Leased Triplex with Private
For Sale
$1,250,000
3602 POWELTON AVENUE, Philadelphia, PA 19104
Three leased residences offer varied bedroom counts, in-unit laundry, central HVAC, and updated kitchen and bathroom finishes.
Property Size3,150 SF
Days on Market167
Property Features for 3602 POWELTON AVENUE
General Information
Standard status
Active
Size
3,150 SF
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/2BA, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$11,366
Amenities
outdoor space
in-unit washer/dryer
central air conditioning
Building Details
Building Size
3,150 SF
Year Built
1915
Buildings
1
Tenancy
Multi
Listing Agency:
BY Real Estate
(267) 307-8998
Listed By:
William Cho · License #RS365302
(267) 307-8998
Source:
Patmckennarealtors
Added: Mar 18
Changed: Aug 28
Last Checked: Aug 30 at 10:11PM
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 BY Real Estate
Investment Insights
Based on property information with market context.
This three-unit residential income property was built in 1915 and is fully leased. The unit mix includes two two-bedroom residences and one three-bedroom residence, with one two-bedroom unit offering two bathrooms. Each apartment features an open layout, outdoor space, a private primary suite, island kitchen seating, stainless steel appliances, in-unit washer and dryer, wood and tile flooring, high ceilings, and contemporary lighting. Central air conditioning and heat serve all three units.
The property is positioned near University of Pennsylvania Hospital, Penn Medicine facilities, Penn Presbyterian Medical Center, Children's Hospital of Philadelphia, Drexel University, the Science Center, uCity Square, the Art Museum Area, Kelly Drive, the Schuylkill River Trail, and 30th Street Station. Nearby street parking and access to major institutional, educational, medical, and cultural destinations add practical convenience for residents.
The property is positioned near University of Pennsylvania Hospital, Penn Medicine facilities, Penn Presbyterian Medical Center, Children's Hospital of Philadelphia, Drexel University, the Science Center, uCity Square, the Art Museum Area, Kelly Drive, the Schuylkill River Trail, and 30th Street Station. Nearby street parking and access to major institutional, educational, medical, and cultural destinations add practical convenience for residents.
Key Highlights
- Fully leased triplex with two two‑bedroom units and one three‑bedroom unit
- Unit 1 includes 2 beds, 1 bath, and rear‑yard access
- Unit 2 offers 2 beds and 2 baths; Unit 3 offers 3 beds and 2 baths
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
$53,754
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
4.30%
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%
$1,075,080
$1.1M
Cap Rate 7%
$767,914
$767.9K
Cap Rate 9%
$597,267
$597.3K
Market Conditions
NOI Build-Up for 3,150 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
$81.3K $25.80/SF
− Vacancy
−$4.5K −$1.42/SF
EGI
$76.8K $24.38/SF
− OpEx
−$23.0K −$7.31/SF
NOI
$53.8K $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%
$1,075,080
Cap Rate 7%
$767,914
Cap Rate 9%
$597,267
Alternative Uses
Best Use
Multifamily LT 5
$767.9K
$671.9K – $895.9K
NOI $53,754 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$707.8K
$619.4K – $825.8K
NOI $49,548 @ 7.0% cap · market cap 3.96%
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,231
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 - Three leased residences offer varied bedroom counts, in-unit laundry, central HVAC, and updated kitchen and bathroom finishes.
Where is this triplex located?
The property is located at 3602 POWELTON AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Fully leased triplex with two two‑bedroom units and one three‑bedroom unit; Unit 1 includes 2 beds, 1 bath, and rear‑yard access; Unit 2 offers 2 beds and 2 baths; Unit 3 offers 3 beds and 2 baths
