Residential Income Property with
For Sale
$658,000
3200 SUMMER STREET #7, Philadelphia, PA 19104
Modern residence with assigned parking, an EV charger, premium appliances, and rooftop skyline views.
Property Size1,323 SF
Price / SF$497.35
Days on Market58
Property Features for 3200 SUMMER STREET #7
General Information
Standard status
Active
Size
1,323 SF
Total Parking Spaces
1
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
EV charger
rooftop retreat
Thermador and Bosch appliances
Toto bidet seats
Building Details
Year Built
2017
Listing Agency:
Houwzer, LLC
Listed By:
Patricia M Gesswein · License #RS067440
(267) 765-2080
Source:
Cummingsrealtors
Added: Jul 10
Changed: Sep 5
Last Checked: Sep 5 at 7:49AM
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 Houwzer, LLC
Investment Insights
Based on property information with market context.
Built in 2017, this urban residence combines contemporary finishes with practical amenities. The home includes Thermador and Bosch appliances, Toto bidet seats, an assigned parking space, and access to the community’s only EV charger. A rooftop retreat adds outdoor space and expansive views across the Philadelphia skyline, including views of Philadelphia Museum of Art fireworks.
The property is located at 3200 Summer Street #7 in Philadelphia, with convenient access to 30th Street Station, Philadelphia International Airport, nearby universities, medical centers, major transportation routes, and city amenities. The airport is approximately 30 minutes away, while the station is described as minutes from the residence.
The property is located at 3200 Summer Street #7 in Philadelphia, with convenient access to 30th Street Station, Philadelphia International Airport, nearby universities, medical centers, major transportation routes, and city amenities. The airport is approximately 30 minutes away, while the station is described as minutes from the residence.
Key Highlights
- Built in 2017
- Assigned parking space included
- Community’s only EV charger
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
$20,810
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
3.16%
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%
$416,200
$416.2K
Cap Rate 7%
$297,286
$297.3K
Cap Rate 9%
$231,222
$231.2K
Market Conditions
NOI Build-Up for 1,323 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
$40.2K $30.36/SF
− Vacancy
−$2.3K −$1.76/SF
EGI
$37.8K $28.60/SF
− OpEx
−$17.0K −$12.87/SF
NOI
$20.8K $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%
$416,200
Cap Rate 7%
$297,286
Cap Rate 9%
$231,222
Alternative Uses
Best Use
Apartment 5plus
$297.3K
$260.1K – $346.8K
NOI $20,810 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$322.5K
$282.2K – $376.3K
NOI $22,577 @ 7.0% cap · market cap 3.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,082
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Modern residence with assigned parking, an EV charger, premium appliances, and rooftop skyline views.
Where is this residential income property located?
The property is located at 3200 SUMMER STREET #7 Philadelphia, PA.
What is the asking price?
The asking price for this property is $658,000.
What are key features of this property?
This property features: Built in 2017; Assigned parking space included; Community’s only EV charger
