Renovated Three-Unit
For Sale
$650,000
2339 W THOMPSON Street, Philadelphia, PA 19121
Multi-Family, PHILADELPHIA, PA
Property Size2,572 SF
Lot Size0.03 Acres
Price / SF$252.72
Days on Market94
Property Features for 2339 W THOMPSON Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
On Street
Subdivision
BREWERYTOWN
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,572 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
1876
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2017
Number of units
3
Building materials
Masonry
Listing Agency:
USRealty.com LLP
(866) 807-9087
Listed By:
David M Sweeney · License #RM424243
(866) 534-3726
Added: Jun 2
Changed: Aug 19
Last Checked: Sep 3 at 7:06AM
MLS# PAPH2628760
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 masonry triplex contains 2,572 square feet across three apartments. The layout includes a bi-level three-bedroom, two-bath residence with private backyard access, plus a two-bedroom second-floor unit and a two-bedroom third-floor unit with two baths. The property includes basement space, central heating, central air conditioning, and on-street parking.
The building was constructed in 2017 and fully renovated in 2018 with updated finishes and amenities. All three apartments are leased and occupied, and tenants pay the water and electric utilities. The property is located at 2339 W Thompson Street in Philadelphia's Brewerytown neighborhood, within the Art Museum district.
The building was constructed in 2017 and fully renovated in 2018 with updated finishes and amenities. All three apartments are leased and occupied, and tenants pay the water and electric utilities. The property is located at 2339 W Thompson Street in Philadelphia's Brewerytown neighborhood, within the Art Museum district.
Key Highlights
- Three apartments with a total of 2,572 square feet
- Unit mix includes one three‑bedroom and two two‑bedroom apartments
- Bi‑level three‑bedroom unit includes two baths and private backyard access
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
$43,891
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
6.75%
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%
$877,820
$877.8K
Cap Rate 7%
$627,014
$627.0K
Cap Rate 9%
$487,678
$487.7K
Market Conditions
NOI Build-Up for 2,572 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
$66.4K $25.80/SF
− Vacancy
−$3.7K −$1.42/SF
EGI
$62.7K $24.38/SF
− OpEx
−$18.8K −$7.31/SF
NOI
$43.9K $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%
$877,820
Cap Rate 7%
$627,014
Cap Rate 9%
$487,678
Alternative Uses
Best Use
Multifamily LT 5
$627.0K
$548.6K – $731.5K
NOI $43,891 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$577.9K
$505.7K – $674.3K
NOI $40,456 @ 7.0% cap · market cap 6.22%
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
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,950
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
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 - Masonry multifamily property with three distinct apartments, central HVAC, and a private backyard serving the bi-level residence.
Where is this triplex located?
The property is located at 2339 W THOMPSON Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three apartments with a total of 2,572 square feet; Unit mix includes one three‑bedroom and two two‑bedroom apartments; Bi‑level three‑bedroom unit includes two baths and private backyard access
