Updated Three-Unit Multifamily
For Sale
$600,000
2 E MCPHERSON STREET, Philadelphia, PA 19119
Fully occupied apartments combine refreshed interiors, separate tenant-paid utilities, and a distinctive stone-and-brick exterior.
Property Size2,000 SF
Days on Market15
Property Features for 2 E MCPHERSON STREET
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Triplex
Occupancy
100%
Net Operating Income
$41,670
Financials
Asking Price
$600,000
Cap Rate
6.95%
Gross Income
$55,800
Units
Unit Mix
1 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,942
Building Details
Building Size
2,000 SF
Year Built
1952
Construction
stone and brick
Listing Agency:
EXP Realty, LLC
(267) 278-3631
Listed By:
Philippe Daouphars · License #RS307602
(267) 278-3631
Source:
Lizclarkrealestate
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 30 at 11:07PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1952, this approved triplex contains one 1-bedroom/1-bath apartment and two 2-bedroom/1-bath apartments. The fully occupied property has received kitchen and bathroom upgrades, with bright living areas, hardwood floors, and refreshed finishes throughout. Its stone-and-brick exterior adds a distinctive architectural element.
Located at 2 E McPherson Street in Philadelphia, the building uses separate utility metering, while the owner remains responsible for water. The existing three-unit configuration and established tenancy provide a clearly defined multifamily operating structure.
Located at 2 E McPherson Street in Philadelphia, the building uses separate utility metering, while the owner remains responsible for water. The existing three-unit configuration and established tenancy provide a clearly defined multifamily operating structure.
Key Highlights
- Approved triplex with one 1‑bedroom/1‑bath unit and two 2‑bedroom/1‑bath units
- Fully occupied three‑unit multifamily property
- Kitchen and bathroom upgrades completed
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
$34,130
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
5.69%
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%
$682,600
$682.6K
Cap Rate 7%
$487,571
$487.6K
Cap Rate 9%
$379,222
$379.2K
Market Conditions
NOI Build-Up for 2,000 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
$51.6K $25.80/SF
− Vacancy
−$2.8K −$1.42/SF
EGI
$48.8K $24.38/SF
− OpEx
−$14.6K −$7.31/SF
NOI
$34.1K $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%
$682,600
Cap Rate 7%
$487,571
Cap Rate 9%
$379,222
Alternative Uses
Best Use
Multifamily LT 5
$487.6K
$426.6K – $568.8K
NOI $34,130 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$449.4K
$393.2K – $524.3K
NOI $31,459 @ 7.0% cap · market cap 5.24%
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
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
892
Businesses Nearby
Explore this area
Business Placement
Demographics for 19119, PA
27,265
Population
13,909
Households
2
Avg Household Size
44
Median Age
55%
College-Educated
96%
High-School Grad
3.4 sq mi
ZIP Area
8,019
Density / Sq Mi
$81,609
Median Household Income
$54,598
Median Earnings
$1,291
Median Rent
$326,600
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 - Fully occupied apartments combine refreshed interiors, separate tenant-paid utilities, and a distinctive stone-and-brick exterior.
Where is this triplex located?
The property is located at 2 E MCPHERSON STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Approved triplex with one 1‑bedroom/1‑bath unit and two 2‑bedroom/1‑bath units; Fully occupied three‑unit multifamily property; Kitchen and bathroom upgrades completed
