Renovated Triplex with Private
New
For Sale
$1,500,000
251 South 12th Street, Philadelphia, PA 19107
Updated three-unit residential property with rear access and dedicated off-street parking in Center City Philadelphia.
Property Size2,664 SF
Lot Size0.04 Acres
Price / SF$563.06
Days on Market3
Property Features for 251 South 12th Street
General Information
Standard status
Active
Size
2,664 SF
Lot size
0.04 Acres
Property subtype
Multifamily
Zoning
RM-1
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Building Details
Building Size
2,664 SF
Listing Agency:
Binswanger - Corporate
(718) 791-9984
Listed By:
Nick Giganti
(718) 791-9984
Source:
Binswanger
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 10:32PM
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 Binswanger - Corporate
Investment Insights
Based on property information with market context.
This renovated triplex contains 2,664 SF across three updated residential units. The property sits on a 1,620-square-foot street-to-street lot, creating access from both the primary street and the rear. A private garage provides off-street parking, an especially practical feature for a dense urban setting. RM-1 zoning supports the property’s multifamily configuration.
The address is near Jefferson University Hospital, Midtown Village, Washington Square West, Bella Vista, restaurants, shopping, public transportation, and major employment centers. Its central Philadelphia setting combines convenient access to neighborhood amenities with proximity to institutional and employment destinations.
The renovated interiors, three-unit layout, rear access, and garage create a compact multifamily property with clearly defined residential improvements and on-site parking.
The address is near Jefferson University Hospital, Midtown Village, Washington Square West, Bella Vista, restaurants, shopping, public transportation, and major employment centers. Its central Philadelphia setting combines convenient access to neighborhood amenities with proximity to institutional and employment destinations.
The renovated interiors, three-unit layout, rear access, and garage create a compact multifamily property with clearly defined residential improvements and on-site parking.
Key Highlights
- Renovated triplex with 2,664 SF of building area
- Three updated residential units
- 1,620‑square‑foot street‑to‑street lot with rear 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
$45,461
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
3.03%
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%
$909,220
$909.2K
Cap Rate 7%
$649,443
$649.4K
Cap Rate 9%
$505,122
$505.1K
Market Conditions
NOI Build-Up for 2,664 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
$68.7K $25.80/SF
− Vacancy
−$3.8K −$1.42/SF
EGI
$64.9K $24.38/SF
− OpEx
−$19.5K −$7.31/SF
NOI
$45.5K $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%
$909,220
Cap Rate 7%
$649,443
Cap Rate 9%
$505,122
Alternative Uses
Best Use
Multifamily LT 5
$649.4K
$568.3K – $757.7K
NOI $45,461 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$598.6K
$523.8K – $698.4K
NOI $41,903 @ 7.0% cap · market cap 2.79%
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
25,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 19107, PA
17,600
Population
10,239
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
92%
High-School Grad
0.5 sq mi
ZIP Area
35,200
Density / Sq Mi
$70,382
Median Household Income
$57,694
Median Earnings
$1,691
Median Rent
$452,500
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 - Updated three-unit residential property with rear access and dedicated off-street parking in Center City Philadelphia.
Where is this triplex located?
The property is located at 251 South 12th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Renovated triplex with 2,664 SF of building area; Three updated residential units; 1,620‑square‑foot street‑to‑street lot with rear access
