2021-Built Three-Unit Apartment
For Sale
$866,000
2019 North College Avenue, Philadelphia, PA 19121
Bilevel and full-floor residences offer varied layouts with private outdoor spaces in Philadelphia’s Brewerytown section.
Property Size3,100 SF
Price / SF$279.35
Days on Market186
Property Features for 2019 North College Avenue
General Information
Standard status
Active
Size
3,100 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RM1
Taxes and HOA fees
Annual Taxes
$1,542
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
2021
Listing Agency:
Compass Pennsylvania, LLC
(267) 838-5265
Listed By:
Ryan J McManus · License #RS316262
(267) 838-5265
Source:
Compass
Added: Feb 27
Changed: Aug 30
Last Checked: Aug 31 at 9:46PM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
This 3,100-square-foot triplex was constructed in 2021 and contains three residential units. The lower residence spans two levels with 3 bedrooms, 3 bathrooms, and a private rear patio. Two upper residences are single-bedroom, single-bathroom flats arranged across full floors, with one private balcony assigned to each unit.
The property sits on North College Avenue in Philadelphia’s Brewerytown section, within walking distance of the bars, breweries, restaurants, cafes, and other amenities along the Girard Avenue commercial corridor. The setting overlooks historic Girard College, while downtown Philadelphia and City Hall are approximately 10 minutes away by car.
RM1 zoning, a full 10-year tax abatement, and a reported 6.1% pro forma cap rate add important operating and investment characteristics. The property has historically been fully leased and is offered individually or as part of the College Avenue triplex collection.
The property sits on North College Avenue in Philadelphia’s Brewerytown section, within walking distance of the bars, breweries, restaurants, cafes, and other amenities along the Girard Avenue commercial corridor. The setting overlooks historic Girard College, while downtown Philadelphia and City Hall are approximately 10 minutes away by car.
RM1 zoning, a full 10-year tax abatement, and a reported 6.1% pro forma cap rate add important operating and investment characteristics. The property has historically been fully leased and is offered individually or as part of the College Avenue triplex collection.
Key Highlights
- 2021 construction with 3,100 square feet
- Three‑unit triplex with 3‑bedroom and 1‑bedroom layouts
- Lower residence includes 3 bedrooms, 3 bathrooms, and a private rear patio
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
$52,901
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
6.11%
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%
$1,058,020
$1.1M
Cap Rate 7%
$755,729
$755.7K
Cap Rate 9%
$587,789
$587.8K
Market Conditions
NOI Build-Up for 3,100 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
$80.0K $25.80/SF
− Vacancy
−$4.4K −$1.42/SF
EGI
$75.6K $24.38/SF
− OpEx
−$22.7K −$7.31/SF
NOI
$52.9K $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%
$1,058,020
Cap Rate 7%
$755,729
Cap Rate 9%
$587,789
Alternative Uses
Best Use
Multifamily LT 5
$755.7K
$661.3K – $881.7K
NOI $52,901 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$696.6K
$609.5K – $812.7K
NOI $48,761 @ 7.0% cap · market cap 5.63%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,480
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 - Bilevel and full-floor residences offer varied layouts with private outdoor spaces in Philadelphia’s Brewerytown section.
Where is this triplex located?
The property is located at 2019 North College Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $866,000.
What are key features of this property?
This property features: 2021 construction with 3,100 square feet; Three‑unit triplex with 3‑bedroom and 1‑bedroom layouts; Lower residence includes 3 bedrooms, 3 bathrooms, and a private rear patio
