Corner Triplex with Updated
For Sale
$545,000
3800 SPRING GARDEN STREET, Philadelphia, PA 19104
Three apartments feature updated bathrooms, shared laundry, and separate electric meters.
Property Size2,499 SF
Days on Market11
Property Features for 3800 SPRING GARDEN STREET
General Information
Standard status
Active
Size
2,499 SF
Property subtype
Triplex
Units
Unit Mix
1 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Cap Rate
6.35%
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,388
Amenities
shared basement laundry
private side patio
Building Details
Building Size
2,499 SF
Year Built
1920
Listing Agency:
Coldwell Banker Residential Brokerage - Princeton
(609) 970-3075
Listed By:
Margaret McCain · License #RS363819
(609) 970-3075
Source:
Patmckennarealtors
Added: Aug 21
Changed: Aug 30
Last Checked: Aug 31 at 12:00AM
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 Coldwell Banker Residential Brokerage - Princeton
Investment Insights
Based on property information with market context.
This Philadelphia triplex contains one one-bedroom, one-bath apartment with a private side patio and two two-bedroom, one-bath apartments. Each unit has an updated bathroom, while shared basement laundry, accessible mechanicals, and separate electric meters support day-to-day operations. One water heater was replaced in 2026, and the property is professionally managed.
Two apartments are leased, while the remaining unit is vacant and available for occupancy. The property is situated in Powelton Village near University City, Drexel University, the University of Pennsylvania, CHOP, and Penn Presbyterian Medical Center. Public transportation and Center City are also accessible from the property. The corner position brings additional natural light and a more open feel. An estimated 6.35% cap rate is based on current income and normalized expenses.
Two apartments are leased, while the remaining unit is vacant and available for occupancy. The property is situated in Powelton Village near University City, Drexel University, the University of Pennsylvania, CHOP, and Penn Presbyterian Medical Center. Public transportation and Center City are also accessible from the property. The corner position brings additional natural light and a more open feel. An estimated 6.35% cap rate is based on current income and normalized expenses.
Key Highlights
- Triplex with one 1‑bedroom and two 2‑bedroom apartments
- Two units leased; one unit vacant and ready for occupancy
- All three units feature updated bathrooms
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
$42,645
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
7.82%
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%
$852,900
$852.9K
Cap Rate 7%
$609,214
$609.2K
Cap Rate 9%
$473,833
$473.8K
Market Conditions
NOI Build-Up for 2,499 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
$64.5K $25.80/SF
− Vacancy
−$3.6K −$1.42/SF
EGI
$60.9K $24.38/SF
− OpEx
−$18.3K −$7.31/SF
NOI
$42.6K $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%
$852,900
Cap Rate 7%
$609,214
Cap Rate 9%
$473,833
Alternative Uses
Best Use
Multifamily LT 5
$609.2K
$533.1K – $710.8K
NOI $42,645 @ 7.0% cap · market cap 7.82%
Second Best
Apartment 5plus
$561.5K
$491.4K – $655.1K
NOI $39,308 @ 7.0% cap · market cap 7.21%
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
Location Intelligence
Trade Area within ½ mile
4,686
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 apartments feature updated bathrooms, shared laundry, and separate electric meters.
Where is this triplex located?
The property is located at 3800 SPRING GARDEN STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Triplex with one 1‑bedroom and two 2‑bedroom apartments; Two units leased; one unit vacant and ready for occupancy; All three units feature updated bathrooms
