Stone Victorian
For Sale
$1,495,000
2217 LOCUST STREET, Philadelphia, PA 19103
The upper-level residence includes a private rooftop terrace, while two leased apartments occupy the floors below.
Property Size3,060 SF
Price / SF$488.56
Days on Market15
Property Features for 2217 LOCUST STREET
General Information
Standard status
Active
Size
3,060 SF
Property subtype
Triplex
Units
Unit Mix
1 x 2BR/3BA, 1 x studio, 1 x 1BR
Multifamily Units
3
Additional Details
Road Access
Yes
Amenities
stained glass
inlaid hardwood floors
ornate molding
fireplaces
KraftMaid and Viking kitchen
custom banquette
wet bar
library
Trex terrace
skyline views
shared basement laundry
Building Details
Year Built
1800
Buildings
1
Construction
stone Victorian
Tenancy
Multi
Listing Agency:
KW Empower
(215) 714-9539
Listed By:
James F Roche Jr. · License #RS332204
(215) 714-9539
Source:
Cummingsrealtors
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 28 at 12:45PM
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 KW Empower
Investment Insights
Based on property information with market context.
This 3,060-square-foot stone Victorian triplex, built in 1800, combines a two-level owner’s residence with two leased apartments. The primary residence includes 2 bedrooms, 3 baths, a Viking and KraftMaid kitchen with custom banquette, wet-bar den, library, multiple fireplaces, original stained glass, inlaid hardwoods, and ornate molding. A private rooftop terrace extends more than 50 feet and includes lighting, water, and electric service. Furniture is included.
The lower apartments consist of a front studio with 14-ft ceilings and a marble fireplace, plus a rear bi-level one-bedroom apartment with a spiral staircase and private garden patio. Both leases end in December and January. The property also offers shared basement laundry, with utilities not separately metered.
The property is located on Locust Street in Philadelphia, near Rittenhouse Square, Parc, Friday Saturday Sunday, Ambrosia, and the Schuylkill River Trail.
The lower apartments consist of a front studio with 14-ft ceilings and a marble fireplace, plus a rear bi-level one-bedroom apartment with a spiral staircase and private garden patio. Both leases end in December and January. The property also offers shared basement laundry, with utilities not separately metered.
The property is located on Locust Street in Philadelphia, near Rittenhouse Square, Parc, Friday Saturday Sunday, Ambrosia, and the Schuylkill River Trail.
Key Highlights
- 3,060 SF stone Victorian triplex built in 1800
- Owner’s residence spans the top two floors and roof with 2 bedrooms and 3 baths
- Private 50+ foot Trex terrace with lighting, water, electric, and skyline views
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
$52,219
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
3.49%
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%
$1,044,380
$1.0M
Cap Rate 7%
$745,986
$746.0K
Cap Rate 9%
$580,211
$580.2K
Market Conditions
NOI Build-Up for 3,060 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
$78.9K $25.80/SF
− Vacancy
−$4.4K −$1.42/SF
EGI
$74.6K $24.38/SF
− OpEx
−$22.4K −$7.31/SF
NOI
$52.2K $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%
$1,044,380
Cap Rate 7%
$745,986
Cap Rate 9%
$580,211
Alternative Uses
Best Use
Multifamily LT 5
$746.0K
$652.7K – $870.3K
NOI $52,219 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$687.6K
$601.7K – $802.2K
NOI $48,132 @ 7.0% cap · market cap 3.22%
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
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
10,875
Businesses Nearby
Explore this area
Business Placement
Demographics for 19103, PA
28,717
Population
20,064
Households
1.4
Avg Household Size
36
Median Age
81%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
47,862
Density / Sq Mi
$97,940
Median Household Income
$76,680
Median Earnings
$1,955
Median Rent
$551,700
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 - The upper-level residence includes a private rooftop terrace, while two leased apartments occupy the floors below.
Where is this triplex located?
The property is located at 2217 LOCUST STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 3,060 SF stone Victorian triplex built in 1800; Owner’s residence spans the top two floors and roof with 2 bedrooms and 3 baths; Private 50+ foot Trex terrace with lighting, water, electric, and skyline views
