Renovated Triplex with Open
For Sale
$660,000
3201 Morrell Avenue, Philadelphia, PA 19114
Three updated residential units offer open layouts, gas cooking, and in-unit laundry.
Property Size2,464 SF
Price / SF$267.86
Days on Market297
Property Features for 3201 Morrell Avenue
General Information
Standard status
Active
Size
2,464 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RSA4
Units
Unit Mix
1 x 4BD/2BA, 1 x 3BD/2BA, 1 x 4BD/1.5BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,921
Amenities
in-unit laundry
gas cooking
rear yard
No Pool
Above Grade
Building Details
Year Built
1965
Listing Agency:
Canaan Realty Investment Group
(814) 933-9250
Listed By:
Luna Ge · License #RS338550
(814) 933-9250
Source:
Compass
Added: Nov 7, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:56PM
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 Canaan Realty Investment Group
Investment Insights
Based on property information with market context.
This Philadelphia triplex, built in 1965, contains three residential units with distinct bedroom and bath configurations. The first-floor residence includes 4 bedrooms and 2 bathrooms, the second-floor unit provides 3 bedrooms and 2 bathrooms, and the lower-level unit has 4 bedrooms and 1.5 bathrooms. Each unit features an open layout, gas cooking, and in-unit laundry. The property totals 2,464 square feet and has been updated within the last 9 years. A rear yard adds outdoor space, while RSA4 zoning is noted for the property.
Located at 3201 Morrell Avenue in Philadelphia, the property is near Northeast Airport, Philadelphia Mills, Walmart, and local shops. The three-level configuration and separate unit layouts provide a clearly defined multifamily arrangement within the Morrell Park area.
Located at 3201 Morrell Avenue in Philadelphia, the property is near Northeast Airport, Philadelphia Mills, Walmart, and local shops. The three-level configuration and separate unit layouts provide a clearly defined multifamily arrangement within the Morrell Park area.
Key Highlights
- Three‑unit multifamily property totaling 2,464 square feet
- Unit mix includes 4BD/2BA, 3BD/2BA, and 4BD/1.5BA residences
- Updates completed within the last 9 years
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
$42,048
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
6.37%
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%
$840,960
$841.0K
Cap Rate 7%
$600,686
$600.7K
Cap Rate 9%
$467,200
$467.2K
Market Conditions
NOI Build-Up for 2,464 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
$63.6K $25.80/SF
− Vacancy
−$3.5K −$1.42/SF
EGI
$60.1K $24.38/SF
− OpEx
−$18.0K −$7.31/SF
NOI
$42.0K $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%
$840,960
Cap Rate 7%
$600,686
Cap Rate 9%
$467,200
Alternative Uses
Best Use
Multifamily LT 5
$600.7K
$525.6K – $700.8K
NOI $42,048 @ 7.0% cap · market cap 6.37%
Second Best
Apartment 5plus
$553.7K
$484.5K – $646.0K
NOI $38,758 @ 7.0% cap · market cap 5.87%
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
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 19114, PA
32,645
Population
14,703
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
5.6 sq mi
ZIP Area
5,829
Density / Sq Mi
$76,076
Median Household Income
$48,257
Median Earnings
$1,369
Median Rent
$276,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three updated residential units offer open layouts, gas cooking, and in-unit laundry.
Where is this triplex located?
The property is located at 3201 Morrell Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 2,464 square feet; Unit mix includes 4BD/2BA, 3BD/2BA, and 4BD/1.5BA residences; Updates completed within the last 9 years
