Triplex Portfolio with Roof
New
For Sale
$1,170,000
2409 W RIDGE AVENUE, Philadelphia, PA 19121
Two separate newer-construction buildings offer modern residences, private outdoor space, and central air near Temple University.
Property Size6,400 SF
Days on Market5
Property Features for 2409 W RIDGE AVENUE
General Information
Standard status
Active
Size
6,400 SF
Property subtype
Five Or More Units
Property Condition
Severity
Repairs Needed
Evidence
only one of the five units currently vacant
Units
Unit Mix
4 x 2BR/2BA, 1 x 3BR/3BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$807
Amenities
roof deck
Nest thermostats
wired intercom/security systems
built-in speaker wiring
full-size laundry
Building Details
Building Size
6,400 SF
Year Built
2020
Buildings
2
Construction
newer-construction
Listing Agency:
Mercury Real Estate Group
Listed By:
Colby Wallace · License #RS330469
(267) 616-3408
Source:
Patmckennarealtors
Added: Sep 3
Changed: Sep 5
Last Checked: Sep 7 at 6:52AM
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 Mercury Real Estate Group
Investment Insights
Based on property information with market context.
This offering combines two separate residential buildings: a triplex at 2409 Ridge Avenue and a duplex at 2404 W. Montgomery Avenue. Constructed in 2020, the properties contain five residences totaling approximately 6,400 square feet. The unit mix includes four two-bedroom, two-bath homes and one three-bedroom, three-bath home, with one residence vacant at present. Interior features include high ceilings, large windows, spacious living areas, contemporary kitchens with gas cooking, full-size laundry, and central air. Nest thermostats, wired intercom and security systems, and built-in speaker wiring are installed throughout.
Outdoor amenities include a large private roof deck serving the penthouse and another roof deck at the Montgomery Avenue building. The penthouse also has views toward Center City. The properties are near Temple University, Center City, Brewerytown, Sharswood, and Philadelphia historic attractions. Approximately five years remain on the Philadelphia tax abatement.
Outdoor amenities include a large private roof deck serving the penthouse and another roof deck at the Montgomery Avenue building. The penthouse also has views toward Center City. The properties are near Temple University, Center City, Brewerytown, Sharswood, and Philadelphia historic attractions. Approximately five years remain on the Philadelphia tax abatement.
Key Highlights
- Two separate buildings at 2409 Ridge Avenue and 2404 W. Montgomery Avenue
- Five residences totaling approximately 6,400 square feet
- Unit mix includes four 2‑bedroom, 2‑bath units and one 3‑bedroom, 3‑bath unit
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
$100,669
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
8.60%
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%
$2,013,380
$2.0M
Cap Rate 7%
$1,438,129
$1.4M
Cap Rate 9%
$1,118,544
$1.1M
Market Conditions
NOI Build-Up for 6,400 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
$194.3K $30.36/SF
− Vacancy
−$11.3K −$1.76/SF
EGI
$183.0K $28.60/SF
− OpEx
−$82.4K −$12.87/SF
NOI
$100.7K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$2,013,380
Cap Rate 7%
$1,438,129
Cap Rate 9%
$1,118,544
Alternative Uses
Best Use
Multifamily LT 5
$1.56M
$1.37M – $1.82M
NOI $109,215 @ 7.0% cap · market cap 9.33%
Second Best
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,669 @ 7.0% cap · market cap 8.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,535
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 - Two separate newer-construction buildings offer modern residences, private outdoor space, and central air near Temple University.
Where is this triplex located?
The property is located at 2409 W RIDGE AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,170,000.
What are key features of this property?
This property features: Two separate buildings at 2409 Ridge Avenue and 2404 W. Montgomery Avenue; Five residences totaling approximately 6,400 square feet; Unit mix includes four 2‑bedroom, 2‑bath units and one 3‑bedroom, 3‑bath unit
