Renovated Triplex with In-Unit
For Sale
$599,000
219 W QUEEN LANE, Philadelphia, PA 19144
Three updated residential units are currently leased and include central air and stainless steel appliances.
Property Size1,836 SF
Price / SF$326.25
Days on Market12
Property Features for 219 W QUEEN LANE
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Triplex
Occupancy
100%
Additional Details
Public Transit
Yes
Sprinkler System
Yes
Multifamily Units
3
Amenities
central air conditioning
in-unit laundry
stainless steel appliances
Building Details
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Houwzer, LLC
(267) 765-2080
Listed By:
Patricia Gesswein
(267) 765-2080
Source:
Cummingsrealtors
Added: Aug 1
Changed: Aug 11
Last Checked: Aug 11 at 6:30AM
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 Houwzer, LLC
Investment Insights
Based on property information with market context.
This legally zoned triplex contains 3 residential units totaling 1,836 square feet, with 6 bedrooms and 4 bathrooms. Each unit has 2 bedrooms, an open-concept layout, engineered wood flooring, a contemporary kitchen with stainless steel appliances, central air conditioning, in-unit laundry, and fire sprinkler protection. The property was built in 1900 and has been recently renovated. All three units are currently leased.
The property is located at 219 W Queen Lane in Philadelphia, with walkable access to public transportation, parks, shopping, and neighborhood dining. The combination of updated interiors, separately configured residential units, and current occupancy provides a clearly defined multifamily asset.
The property is located at 219 W Queen Lane in Philadelphia, with walkable access to public transportation, parks, shopping, and neighborhood dining. The combination of updated interiors, separately configured residential units, and current occupancy provides a clearly defined multifamily asset.
Key Highlights
- Legally zoned triplex with 3 residential units
- 1,836 square feet with 6 bedrooms and 4 bathrooms
- Each unit offers 2 bedrooms and an open‑concept floor plan
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
$31,331
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
5.23%
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%
$626,620
$626.6K
Cap Rate 7%
$447,586
$447.6K
Cap Rate 9%
$348,122
$348.1K
Market Conditions
NOI Build-Up for 1,836 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
$47.4K $25.80/SF
− Vacancy
−$2.6K −$1.42/SF
EGI
$44.8K $24.38/SF
− OpEx
−$13.4K −$7.31/SF
NOI
$31.3K $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%
$626,620
Cap Rate 7%
$447,586
Cap Rate 9%
$348,122
Alternative Uses
Best Use
Multifamily LT 5
$447.6K
$391.6K – $522.2K
NOI $31,331 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$412.6K
$361.0K – $481.3K
NOI $28,879 @ 7.0% cap · market cap 4.82%
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
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,630
Businesses Nearby
Explore this area
Business Placement
Demographics for 19144, PA
44,481
Population
23,583
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
90%
High-School Grad
3.6 sq mi
ZIP Area
12,356
Density / Sq Mi
$45,727
Median Household Income
$36,020
Median Earnings
$1,110
Median Rent
$224,600
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 - Three updated residential units are currently leased and include central air and stainless steel appliances.
Where is this triplex located?
The property is located at 219 W QUEEN LANE Philadelphia, PA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Legally zoned triplex with 3 residential units; 1,836 square feet with 6 bedrooms and 4 bathrooms; Each unit offers 2 bedrooms and an open‑concept floor plan
