Contemporary Four-Unit
For Sale
$865,000
3817 WALLACE Street, Philadelphia, PA 19104
Multi-Family, PHILADELPHIA, PA
Property Size4,021 SF
Lot Size0.03 Acres
Price / SF$215.12
Days on Market115
Property Features for 3817 WALLACE Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Subdivision
MANTUA
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
4,021 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
1505
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
private rooftop terrace
contemporary kitchens
quartz countertops
stainless steel appliances
energy-efficient systems
Building Details
Year built
2020
Number of units
4
Building materials
Brick
Architectural style
Contemporary
Listing Agency:
HomeSmart First Advantage Realty · HomeSmart International
(856) 363-3000
Listed By:
Gazi Ataseven · License #RM426020
(267) 774-6886
Added: May 13
Changed: Sep 3
Last Checked: Sep 4 at 10:06PM
MLS# PAPH2619704
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 contemporary multifamily property at 3817 Wallace Street contains four residential units and approximately 4,021 square feet. Completed in 2020, the building features brick construction, central air, forced-air heating, contemporary kitchens, quartz countertops, stainless steel appliances, and energy-efficient systems. The unit mix includes two 2-bedroom, 2-bath residences and two 3-bedroom, 2-bath residences. One residence includes a private rooftop terrace.
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.
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.
Key Highlights
- Four residential units totaling approximately 4,021 square feet
- Built in 2020 with brick construction and contemporary design
- Unit mix includes two 2‑bedroom/2‑bath and two 3‑bedroom/2‑bath residences
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
$68,618
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
7.93%
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%
$1,372,360
$1.4M
Cap Rate 7%
$980,257
$980.3K
Cap Rate 9%
$762,422
$762.4K
Market Conditions
NOI Build-Up for 4,021 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
$103.7K $25.80/SF
− Vacancy
−$5.7K −$1.42/SF
EGI
$98.0K $24.38/SF
− OpEx
−$29.4K −$7.31/SF
NOI
$68.6K $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%
$1,372,360
Cap Rate 7%
$980,257
Cap Rate 9%
$762,422
Alternative Uses
Best Use
Multifamily LT 5
$980.3K
$857.7K – $1.14M
NOI $68,618 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$903.5K
$790.6K – $1.05M
NOI $63,248 @ 7.0% cap · market cap 7.31%
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
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 - Built in 2020 with contemporary finishes, central air, and forced-air heating.
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 $865,000.
What are key features of this property?
This property features: Four residential units totaling approximately 4,021 square feet; Built in 2020 with brick construction and contemporary design; Unit mix includes two 2‑bedroom/2‑bath and two 3‑bedroom/2‑bath residences
