Three-Unit Brick
For Sale
$475,000
2223 N HOWARD ST, Philadelphia, PA 19133
Expanded Philadelphia rowhome configured for three apartments, with a newly installed brick front facade.
Property Size1,296 SF
Price / SF$366.51
Days on Market13
Property Features for 2223 N HOWARD ST
General Information
Standard status
Active
Size
1,296 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Buildings
1
Stories
3
Listing Agency:
KW Empower
(215) 987-7633
Listed By:
Luis Luciano · License #RS327269
(215) 987-7633
Source:
Sandrasellstheshore
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 30 at 5:25PM
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 three-story rowhome at 2223 N Howard St in Philadelphia is currently arranged as three apartments. The property features a new brick front facade and was expanded across the full lot footprint, leaving no backyard. Public records identify 1,296 in property size, while the physical structure extends beyond that recorded figure.
The property’s zoning permits apartments by right, although its current legal use is residential single family. Any change in legal use or zoning treatment should be evaluated with zoning counsel. The seller is open to a zoning contingency if needed.
The property’s zoning permits apartments by right, although its current legal use is residential single family. Any change in legal use or zoning treatment should be evaluated with zoning counsel. The seller is open to a zoning contingency if needed.
Key Highlights
- Three‑story rowhome configured as 3 apartments
- New brick front facade
- Expanded to the total lot footprint
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
$22,116
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
4.66%
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%
$442,320
$442.3K
Cap Rate 7%
$315,943
$315.9K
Cap Rate 9%
$245,733
$245.7K
Market Conditions
NOI Build-Up for 1,296 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
$33.4K $25.80/SF
− Vacancy
−$1.8K −$1.42/SF
EGI
$31.6K $24.38/SF
− OpEx
−$9.5K −$7.31/SF
NOI
$22.1K $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%
$442,320
Cap Rate 7%
$315,943
Cap Rate 9%
$245,733
Alternative Uses
Best Use
Multifamily LT 5
$315.9K
$276.5K – $368.6K
NOI $22,116 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$291.2K
$254.8K – $339.8K
NOI $20,385 @ 7.0% cap · market cap 4.29%
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
2,778
Businesses Nearby
Explore this area
Business Placement
Demographics for 19133, PA
24,772
Population
10,766
Households
2.3
Avg Household Size
34
Median Age
7%
College-Educated
63%
High-School Grad
1.3 sq mi
ZIP Area
19,055
Density / Sq Mi
$31,756
Median Household Income
$26,563
Median Earnings
$919
Median Rent
$85,100
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 - Expanded Philadelphia rowhome configured for three apartments, with a newly installed brick front facade.
Where is this triplex located?
The property is located at 2223 N HOWARD ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Three‑story rowhome configured as 3 apartments; New brick front facade; Expanded to the total lot footprint
