Triplex with Outdoor
New
For Sale
$649,900
2021 N 33RD STREET, Philadelphia, PA 19121
Three residential units include central air, laundry, and a first-floor patio.
Property Size2,821 SF
Days on Market7
Property Features for 2021 N 33RD STREET
General Information
Standard status
Active
Size
2,821 SF
Property subtype
Triplex
Units
Unit Mix
1 x 3BR/2BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$62,400
Taxes and HOA fees
Annual Taxes
$6,864
Amenities
central air
outdoor patio
laundry
Building Details
Building Size
2,821 SF
Year Built
1915
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Janette Spirk · License #RS324145
(610) 762-3183
Source:
Patmckennarealtors
Added: Sep 21
Changed: Sep 26
Last Checked: Sep 26 at 12:23PM
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.
Built in 1915, this Philadelphia triplex contains three residential units with a combined seven bedrooms and four bathrooms. The first-floor residence includes three bedrooms, two bathrooms, exposed brick, high ceilings, and an outdoor patio. Two additional units occupy the second and third floors, each arranged with two bedrooms and one bathroom and equipped with laundry. Central air serves the property.
The building is located at 2021 N 33rd Street in Philadelphia’s Strawberry Mansion area. All units are tenant occupied, and showings require 24-hour notice.
The building is located at 2021 N 33rd Street in Philadelphia’s Strawberry Mansion area. All units are tenant occupied, and showings require 24-hour notice.
Key Highlights
- Three‑unit property with 7 bedrooms and 4 bathrooms
- First‑floor unit offers 3 bedrooms, 2 baths, exposed brick, high ceilings, and an outdoor patio
- Second- and third‑floor units each include 2 bedrooms, 1 bath, and laundry
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
$48,140
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
7.41%
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%
$962,800
$962.8K
Cap Rate 7%
$687,714
$687.7K
Cap Rate 9%
$534,889
$534.9K
Market Conditions
NOI Build-Up for 2,821 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
$72.8K $25.80/SF
− Vacancy
−$4.0K −$1.42/SF
EGI
$68.8K $24.38/SF
− OpEx
−$20.6K −$7.31/SF
NOI
$48.1K $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%
$962,800
Cap Rate 7%
$687,714
Cap Rate 9%
$534,889
Alternative Uses
Best Use
Multifamily LT 5
$687.7K
$601.8K – $802.3K
NOI $48,140 @ 7.0% cap · market cap 7.41%
Second Best
Apartment 5plus
$633.9K
$554.7K – $739.6K
NOI $44,373 @ 7.0% cap · market cap 6.83%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
879
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 residential units include central air, laundry, and a first-floor patio.
Where is this triplex located?
The property is located at 2021 N 33RD STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Three‑unit property with 7 bedrooms and 4 bathrooms; First‑floor unit offers 3 bedrooms, 2 baths, exposed brick, high ceilings, and an outdoor patio; Second- and third‑floor units each include 2 bedrooms, 1 bath, and laundry
