Fully Leased Triplex with In-Unit
For Sale
$610,000
305 N 41ST Street, Philadelphia, PA 19104
MULTI_FAMILY - PHILADELPHIA, PA
Property Size2,505 SF
Lot Size0.03 Acres
Price / SF$243.51
Days on Market53
Property Features for 305 N 41ST Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Appliances
Dryer, Oven - Single, Stove, Stainless Steel Appliances, Washer, WaterHeater, Microwave, Range Hood, Oven/Range - Gas
Subdivision
PHILADELPHIA (WEST)
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,505 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
9461
Amenities
hardwood flooring
in-unit laundry
upgraded kitchens
upgraded bathrooms
private outdoor patio space
shared foyer
common hallway
Building Details
Year built
1915
Number of units
3
Building materials
Brick
Listing Agency:
OCF Realty LLC - Philadelphia
(215) 735-7368
Listed By:
Dava Costello · License #RS332269
(267) 304-1771
Added: Jun 22
Changed: Aug 3
Last Checked: Aug 13 at 9:06PM
MLS# PAPH2639672
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 fully leased triplex includes three well-maintained 2-bedroom, 1-bath apartments. Each unit features hardwood flooring and in-unit laundry. The kitchens have been recently upgraded with granite countertops, white cabinetry, and newer appliances, and the bathrooms include updated fixtures and modern finishes. Units share access through a common foyer and hallway, providing residents convenient, private entries. The lower-level apartment is the largest and offers private outdoor patio space plus direct basement access, which can be used for additional storage.
Located at 305 N 41st Street in Philadelphia’s West Powelton area, the property is positioned for everyday convenience. The home is walkable to multiple major university campuses, including UPenn and Drexel, and is minutes from University City hospitals and research centers. The listing also notes proximity to major transit options, including being two blocks from 40th Street Station, with rail, trolley, and bus access. Reported Walk Score is 85 and Transit Score is 99, supporting connectivity to Market Street, Lancaster Avenue, Spring Garden Street, Center City, I-76, and I-95.
For investors or owner-occupants, the appeal is straightforward: a turn-key, fully leased income setup with consistent unit layouts and interior upgrades, plus a lower-level unit that adds an outdoor patio and basement access for storage. The property’s shared entry configuration and well-defined amenities support a practical, tenant-ready living experience.
Located at 305 N 41st Street in Philadelphia’s West Powelton area, the property is positioned for everyday convenience. The home is walkable to multiple major university campuses, including UPenn and Drexel, and is minutes from University City hospitals and research centers. The listing also notes proximity to major transit options, including being two blocks from 40th Street Station, with rail, trolley, and bus access. Reported Walk Score is 85 and Transit Score is 99, supporting connectivity to Market Street, Lancaster Avenue, Spring Garden Street, Center City, I-76, and I-95.
For investors or owner-occupants, the appeal is straightforward: a turn-key, fully leased income setup with consistent unit layouts and interior upgrades, plus a lower-level unit that adds an outdoor patio and basement access for storage. The property’s shared entry configuration and well-defined amenities support a practical, tenant-ready living experience.
Key Highlights
- Fully leased Philadelphia triplex with three 2‑bed, 1‑bath apartments
- Each unit includes in‑unit laundry and hardwood flooring
- Recently upgraded kitchens and bathrooms with stainless steel appliances and granite countertops
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
$42,748
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
7.01%
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%
$854,960
$855.0K
Cap Rate 7%
$610,686
$610.7K
Cap Rate 9%
$474,978
$475.0K
Market Conditions
NOI Build-Up for 2,505 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
$64.6K $25.80/SF
− Vacancy
−$3.6K −$1.42/SF
EGI
$61.1K $24.38/SF
− OpEx
−$18.3K −$7.31/SF
NOI
$42.7K $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%
$854,960
Cap Rate 7%
$610,686
Cap Rate 9%
$474,978
Alternative Uses
Best Use
Multifamily LT 5
$610.7K
$534.4K – $712.5K
NOI $42,748 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$562.9K
$492.5K – $656.7K
NOI $39,402 @ 7.0% cap · market cap 6.46%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,616
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
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 leased 2BR/1BA units with in-unit laundry and updated kitchens and baths.
Where is this triplex located?
The property is located at 305 N 41ST Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Fully leased Philadelphia triplex with three 2‑bed, 1‑bath apartments; Each unit includes in‑unit laundry and hardwood flooring; Recently upgraded kitchens and bathrooms with stainless steel appliances and granite countertops
