Renovated Corner
For Sale
$575,000
3654 RICHMOND STREET, Philadelphia, PA 19134
Four-unit residential income property with updated building systems and full occupancy.
Property Size1,920 SF
Days on Market310
Property Features for 3654 RICHMOND STREET
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Quadruplex
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,502
Building Details
Building Size
1,920 SF
Year Built
1920
Buildings
1
Listing Agency:
Realty Mark Associates
(267) 689-7355
Listed By:
Tahzib Bacchus · License #RS330208
(267) 689-7355
Source:
Patmckennarealtors
Added: Oct 25, 2025
Changed: Aug 28
Last Checked: Aug 29 at 3:48PM
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 Realty Mark Associates
Investment Insights
Based on property information with market context.
This corner quadplex contains 1,920 square feet and has undergone a comprehensive renovation from the studs outward. Improvements include new electrical, plumbing, heating and air conditioning systems, along with replacement windows. The property is fully occupied and is offered for sale separately or as part of a three-building package.
The property is located near I-95, Castor Ave, major transit hubs, shopping, and dining. Its Philadelphia location and corner positioning provide a clearly defined residential income asset with updated core systems and established occupancy.
The property is located near I-95, Castor Ave, major transit hubs, shopping, and dining. Its Philadelphia location and corner positioning provide a clearly defined residential income asset with updated core systems and established occupancy.
Key Highlights
- Fully renovated from the studs up
- 1,920‑square‑foot quadplex with four residential units
- New electrical, plumbing, heating and air conditioning systems
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
$32,765
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
5.70%
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%
$655,300
$655.3K
Cap Rate 7%
$468,071
$468.1K
Cap Rate 9%
$364,056
$364.1K
Market Conditions
NOI Build-Up for 1,920 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
$49.5K $25.80/SF
− Vacancy
−$2.7K −$1.42/SF
EGI
$46.8K $24.38/SF
− OpEx
−$14.0K −$7.31/SF
NOI
$32.8K $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%
$655,300
Cap Rate 7%
$468,071
Cap Rate 9%
$364,056
Alternative Uses
Best Use
Multifamily LT 5
$468.1K
$409.6K – $546.1K
NOI $32,765 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$431.4K
$377.5K – $503.4K
NOI $30,201 @ 7.0% cap · market cap 5.25%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,057
Businesses Nearby
Explore this area
Business Placement
Demographics for 19134, PA
57,463
Population
25,290
Households
2.3
Avg Household Size
33
Median Age
18%
College-Educated
77%
High-School Grad
3.4 sq mi
ZIP Area
16,901
Density / Sq Mi
$41,849
Median Household Income
$35,858
Median Earnings
$1,179
Median Rent
$127,500
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?
Quadplex - Four-unit residential income property with updated building systems and full occupancy.
Where is this quadplex located?
The property is located at 3654 RICHMOND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Fully renovated from the studs up; 1,920‑square‑foot quadplex with four residential units; New electrical, plumbing, heating and air conditioning systems
