Corner Triplex with
For Sale
$800,000
1901 N 2ND Street, Philadelphia, PA 19122
Multi-Family, PHILADELPHIA, PA
Property Size2,989 SF
Lot Size0.03 Acres
Price / SF$267.65
Days on Market8
Property Features for 1901 N 2ND Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
On Street
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active
Size
2,989 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
3479
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
private balconies
washer and dryer
bonus storage room
private entrance
Building Details
Year built
1920
Number of units
3
Building materials
Masonry
Architectural style
Other
Listing Agency:
Keller Williams Real Estate Tri-County · Keller Williams Realty
(215) 464-8800
Listed By:
Monazel Abdulelah · License #RS360046
(215) 607-9958
Added: Aug 21
Changed: Aug 27
Last Checked: Aug 28 at 6:06PM
MLS# PAPH2658998
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.
Built in 1920, this 2,989-square-foot masonry triplex contains three two-bedroom, one-bath apartments with updated layouts. Each unit includes its own washer and dryer, while the second- and third-floor residences add private balconies through sliding glass doors. The first-floor apartment has a dedicated entrance, and the upper units are reached through a separate secure entry. A first-floor storage room provides additional utility, and the property has forced-air heat, central air, and on-street parking.
The building occupies a corner parcel at 1901 N 2ND Street in Philadelphia’s Norris Square area, with access to nearby Fishtown, Kensington, restaurants, shopping, public transportation, and major city corridors. The third-floor unit requires light TLC, offering a defined improvement project within the existing three-unit configuration.
The building occupies a corner parcel at 1901 N 2ND Street in Philadelphia’s Norris Square area, with access to nearby Fishtown, Kensington, restaurants, shopping, public transportation, and major city corridors. The third-floor unit requires light TLC, offering a defined improvement project within the existing three-unit configuration.
Key Highlights
- 2,989‑square‑foot masonry triplex built in 1920
- Three 2‑bedroom, 1‑bath units with updated layouts
- Private balconies serve the second- and third‑floor apartments
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three updated two-bedroom apartments offer individual laundry, separated entrances, and private outdoor space on upper floors.
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: 2,989‑square‑foot masonry triplex built in 1920; Three 2‑bedroom, 1‑bath units with updated layouts; Private balconies serve the second- and third‑floor apartments
