Three-Unit Income
For Sale
$550,000
211 S 45TH Street, Philadelphia, PA 19104
MULTI_FAMILY - Other - PHILADELPHIA, PA
Property Size2,474 SF
Lot Size0.05 Acres
Price / SF$222.31
Days on Market59
Property Features for 211 S 45TH Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
On Street
Appliances
Dryer, Washer
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,474 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
8831
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1935
Number of units
3
Building materials
Masonry
Architectural style
Other
Listing Agency:
Mallin Panchelli Nadel Realty Inc
(215) 413-4900
Listed By:
Nadia T Bilynsky · License #RS311101
(215) 413-4900
Added: Jul 2
Changed: Aug 18
Last Checked: Aug 29 at 3:06AM
MLS# PAPH2643642
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.
This three-unit income property includes two self-contained 2-bedroom, 1-bath units and one self-contained 3-bedroom, 2-bath unit. The property is described as being in good condition, with upgrades and repairs completed over the years.
Located in the Spruce Hill section of University City in Philadelphia. The seller indicates they own additional properties in the direct vicinity and may sell this property as part of a package. The seller also notes having a rental license for two units, and the property consists of three units.
As an investment, the property is currently reported with $63,300 in gross rental income per year.
Located in the Spruce Hill section of University City in Philadelphia. The seller indicates they own additional properties in the direct vicinity and may sell this property as part of a package. The seller also notes having a rental license for two units, and the property consists of three units.
As an investment, the property is currently reported with $63,300 in gross rental income per year.
Key Highlights
- 3‑unit masonry investment property built in 1935 with (2) 2 bed/1 bath units and (1) 3 bed/2 bath unit
- All units are self‑contained with in‑unit washer and dryer; forced‑air heat and central A/C
- Current gross rental income of $63,300 per year
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
$42,219
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
7.68%
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%
$844,380
$844.4K
Cap Rate 7%
$603,129
$603.1K
Cap Rate 9%
$469,100
$469.1K
Market Conditions
NOI Build-Up for 2,474 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
$63.8K $25.80/SF
− Vacancy
−$3.5K −$1.42/SF
EGI
$60.3K $24.38/SF
− OpEx
−$18.1K −$7.31/SF
NOI
$42.2K $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%
$844,380
Cap Rate 7%
$603,129
Cap Rate 9%
$469,100
Alternative Uses
Best Use
Multifamily LT 5
$603.1K
$527.7K – $703.7K
NOI $42,219 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$555.9K
$486.4K – $648.6K
NOI $38,915 @ 7.0% cap · market cap 7.08%
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
2,527
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
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 - Three self-contained units include two 2-bedroom layouts and one 3-bedroom, 2-bath unit in good condition.
Where is this triplex located?
The property is located at 211 S 45TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 3‑unit masonry investment property built in 1935 with (2) 2 bed/1 bath units and (1) 3 bed/2 bath unit; All units are self‑contained with in‑unit washer and dryer; forced‑air heat and central A/C; Current gross rental income of $63,300 per year
