Three-Unit Multifamily
For Sale
$699,000
37 N Preston St, Philadelphia, PA 19104
Fully occupied building with separate utility metering for each residence and an income-producing configuration.
Property Size3,544 SF
Price / SF$197.23
Days on Market115
Property Features for 37 N Preston St
General Information
Standard status
Active
Size
3,544 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Gross Income
$60,000
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,498
Listing Agency:
KW Empower
(609) 992-8248
Listed By:
Eric Land · License #RS363265
(609) 992-8248
Source:
Exprealty
Added: May 8
Changed: Aug 29
Last Checked: May 15 at 4:37AM
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 2007, this 3,544-square-foot multifamily property is configured as a legal triplex with three separately metered residential units. The building is fully occupied and includes spacious unit layouts, supporting its established rental operation. RSA5 zoning is identified for the property.
The property is located at 37 North Preston Street in Philadelphia’s 19104 area, near University City, Drexel University, the University of Pennsylvania, major hospitals, public transportation, and access to Center City. Its West Philadelphia setting places the building within a rental corridor described as experiencing redevelopment and tenant demand.
The property is located at 37 North Preston Street in Philadelphia’s 19104 area, near University City, Drexel University, the University of Pennsylvania, major hospitals, public transportation, and access to Center City. Its West Philadelphia setting places the building within a rental corridor described as experiencing redevelopment and tenant demand.
Key Highlights
- Legal triplex configuration with 3 separately metered units
- 3,544 SF multifamily property
- Fully occupied residential income property
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
$60,478
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
8.65%
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%
$1,209,560
$1.2M
Cap Rate 7%
$863,971
$864.0K
Cap Rate 9%
$671,978
$672.0K
Market Conditions
NOI Build-Up for 3,544 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
$91.4K $25.80/SF
− Vacancy
−$5.0K −$1.42/SF
EGI
$86.4K $24.38/SF
− OpEx
−$25.9K −$7.31/SF
NOI
$60.5K $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%
$1,209,560
Cap Rate 7%
$863,971
Cap Rate 9%
$671,978
Alternative Uses
Best Use
Multifamily LT 5
$864.0K
$756.0K – $1.01M
NOI $60,478 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$796.4K
$696.8K – $929.1K
NOI $55,745 @ 7.0% cap · market cap 7.97%
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
Location Intelligence
Trade Area within ½ mile
7,610
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 - Fully occupied building with separate utility metering for each residence and an income-producing configuration.
Where is this triplex located?
The property is located at 37 N Preston St Philadelphia, PA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Legal triplex configuration with 3 separately metered units; 3,544 SF multifamily property; Fully occupied residential income property
