Low-Rise 3-Unit Apartment
For Sale
$829,000
3414 Spring Garden Street, Philadelphia, PA 19104
Fee simple for sale: a 3-unit low-rise apartment building in Mantua near University City.
Property Size3,214 SF
Price / SF$257.93
Days on Market174
Property Features for 3414 Spring Garden Street
General Information
Standard status
Active
Size
3,214 SF
Property subtype
Multi-Family
Zoning
RM1
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$16,304
Amenities
Full
Natural Gas
Yes
No
Assessor
2
No Pool
Public
N50
30.00 x 127.00
0.09
On Street
Other
232960.00
Building Details
Building Size
3,214 SF
Year Built
1920
Tenancy
Multi
Listing Agency:
Keller Williams Real Estate - West Chester
(856) 222-0077
Listed By:
Ryan LeBon
Source:
Thetristaterealestategroup
Added: Mar 19
Changed: Sep 7
Last Checked: Sep 8 at 3:50AM
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 Real Estate - West Chester
Investment Insights
Based on property information with market context.
Offered for sale as a fee simple interest, 3414 Spring Garden Street is a low-rise, 3-unit apartment building totaling 3 units and positioned to serve investors seeking a neighborhood income property. The property is described as a low-rise apartment building with a maintained multi-unit configuration suitable for residential rental operations.
The building is located in Philadelphia’s Mantua neighborhood, with the public remarks noting it is within walking distance to University City. The offering materials characterize the surrounding area as having low vacancy and sustained rental demand.
This is a 3-unit multifamily property presented for qualified investors looking to acquire residential income real estate in Mantua.
The building is located in Philadelphia’s Mantua neighborhood, with the public remarks noting it is within walking distance to University City. The offering materials characterize the surrounding area as having low vacancy and sustained rental demand.
This is a 3-unit multifamily property presented for qualified investors looking to acquire residential income real estate in Mantua.
Key Highlights
- Fee simple for sale: 3‑unit low‑rise apartment building at 3414 Spring Garden Street
- 3,810+ SF building with assessed living area sourced from the assessor
- Built in 1920
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
$54,847
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
6.62%
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%
$1,096,940
$1.1M
Cap Rate 7%
$783,529
$783.5K
Cap Rate 9%
$609,411
$609.4K
Market Conditions
NOI Build-Up for 3,214 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
$82.9K $25.80/SF
− Vacancy
−$4.6K −$1.42/SF
EGI
$78.4K $24.38/SF
− OpEx
−$23.5K −$7.31/SF
NOI
$54.8K $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%
$1,096,940
Cap Rate 7%
$783,529
Cap Rate 9%
$609,411
Alternative Uses
Best Use
Multifamily LT 5
$783.5K
$685.6K – $914.1K
NOI $54,847 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$722.2K
$631.9K – $842.6K
NOI $50,555 @ 7.0% cap · market cap 6.10%
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,589
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 - Fee simple for sale: a 3-unit low-rise apartment building in Mantua near University City.
Where is this triplex located?
The property is located at 3414 Spring Garden Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $829,000.
What are key features of this property?
This property features: Fee simple for sale: 3‑unit low‑rise apartment building at 3414 Spring Garden Street; 3,810+ SF building with assessed living area sourced from the assessor; Built in 1920
