Newer-Construction Four-Unit
New
For Sale
$869,000
3817 WALLACE STREET, Philadelphia, PA 19104
Contemporary Philadelphia multifamily property with modern finishes, a private rooftop terrace, and remaining tax-abatement benefits.
Property Size4,021 SF
Price / SF$216.12
Days on Market2
Property Features for 3817 WALLACE STREET
General Information
Standard status
Active
Size
4,021 SF
Property subtype
Quadruplex
Additional Details
Gross Income
$82,800
Amenities
private rooftop terrace
Building Details
Building Size
4,021 SF
Year Built
2020
Buildings
1
Tenancy
Multi
Listing Agency:
HomeSmart First Advantage Realty
(267) 774-6886
Listed By:
Gazi Ataseven · License #RM426020
(267) 774-6886
Source:
Patmckennarealtors
Added: Jul 30
Changed: Jul 31
Last Checked: Jul 31 at 4:13PM
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 HomeSmart First Advantage Realty
Investment Insights
Based on property information with market context.
Built in 2020, 3817 Wallace Street is a four-unit multifamily property totaling approximately 4,021 square feet. The unit mix includes two 2-bedroom, 2-bathroom residences and two 3-bedroom, 2-bathroom residences. Unit 4 includes a private rooftop terrace. Interior features include contemporary kitchens and finishes, quartz countertops, stainless steel appliances, and energy-efficient systems. Three units are currently leased, while one unit is being shown.
The property is located in Philadelphia’s University City neighborhood near the University of Pennsylvania, Drexel University, CHOP, Penn Presbyterian Medical Center, 30th Street Station, public transportation, and Center City employment centers. Approximately five years remain on Philadelphia’s 10-Year Tax Abatement, supporting the property’s newer-construction profile and ongoing multifamily use.
The property is located in Philadelphia’s University City neighborhood near the University of Pennsylvania, Drexel University, CHOP, Penn Presbyterian Medical Center, 30th Street Station, public transportation, and Center City employment centers. Approximately five years remain on Philadelphia’s 10-Year Tax Abatement, supporting the property’s newer-construction profile and ongoing multifamily use.
Key Highlights
- Built in 2020 and totals approximately 4,021 square feet
- Four residential units: two 2‑bedroom/2‑bathroom and two 3‑bedroom/2‑bathroom units
- Three units currently leased; one unit is being shown
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $103.7k | $25.80 |
| − Vacancy | −$5.7k | −$1.42 |
| EGI | $98.0k | $24.38 |
| − OpEx | −$29.4k | −$7.31 |
| NOI | $68.6k | $17.06 |
4,021 SF · lease $25.80/SF/yr · vacancy 5.51% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$980.3K
$857.7K – $1.14M
NOI $68,618 @ 7.0% cap · market cap 7.90%
Second Best
Apartment 5plus
$903.5K
$790.6K – $1.05M
NOI $63,248 @ 7.0% cap · market cap 7.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,325
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?
Quadplex - Contemporary Philadelphia multifamily property with modern finishes, a private rooftop terrace, and remaining tax-abatement benefits.
Where is this quadplex located?
The property is located at 3817 WALLACE STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: Built in 2020 and totals approximately 4,021 square feet; Four residential units: two 2‑bedroom/2‑bathroom and two 3‑bedroom/2‑bathroom units; Three units currently leased; one unit is being shown
