Eight-Bedroom Triplex with
For Sale
$749,000
3618 SPRING GARDEN STREET, Philadelphia, PA 19104
Multifamily property with generous living areas, outdoor entertaining space, and a partially finished basement.
Property Size3,330 SF
Days on Market10
Property Features for 3618 SPRING GARDEN STREET
General Information
Standard status
Active
Size
3,330 SF
Property subtype
Triplex
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$11,745
Building Details
Building Size
3,330 SF
Year Built
1920
Listing Agency:
Liberty Real Estate
(215) 346-6888
Listed By:
Shen Huang · License #RS293639
(215) 346-6888
Source:
Patmckennarealtors
Added: Aug 3
Changed: Aug 10
Last Checked: Aug 11 at 1:00PM
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 Liberty Real Estate
Investment Insights
Based on property information with market context.
This triplex at 3618 Spring Garden Street is a manor-style twin home originally constructed in 1920, with a major renovation identified for 2025. The interior includes an open living and dining area, engineered wood flooring, crown molding, and a kitchen with a built-in range and cooktop. Eight bedrooms, modern bathrooms, and a partially finished basement provide substantial residential space and adaptable interior areas.
Outdoor features include a front porch, expansive deck, landscaped rear and side yards, and access to on-street parking. The property is permitted for Residential - Household Living - Multi-Family and is offered as-is. It is located in Philadelphia’s Powelton Village, with the surrounding neighborhood described as offering dining, culture, and entertainment.
Outdoor features include a front porch, expansive deck, landscaped rear and side yards, and access to on-street parking. The property is permitted for Residential - Household Living - Multi-Family and is offered as-is. It is located in Philadelphia’s Powelton Village, with the surrounding neighborhood described as offering dining, culture, and entertainment.
Key Highlights
- Triplex with 8 bedrooms
- Originally built in 1920
- Major renovation identified for 2025
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
$56,826
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
7.59%
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%
$1,136,520
$1.1M
Cap Rate 7%
$811,800
$811.8K
Cap Rate 9%
$631,400
$631.4K
Market Conditions
NOI Build-Up for 3,330 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
$85.9K $25.80/SF
− Vacancy
−$4.7K −$1.42/SF
EGI
$81.2K $24.38/SF
− OpEx
−$24.4K −$7.31/SF
NOI
$56.8K $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%
$1,136,520
Cap Rate 7%
$811,800
Cap Rate 9%
$631,400
Alternative Uses
Best Use
Multifamily LT 5
$811.8K
$710.3K – $947.1K
NOI $56,826 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$748.3K
$654.7K – $873.0K
NOI $52,379 @ 7.0% cap · market cap 6.99%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,577
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Multifamily property with generous living areas, outdoor entertaining space, and a partially finished basement.
Where is this triplex located?
The property is located at 3618 SPRING GARDEN STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Triplex with 8 bedrooms; Originally built in 1920; Major renovation identified for 2025
