
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
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 - Updated three-unit multifamily property with separate entrances, oversized windows, and private outdoor space on two upper-level apartments.
Where is this triplex located?
The property is located at 1901 N 2ND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bath units in a 2,989‑square‑foot triplex; Prominent corner position at 1901 N 2ND STREET, Philadelphia, PA 19122; 10+ ft ceilings and oversized windows throughout each floor
