Renovated Triplex With Central
For Sale
$549,900
2655 EMERALD STREET, Philadelphia, PA 19125
Three updated units feature modern kitchens, tile bathrooms, separate gas and electric utilities, and refreshed interior finishes.
Property Size1,020 SF
Days on Market89
Property Features for 2655 EMERALD STREET
General Information
Standard status
Active
Size
1,020 SF
Property subtype
Triplex
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Sprinkler System
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,558
Building Details
Building Size
1,020 SF
Year Built
1875
Buildings
1
Listing Agency:
KW Empower
(215) 783-3698
Listed By:
Mario J Tropea Jr · License #Ab062206L
(215) 783-3698
Source:
Lizclarkrealestate
Added: Jun 4
Changed: Aug 28
Last Checked: Aug 30 at 10:05PM
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-family property has undergone a comprehensive renovation, with improvements that include new heating systems, central air conditioning, custom kitchens, tile bathrooms, custom staircases, new flooring, replacement windows, a sprinkler system, and a new roof. Separate gas and electric utilities serve the units. Originally built in 1875, the triplex combines updated interiors with a multi-unit residential layout.
The property is within walking distance of Fishtown, East Kensington, and Northern Liberties, with restaurants, supermarkets, shopping, and entertainment nearby. Regional access includes Interstate 95, the Benjamin Franklin Bridge, and Interstate 76, connecting the property with destinations throughout the area.
The property is within walking distance of Fishtown, East Kensington, and Northern Liberties, with restaurants, supermarkets, shopping, and entertainment nearby. Regional access includes Interstate 95, the Benjamin Franklin Bridge, and Interstate 76, connecting the property with destinations throughout the area.
Key Highlights
- Three‑family residential configuration
- Comprehensive renovation includes new heating systems, central air, windows, flooring, and a new roof
- Custom kitchens and tile bathrooms in the updated units
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
$17,406
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
3.17%
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%
$348,120
$348.1K
Cap Rate 7%
$248,657
$248.7K
Cap Rate 9%
$193,400
$193.4K
Market Conditions
NOI Build-Up for 1,020 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
$26.3K $25.80/SF
− Vacancy
−$1.5K −$1.42/SF
EGI
$24.9K $24.38/SF
− OpEx
−$7.5K −$7.31/SF
NOI
$17.4K $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%
$348,120
Cap Rate 7%
$248,657
Cap Rate 9%
$193,400
Alternative Uses
Best Use
Multifamily LT 5
$248.7K
$217.6K – $290.1K
NOI $17,406 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$229.2K
$200.6K – $267.4K
NOI $16,044 @ 7.0% cap · market cap 2.92%
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
Sprinkler system
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,281
Businesses Nearby
Explore this area
Business Placement
Demographics for 19125, PA
25,325
Population
13,055
Households
1.9
Avg Household Size
34
Median Age
64%
College-Educated
94%
High-School Grad
1.4 sq mi
ZIP Area
18,089
Density / Sq Mi
$110,842
Median Household Income
$62,656
Median Earnings
$1,743
Median Rent
$373,600
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 - Three updated units feature modern kitchens, tile bathrooms, separate gas and electric utilities, and refreshed interior finishes.
Where is this triplex located?
The property is located at 2655 EMERALD STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Three‑family residential configuration; Comprehensive renovation includes new heating systems, central air, windows, flooring, and a new roof; Custom kitchens and tile bathrooms in the updated units
