Triplex with Remaining Tax
3535 North 16th Street Philadelphia, PA 19140
3535 North 16th Street, Philadelphia, PA, 19140
$652,500
Pending
For Sale
$652,500
Pending
Triplex built in 2017 with three fully leased units and remaining tax abatement set to continue for nine years.
Property Size2,940 SF
Days on Market119
Property Features for 3535 North 16th Street
General Information
- Standard status
- Pending
- Size
- 2,940 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 2017
Listing agency
KW Empower
(609) 226-9287
Listed by
Martin Rodriguez · License #RS348037
(609) 226-9287
Source
Compass
Added: Mar 27 Updated: Jul 21 at 12:01AM Checked: Jul 22 at 11:17AM
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 KW Empower
Investment Insights
Based on property information with market context.
Welcome to this triplex built in 2017 with three fully leased units, each offering 2 bedrooms and 2 bathrooms. The building includes lower-level units with full basements. The seller reports dedicated management and leasing in place.
The property also comes with 9 years remaining on full tax abatements. The listing states the abatement was not applied when the building was originally purchased, but the seller’s expediter worked with the city to apply it last year; it is reported to run for the next nine years. The listing further notes taxes of $1,875 per year.
This offering is described as part of a package that includes both 3535 N. 16th St. and 3537 N. 16th St., with each property featuring three units and being fully occupied by existing tenants.
The property also comes with 9 years remaining on full tax abatements. The listing states the abatement was not applied when the building was originally purchased, but the seller’s expediter worked with the city to apply it last year; it is reported to run for the next nine years. The listing further notes taxes of $1,875 per year.
This offering is described as part of a package that includes both 3535 N. 16th St. and 3537 N. 16th St., with each property featuring three units and being fully occupied by existing tenants.
Key Highlights
- Triplex at 3535 N. 16th St. built in 2017 (modular construction), with 3 fully leased units
- Each unit is 2 beds and 2 baths, for 6 total beds across the triplex (lower‑level units include full basements)
- Remaining full tax abatement: seller reports taxes are $1,875/year; abatement will run for next 9 years (10‑year abatement)
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $75.9k | $25.80 |
| − Vacancy | −$4.2k | −$1.42 |
| EGI | $71.7k | $24.38 |
| − OpEx | −$21.5k | −$7.31 |
| NOI | $50.2k | $17.06 |
2,940 SF · lease $25.80/SF/yr · vacancy 5.51% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$716.7K
$627.1K – $836.2K
NOI $50,171 @ 7.0% cap · market cap 7.69%
Second Best
Apartment 5plus
$660.6K
$578.1K – $770.8K
NOI $46,245 @ 7.0% cap · market cap 7.09%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Triplex built in 2017 with three fully leased units and remaining tax abatement set to continue for nine years.
Where is this triplex located?
The property is located at 3535 North 16th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $652,500.
What are key features of this property?
This property features: Triplex at 3535 N. 16th St. built in 2017 (modular construction), with 3 fully leased units; Each unit is 2 beds and 2 baths, for 6 total beds across the triplex (lower‑level units include full basements); Remaining full tax abatement: seller reports taxes are $1,875/year; abatement will run for next 9 years (10‑year abatement)
