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    Fully Leased Triplex in Philadelphia Title is generated by Realmo AI

    305 North 41st Street, Philadelphia, PA 19104

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    For Sale
    $645,000

    Turn-key triplex in high-growth area near universities and transportation.

    Type:Multi-Family / Fee Simple
    Property size:
    2,505 SF
    Price / SF:
    $257/SF
    Added:
    Mar 1, 2026
    Days on Market:
    94
    Last Refresh:
    Mar 17 at 2:20 am

    Property Features for 305 North 41st Street

    General Information

    Standard status
    Active
    Size
    2,505 SF
    Property subtype
    Multi-Family / Fee Simple

    Building Details

    Year Built
    1915

    We can help!

    Listing Contact
    Dava Costello
    Dava Costello

    Listing agent Dava Costello License #RS332269

    Listing office OCF Realty LLC - Philadelphia

    Listing date Mar 1, 2026

    Source Compass

    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 OCF Realty LLC - Philadelphia

    HighLights

    • Fully leased triplex providing immediate cash flow in a high‑growth location.
    • Prime location walkable to UPenn and Drexel, close to University City's hospitals and research centers.
    • Excellent transit connectivity with a Walk Score of 85 and a Transit Score of 99, near 40th Street Station.
    • Each unit features 2 bedrooms, 1 bath, hardwood flooring, in‑unit laundry, and upgraded kitchens and bathrooms with granite countertops and newer appliances.
    • Significant long‑term appreciation potential in a fast‑growing development corridor.
    • Lower‑level unit offers a private outdoor patio and direct basement access for additional storage.

    Overview

    Located at 305 N 41st Street in Philadelphia, this is a fully leased triplex offering immediate cash flow and long-term upside in a growing development corridor. The building features three well-maintained apartments, each with 2 bedrooms and 1 bath. Each unit includes hardwood flooring, in-unit laundry, and upgraded kitchens and bathrooms. Kitchens feature granite countertops, white cabinetry, and newer appliances, while bathrooms offer updated fixtures and modern finishes. The lower-level unit is the largest, with a private outdoor patio and direct basement access for storage. All units are accessed through a shared foyer and common hallway. The property is positioned within a major development and institutional growth area, benefiting from rental demand. It is walkable to UPenn and Drexel campuses and minutes from University City’s hospitals, research centers, and commercial corridors. Located two blocks from 40th Street Station, it offers connectivity via rail, trolley, and bus routes. With a Walk Score of 85 and Transit Score of 99, residents have access to Market Street, Lancaster Avenue, Spring Garden Street, Center City, I-76, and I-95. The property size is 2505 square feet.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $64.6k $25.80
    − Vacancy −$3.6k −$1.42
    EGI $61.1k $24.38
    − OpEx −$18.3k −$7.31
    NOI $42.7k $17.06
    2,505 SF · lease $25.80/SF/yr · vacancy 5.51% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $610.7K
    $534.4K – $712.5K (±1% cap)
    NOI $42,748 @ 7.0% cap · market cap 6.63%
    Second Best
    Apartment 5plus
    $562.9K
    $492.5K – $656.7K (±1% cap)
    NOI $39,402 @ 7.0% cap · market cap 6.11%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.2049444
    Latitude
    39.9591488

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    FAQs

    What type of property is this?
    Triplex - Turn-key triplex in high-growth area near universities and transportation.
    Where is this triplex located?
    The property is located at 305 North 41st Street Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $645,000.
    What are key features of this property?
    This property features: Fully leased triplex providing immediate cash flow in a high‑growth location.; Prime location walkable to UPenn and Drexel, close to University City's hospitals and research centers.; Excellent transit connectivity with a Walk Score of 85 and a Transit Score of 99, near 40th Street Station.
    (267) 304-1771
    We can help!
    Listing Contact
    Dava Costello
    Dava Costello
    Real Estate License ID: RS332269
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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