Modern Triplex Near Temple
For Sale
$652,500
Pending
3537 North 16th Street, Philadelphia, PA 19140
Fully leased three-unit property with contemporary interiors, high ceilings, and full basements in select lower-level units.
Property Size2,940 SF
Days on Market158
Property Features for 3537 North 16th Street
General Information
Standard status
Pending
Size
2,940 SF
Property subtype
Multi-Family / Other
Zoning
RSA5
Occupancy
100%
Net Operating Income
$92,754
Financials
Cap Rate
7%
Average Monthly Rent
$1,400
Additional Details
Public Transit
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$11,355
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
2017
Buildings
2
Listing Agency:
KW Empower
(609) 226-9287
Listed By:
Martin Rodriguez · License #RS348037
(609) 226-9287
Source:
Compass
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 31 at 2:12AM
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.
Built in 2017, this 2,940-square-foot triplex contains three rental units, each configured with two bedrooms and two bathrooms. The property uses modular construction and includes contemporary appliances, high ceilings, and full basements in the lower-level units. It is fully leased and positioned as a multifamily rental asset within the RSA5 zoning district.
The property is located near Temple University Hospital and approximately five minutes from the SEPTA Broad Street subway, with direct access to Center City. It is also within a Qualified Opportunity Zone and near North Philadelphia Station, Uptown Theater, and the Beury Building. The surrounding tenant base includes more than 5,500 Temple University Hospital professionals, and the property information notes a tenant waitlist.
The property is located near Temple University Hospital and approximately five minutes from the SEPTA Broad Street subway, with direct access to Center City. It is also within a Qualified Opportunity Zone and near North Philadelphia Station, Uptown Theater, and the Beury Building. The surrounding tenant base includes more than 5,500 Temple University Hospital professionals, and the property information notes a tenant waitlist.
Key Highlights
- Three‑unit triplex with 2 bedrooms and 2 bathrooms per unit
- 2,940 SF multifamily property built in 2017
- Full basements in lower‑level units
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
$50,171
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
7.69%
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%
$1,003,420
$1.0M
Cap Rate 7%
$716,729
$716.7K
Cap Rate 9%
$557,456
$557.5K
Market Conditions
NOI Build-Up for 2,940 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
$75.9K $25.80/SF
− Vacancy
−$4.2K −$1.42/SF
EGI
$71.7K $24.38/SF
− OpEx
−$21.5K −$7.31/SF
NOI
$50.2K $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%
$1,003,420
Cap Rate 7%
$716,729
Cap Rate 9%
$557,456
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,185
Businesses Nearby
Explore this area
Business Placement
Demographics for 19140, PA
52,124
Population
23,104
Households
2.3
Avg Household Size
36
Median Age
9%
College-Educated
73%
High-School Grad
3.2 sq mi
ZIP Area
16,289
Density / Sq Mi
$33,149
Median Household Income
$31,508
Median Earnings
$1,085
Median Rent
$101,100
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 leased three-unit property with contemporary interiors, high ceilings, and full basements in select lower-level units.
Where is this triplex located?
The property is located at 3537 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: Three‑unit triplex with 2 bedrooms and 2 bathrooms per unit; 2,940 SF multifamily property built in 2017; Full basements in lower‑level units
