Updated Triplex with Recreation
New
For Sale
$395,000
2724 ASH STREET, Philadelphia, PA 19137
Legally configured multifamily property with finished basement recreation space and separate laundry areas.
Property Size1,712 SF
Days on Market6
Property Features for 2724 ASH STREET
General Information
Standard status
Active
Size
1,712 SF
Property subtype
Triplex
Units
Unit Mix
2 x 1BR, 1 x studio
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,874
Amenities
fenced in backyard
balcony/deck
finished basement recreation room
laundry rooms
Building Details
Building Size
1,712 SF
Year Built
1920
Listing Agency:
Opus Elite Real Estate
Listed By:
Svetlana Sypen · License #RS345760
(267) 815-6560
Source:
Patmckennarealtors
Added: Sep 3
Changed: Sep 6
Last Checked: Sep 7 at 10:08AM
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 Opus Elite Real Estate
Investment Insights
Based on property information with market context.
Built in 1920, this legally configured triplex contains two one-bedroom apartments and one studio. The studio is occupied under a month-to-month tenancy, while the two one-bedroom units are vacant. The property also includes three laundry rooms and a finished basement arranged as a sizable recreation area. Updates and overall condition support continued residential use, subject to applicable requirements.
Exterior features include a fenced backyard, adding private outdoor space to the property. The legal triplex zoning and existing three-unit layout provide a clearly defined multifamily configuration for an investor, owner-occupant, or larger household seeking rental space.
Exterior features include a fenced backyard, adding private outdoor space to the property. The legal triplex zoning and existing three-unit layout provide a clearly defined multifamily configuration for an investor, owner-occupant, or larger household seeking rental space.
Key Highlights
- Legal triplex zoning with three existing residential units
- Two 1‑bedroom units are vacant; studio is occupied month‑to‑month
- Three laundry rooms included
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
$29,215
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
7.40%
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%
$584,300
$584.3K
Cap Rate 7%
$417,357
$417.4K
Cap Rate 9%
$324,611
$324.6K
Market Conditions
NOI Build-Up for 1,712 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
$44.2K $25.80/SF
− Vacancy
−$2.4K −$1.42/SF
EGI
$41.7K $24.38/SF
− OpEx
−$12.5K −$7.31/SF
NOI
$29.2K $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%
$584,300
Cap Rate 7%
$417,357
Cap Rate 9%
$324,611
Alternative Uses
Best Use
Multifamily LT 5
$417.4K
$365.2K – $486.9K
NOI $29,215 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$384.7K
$336.6K – $448.8K
NOI $26,929 @ 7.0% cap · market cap 6.82%
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
632
Businesses Nearby
Explore this area
Business Placement
Demographics for 19137, PA
8,682
Population
3,485
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
2.4 sq mi
ZIP Area
3,618
Density / Sq Mi
$64,401
Median Household Income
$46,109
Median Earnings
$1,205
Median Rent
$212,700
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 - Legally configured multifamily property with finished basement recreation space and separate laundry areas.
Where is this triplex located?
The property is located at 2724 ASH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Legal triplex zoning with three existing residential units; Two 1‑bedroom units are vacant; studio is occupied month‑to‑month; Three laundry rooms included
