Triplex with Private Outdoor
For Sale
$695,000
332 N 41st St, Philadelphia, PA 19104
Separate utilities, in-unit laundry, and stainless steel appliances support efficient unit-level operations.
Property Size2,763 SF
Price / SF$251.54
Days on Market115
Property Features for 332 N 41st St
General Information
Standard status
Active
Size
2,763 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$11,339
Listing Agency:
Realty Mark Associates
(267) 230-4632
Listed By:
Duc Tran · License #RS298300
(267) 230-4632
Source:
Exprealty
Added: May 8
Changed: Aug 21
Last Checked: Aug 29 at 1:34PM
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 Realty Mark Associates
Investment Insights
Based on property information with market context.
This three-unit residential income property includes a 5-bedroom, 2-bath bilevel residence, a 2-bedroom, 1-bath apartment, and another 2-bedroom, 1-bath apartment. Outdoor features include a private yard, rear deck, and roof deck. The 13-year-old building has hardwood floors, large windows, in-unit laundry, and separate utilities for each unit. Kitchens are finished with shaker-style cabinetry, granite countertops, dishwashers, garbage disposals, microwaves, and refrigerators.
Located at 332 N 41st St in Philadelphia’s Powelton area of University City, the property is near Drexel University, the University of Pennsylvania, and the University of the Sciences. Public transportation and University City amenities are nearby. The property has walk, transit, and bike scores of 85, 89, and 98, respectively, and is within the Qualified Opportunity Zone.
Located at 332 N 41st St in Philadelphia’s Powelton area of University City, the property is near Drexel University, the University of Pennsylvania, and the University of the Sciences. Public transportation and University City amenities are nearby. The property has walk, transit, and bike scores of 85, 89, and 98, respectively, and is within the Qualified Opportunity Zone.
Key Highlights
- Three‑unit building with a 5‑bedroom, 2‑bath bilevel and two 2‑bedroom, 1‑bath units
- Private yard, rear deck, and roof deck across the unit mix
- 13 years old with ground‑up construction and hardwood floors
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
$47,150
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
6.78%
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%
$943,000
$943.0K
Cap Rate 7%
$673,571
$673.6K
Cap Rate 9%
$523,889
$523.9K
Market Conditions
NOI Build-Up for 2,763 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
$71.3K $25.80/SF
− Vacancy
−$3.9K −$1.42/SF
EGI
$67.4K $24.38/SF
− OpEx
−$20.2K −$7.31/SF
NOI
$47.2K $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%
$943,000
Cap Rate 7%
$673,571
Cap Rate 9%
$523,889
Alternative Uses
Best Use
Multifamily LT 5
$673.6K
$589.4K – $785.8K
NOI $47,150 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$620.9K
$543.3K – $724.4K
NOI $43,461 @ 7.0% cap · market cap 6.25%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,616
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
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 - Separate utilities, in-unit laundry, and stainless steel appliances support efficient unit-level operations.
Where is this triplex located?
The property is located at 332 N 41st St Philadelphia, PA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Three‑unit building with a 5‑bedroom, 2‑bath bilevel and two 2‑bedroom, 1‑bath units; Private yard, rear deck, and roof deck across the unit mix; 13 years old with ground‑up construction and hardwood floors
