Three-Unit Rowhome
For Sale
$475,000
3217 TURNER STREET, Philadelphia, PA 19121
Fully rented multifamily property with central A/C, off-street parking, a roof deck, and basement storage.
Property Size1,752 SF
Days on Market38
Property Features for 3217 TURNER STREET
General Information
Standard status
Active
Size
1,752 SF
Total Parking Spaces
2
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
3 x 2BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,260
Amenities
roof deck
central A/C
full basement
Building Details
Building Size
1,752 SF
Year Built
1915
Buildings
1
Listing Agency:
Redfin Corporation
Listed By:
Brenda R Beiser · License #RS335119
(267) 796-4769
Source:
Patmckennarealtors
Added: Jul 29
Changed: Aug 31
Last Checked: Sep 4 at 9:27AM
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 Redfin Corporation
Investment Insights
Based on property information with market context.
Built in 1915, this Philadelphia rowhome contains three 2-bedroom residential units and is fully rented. The property includes central A/C throughout, a small roof deck, and a full basement that provides additional storage space. Its multifamily configuration offers three separate units within a single residential structure.
Located at 3217 Turner Street in Philadelphia’s Strawberry Mansion area, the property also provides off-street parking for 2 vehicles. The combination of a three-unit layout, existing rental occupancy, parking, outdoor space, and basement storage creates a clearly defined residential income property.
Located at 3217 Turner Street in Philadelphia’s Strawberry Mansion area, the property also provides off-street parking for 2 vehicles. The combination of a three-unit layout, existing rental occupancy, parking, outdoor space, and basement storage creates a clearly defined residential income property.
Key Highlights
- Three 2‑bedroom units in a single triplex rowhome
- Fully rented residential income property
- Off‑street parking for 2 vehicles
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
$29,898
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
6.29%
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%
$597,960
$598.0K
Cap Rate 7%
$427,114
$427.1K
Cap Rate 9%
$332,200
$332.2K
Market Conditions
NOI Build-Up for 1,752 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
$45.2K $25.80/SF
− Vacancy
−$2.5K −$1.42/SF
EGI
$42.7K $24.38/SF
− OpEx
−$12.8K −$7.31/SF
NOI
$29.9K $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%
$597,960
Cap Rate 7%
$427,114
Cap Rate 9%
$332,200
Alternative Uses
Best Use
Multifamily LT 5
$427.1K
$373.7K – $498.3K
NOI $29,898 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$393.7K
$344.5K – $459.3K
NOI $27,558 @ 7.0% cap · market cap 5.80%
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
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
902
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
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 - Fully rented multifamily property with central A/C, off-street parking, a roof deck, and basement storage.
Where is this triplex located?
The property is located at 3217 TURNER STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Three 2‑bedroom units in a single triplex rowhome; Fully rented residential income property; Off‑street parking for 2 vehicles
