Four-Unit RM-1
For Sale
$599,000
3131 FRANKFORD AVENUE, Philadelphia, PA 19134
Partially completed multifamily property with updated core systems and an unfinished interior ready for final buildout.
Property Size3,416 SF
Days on Market19
Property Features for 3131 FRANKFORD AVENUE
General Information
Standard status
Active
Size
3,416 SF
Property subtype
Quadruplex
Zoning
RM-1
Property Condition
Severity
Repairs Needed
Evidence
just missing finishes, sheetrock/dry wall, flooring and kitchen/bathroom installation
Units
Unit Mix
1 x 3BR/1BA (basement), 1 x 3BR/1BA (1st floor), 1 x 2BR/1BA (2nd floor), 1 x 1BR/1BA (3rd floor)
Multifamily Units
4
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$1,300
Building Details
Building Size
3,416 SF
Year Built
1910
Construction
metal framing
Listing Agency:
Keller Williams Realty - Moorestown
Listed By:
Isis Yovana Toledo Rosas · License #RS375314
(215) 740-2068
Source:
Patmckennarealtors
Added: Aug 20
Changed: Aug 31
Last Checked: Sep 7 at 6:24AM
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 Keller Williams Realty - Moorestown
Investment Insights
Based on property information with market context.
This 1910-built quadplex at 3131 Frankford Avenue in Philadelphia is configured for four residential units across the basement and three upper floors. The building has metal framing, a rubber roof, new windows, a sprinkler system, updated electrical service, and plumbing in place. Interior completion remains, including drywall, flooring, and kitchen and bathroom installation.
The unit mix includes a three-bedroom, one-bathroom basement apartment; a three-bedroom, one-bathroom first-floor unit with ADA-compliant features; a two-bedroom, one-bathroom second-floor apartment; and a one-bedroom, one-bathroom third-floor apartment. RM-1 zoning permits a quadruplex by right, providing a defined framework for completing the property as a four-unit residential asset.
The unit mix includes a three-bedroom, one-bathroom basement apartment; a three-bedroom, one-bathroom first-floor unit with ADA-compliant features; a two-bedroom, one-bathroom second-floor apartment; and a one-bedroom, one-bathroom third-floor apartment. RM-1 zoning permits a quadruplex by right, providing a defined framework for completing the property as a four-unit residential asset.
Key Highlights
- RM‑1 zoning permits a quadruplex by right
- Four‑unit layout across basement, first, second, and third floors
- Unit mix includes 3BR, 3BR, 2BR, and 1BR apartments
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
$53,732
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
8.97%
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%
$1,074,640
$1.1M
Cap Rate 7%
$767,600
$767.6K
Cap Rate 9%
$597,022
$597.0K
Market Conditions
NOI Build-Up for 3,416 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
$103.7K $30.36/SF
− Vacancy
−$6.0K −$1.76/SF
EGI
$97.7K $28.60/SF
− OpEx
−$44.0K −$12.87/SF
NOI
$53.7K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,074,640
Cap Rate 7%
$767,600
Cap Rate 9%
$597,022
Alternative Uses
Best Use
Multifamily LT 5
$832.8K
$728.7K – $971.6K
NOI $58,294 @ 7.0% cap · market cap 9.73%
Second Best
Apartment 5plus
$767.6K
$671.7K – $895.5K
NOI $53,732 @ 7.0% cap · market cap 8.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,506
Businesses Nearby
Explore this area
Business Placement
Demographics for 19134, PA
57,463
Population
25,290
Households
2.3
Avg Household Size
33
Median Age
18%
College-Educated
77%
High-School Grad
3.4 sq mi
ZIP Area
16,901
Density / Sq Mi
$41,849
Median Household Income
$35,858
Median Earnings
$1,179
Median Rent
$127,500
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?
Quadplex - Partially completed multifamily property with updated core systems and an unfinished interior ready for final buildout.
Where is this quadplex located?
The property is located at 3131 FRANKFORD AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: RM‑1 zoning permits a quadruplex by right; Four‑unit layout across basement, first, second, and third floors; Unit mix includes 3BR, 3BR, 2BR, and 1BR apartments
