Corner Triplex With Updated
New
For Sale
$545,000
3800 SPRING GARDEN Street, Philadelphia, PA 19104
Multi-Family, PHILADELPHIA, PA
Property Size2,499 SF
Lot Size0.02 Acres
Price / SF$218.09
Days on Market3
Property Features for 3800 SPRING GARDEN Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
On Street
Subdivision
POWELTON VILLAGE
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,499 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
7388
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
shared basement laundry
private side patio
Building Details
Year built
1920
Number of units
3
Building materials
Masonry
Listing Agency:
Coldwell Banker Residential Brokerage - Princeton · Coldwell Banker Real Estate
(609) 921-1411
Listed By:
Margaret McCain · License #RS363819
(609) 970-3075
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 23 at 7:06AM
MLS# PAPH2662634
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,499-square-foot masonry triplex, built in 1920, contains one one-bedroom apartment and two two-bedroom apartments, each with one bathroom. Two units are leased and the remaining apartment is vacant for tenant placement. Bathroom updates extend across all three units, while the corner position brings additional natural light. A private side patio serves the one-bedroom unit, and the shared basement includes laundry and accessible mechanical systems. Heating and cooling are provided by central systems, with one water heater replaced in 2026.
The property is located at 3800 Spring Garden Street in Philadelphia’s 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 asset is currently professionally managed, has separate electric meters, and carries an estimated 6.35% cap rate based on current income and normalized expenses.
The property is located at 3800 Spring Garden Street in Philadelphia’s 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 asset is currently professionally managed, has separate electric meters, and carries an estimated 6.35% cap rate based on current income and normalized expenses.
Key Highlights
- Three‑unit layout with one 1‑bedroom and two 2‑bedroom apartments
- 2,499 square feet on a 0.0213‑acre parcel at 3800 Spring Garden Street
- Two units leased; one apartment currently vacant
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
Multi-tenant
Tenancy
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 - Masonry income property with three apartments, central systems, separate electric metering, and shared basement laundry.
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: Three‑unit layout with one 1‑bedroom and two 2‑bedroom apartments; 2,499 square feet on a 0.0213‑acre parcel at 3800 Spring Garden Street; Two units leased; one apartment currently vacant
