4-Unit
For Sale
$975,000
3615 MELON STREET, Philadelphia, PA 19104
Built in 2023, the property brings four separate residential units together in a newer-construction multifamily asset.
Property Size4,844 SF
Days on Market12
Property Features for 3615 MELON STREET
General Information
Standard status
Active
Size
4,844 SF
Property subtype
Quadruplex
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,445
Building Details
Building Size
4,844 SF
Year Built
2023
Listing Agency:
Keller Williams Main Line
Listed By:
Denise A Frazier · License #AB067937
(215) 421-3362
Source:
Patmckennarealtors
Added: Oct 7
Changed: Oct 11
Last Checked: Oct 16 at 2:45PM
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 Main Line
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 4,844-square-foot quadplex contains four separate residential units and was built in 2023. The property offers a newer-construction alternative within Philadelphia’s multifamily inventory.
Public transportation, neighborhood amenities, major roadways, and Center City Philadelphia are cited as accessible from the property. The address is 3615 Melon Street, Philadelphia, PA 19104.
Public transportation, neighborhood amenities, major roadways, and Center City Philadelphia are cited as accessible from the property. The address is 3615 Melon Street, Philadelphia, PA 19104.
Key Highlights
- Four separate residential units
- 4,844 square feet
- Built in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,662
Cap Rate
8.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,653,240
$1.7M
Cap Rate 7%
$1,180,886
$1.2M
Cap Rate 9%
$918,467
$918.5K
Market Conditions
NOI Build-Up for 4,844 SF
Gross rent
$125.0K $25.80/SF
− Vacancy
−$6.9K −$1.42/SF
EGI
$118.1K $24.38/SF
− OpEx
−$35.4K −$7.31/SF
NOI
$82.7K $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 Rate 5%
$1,653,240
Cap Rate 7%
$1,180,886
Cap Rate 9%
$918,467
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.38M
NOI $82,662 @ 7.0% cap · market cap 8.48%
Second Best
Apartment 5plus
$1.09M
$952.4K – $1.27M
NOI $76,194 @ 7.0% cap · market cap 7.81%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,206
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Built in 2023, the property brings four separate residential units together in a newer-construction multifamily asset.
Where is this quadplex located?
The property is located at 3615 MELON STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Four separate residential units; 4,844 square feet; Built in 2023
